Markets flat in early trades

Markets opened flat on weak global cues. The Sensex has opened at 16,424 -  up 36 points. The index is now down seven points at 16,380.

The Nifty is down seven points at 4,909.

US markets dropped in late trades on Wednesday on fears that China was reassesing its euro-zone debt holdings. Dow dropped 69 points to fall below the 10,000 mark at 9,974. The Nasdaq lost 15 points to 2,195.

Asian markets have followed their US peers and opened in red. The Hang Seng is down 60 points at 19,138. The Nikkei has slipped 55 points to 9,467.

Sectoral indices are mostly flat in morning trades. However, the capital goods index has jumped 0.8% to 13,471. Wekaness can be seen in IT and banking counters.

Sterlite has gained 2.4% at Rs 634. However, other metal stocks are weak. Hindalco has dropped 1.6% to Rs 145. Tata Steel has slipped 1% at Rs 479.

Mahindra & Mahindra has added 1.2% to Rs 526. Tata Motors has advanced 1% to Rs 716. Hero Honda is up marginally at Rs 1,905.

BHEL has added 1% to Rs 2,278 on a 42% jump in Q4 net profit. Larsen & Toubro and ITC have advanced 0.8% each.

However, ICICI Bank has dropped 1.5% to Rs 835. SBI is down 0.6% at Rs 2,159.

Reliance Infrastructure and Jaiprakash Associates have shed 1% each at Rs 1,030 and Rs 121, respectively.