Markets continue to trade flat with a negative bias as ITC, HDFC Bank and Infosys continue to weigh on the BSE benchmark index. The Sensex was down 30 points at 17,698 and the Nifty was down six points at 5,374.
In the broader markets, the midcap and smallcap indices were up 0.3% each outperforming the SEnsex which was down 0.1%.
On the currency front, rupee fell by 29 paise to 55.95 against the dollar at the Interbank Foreign Exchange market today as the American currency gained against other currencies overseas.
Auto and Capital Goods indices advanced nearly 1% each followed by realty, health care and Power indices, up 0.6-0.5%. On the other hand, Metal, FMCG and IT continues to languish in the red, losing 0.4-1%.
Among individual stocks, Geodesic Limited was locked at upper circuit of 20% at Rs 42.15 after its board approved the share buyback proposal and authorized a committee to take steps to implement the buyback.
Amara Raja Batteries rallied 11% to Rs 404, extending its Tuesday’s 15% surge on back of huge volumes.
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(Updated at 9:30)
The markets opened on a flat note tracking weak global cues. At 9.30am, the Sensex was down seven points at 17,720 and the Nifty was flat at 5,380. In the broader markets, the smallcap index advanced 0.3% outperforming the midcap index up 0.2% and the Sensex flat with a negative bias.
In the international markets, US stocks spent another session in a tight range on Wednesday. The Dow Jones industrial average ended 0.06% lower and the Standard & Poor's 500 Index was up 0.1%.
Asian shares steadied on Thursday as investors took to the sidelines, waiting for more clues over the timing and extent of any further stimulus to tackle the euro zone's debt crisis and support global growth.
MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed after falling 0.5 percent on Wednesday, while Japan's Nikkei stock average opened up 0.5 percent.
Back home, the Nifty is likely to seek support around 5,360 – 5,345, while it can face resistance around 5,400 – 5,415 levels, technical analysts say.
Among the sectoral indices, Auto, Consumer Durables and Capital Goods gained 0.2-0.3% in the opening trades. Meanwhile, IT, Metal, and FMCG started off in the negative, down 0.1-0.5%.
Auto stocks like Hero MotoCorp, Mahindra & Mahindra and Bajaj Auto gained between 0.2-1% and were some of the top gainers among the Sensex stocks.
The others included Cipla, HDFC, Tata Power, Bharti Airtel, L&T and SBI up 0.2-0.8%
Among the draggers were Hindalco, Wipro, Sun Pharma, Gail India, Jindal Steel and Infosys, all down 1% each. HDFC Bank, Tata Motors, TCS and ONGC down 0.3-0.5% were the other notable names among the losers.
Among other stocks, Jain Irrigation Systems dipped over 6% at Rs 81 on reporting a net loss of Rs 16.88 crore for the first quarter ended June 30, 2012, due to higher interest cost and forex loss. The micro-irrigation system solutions provider had reported a net profit of Rs 82.35 crore in the year-ago period. Total income too, declined by 9% at Rs 870 crore on year-on-year basis.
The market breadth was positive owing to the strength in the broader markets. 700 stocks advanced as compared to 439 declines on the BSE.