Markets open largely flat, snap 2-day losing streak

In the Sensex pack, ICICI Bank, Axis Bank, SBI, Sun Pharma, Tata Motors, L&T, RIL,  M&M, Asian Paints, Wipro, Power grid and Maruti were major gainers.

Markets open largely flat, snap 2-day losing streak

New Delhi: Snapping a two-day losing streak, markets opened largely flat on Monday led by positive trend appeared in infra and auto sector amidst recovery in the rupee.

In early trade the BSE Sensex traded higher by 154.95 points, or 0.46 percent, to 33,504.26. The 30-share index had lost 340.78 points Friday to end at seven-month low of 33,349.31.

The NSE Nifty too edged up by 43.30 points, or 0.43 per cent, to 10,073.30. The broader NSE Nifty had slipped 94.90 points to 10,030.00 on Friday.

In the Sensex pack, ICICI Bank, Axis Bank, SBI, Sun Pharma, Tata Motors, L&T, RIL,  M&M, Asian Paints, Wipro, Power grid and Maruti were major gainers, rising by upto 8.87 percent.

Among losers were Bharti Airtel, Bajaj Auto, Coal India, Yes Bank, NTPC, HDFC, HUL, HDFC Bank, IndusInd Bank and Kotak Bank, falling by upto 4.49 percent.

The rupee recovered by 14 paise to 73.33 against the US currency in early trade Monday, on fresh dollar selling by exporters and higher opening in the domestic equity markets.

On a net basis, foreign funds sold shares worth Rs 1,356.66, while domestic institutional investors bought shares to the tune of Rs 1,875.89 crore Friday, provisional data showed.

Asian shares barely managed to hold firm on Monday. A reuters report said, MSCI`s broadest index of Asia-Pacific shares outside Japan was last up 0.3 percent after rising just over 0.5 percent earlier in the day.

Japan`s Nikkei slipped 0.1 percent, having climbed 1 percent earlier while South Korea`s KOSPI eased 0.4 percent. Shanghai`s SSE Composite faltered 1.5 percent. The S&P 500 ended at its lowest level since early May, Reuters said.

With Agency Inputs