Markets flat in opening trades

Wipro top Sensex loser, down 2%

Weak global cues and the economic growth concerns amid a weakening rupee on the domestic front have taken markets lower in opening deals. By 9:35, the Sensex was down 22 points at 16,196. Nifty was down 7 points at 4,918.

US stocks fell modestly on Thursday to close out the worst month since September. The broad S&P 500 index slipped 6.3% in May, its largest percentage drop since September. The Dow's 6.2 percent drop and Nasdaq's 7.2 percent loss are their largest monthly declines in two years.

Asian stocks fell on Friday after reports on China’s manufacturing activity and the US labour market missed estimates. The MSCI Asia Pacific Index and Japan’s Nikkei 225 Stock Average lost 1.1% each.

Back home, the rupee fell to an all-time low of 56.52 against the dollar but closed 0.2 per cent up over the previous close on talk that the Reserve Bank of India (RBI) had facilitated a special window to meet foreign exchange requirements of oil companies through public sector banks.

The Nifty may seek support around 4,900-4,885, while it can face resistance around 4,950-4,965, analysts say.

On the sectoral front, BSE TECk, Technology and Metal indices have slipped by almost 1% each. Sectors like Power, Oil & Gas, Capital Goods, PSU, FMCG, Realty and Healthcare are trading marginally lower.

Wipro is the top Sensex loser, down almost 2%. Infosys and TCS have declined between 0.4-1%.

Other notable losers include JSPL, Hero Moto, CIL, BHEL, NTPC, Sterlite, Bajaj Auto and Bharti Airtel.

On the gaining side, ICICI Bank, SBI, Maruti Suzuki, Tata Motors, Tata Steel and Tata Power have slipped by nearly 1% each.

Meanwhile, BSE Midcap index has inched up by 0.04% whereas BSE Smallcap index is up 0.2%.

The market breadth in BSE remains marginally positive with 656 shares advancing and 509 shares declining.

Among other shares, Kingfisher Airlines is up by almost 7%. The airline said its net loss more than trebled in the fourth quarter from a year earlier.

BEML has dipped almost 6% to Rs 405 after posting a net loss of Rs 13.9 crore for the quarter ended March 2012, against a net profit of Rs 70 crore in the corresponding quarter of previous fiscal.

Gabriel India has rallied 19% to Rs 53.90 in opening trades after its board declared a bonus issue in the ratio of 1:1.