Markets opened higher this morning - extending its run of last week - on positive cues from Asian markets. However it has seen some profit booking and are trading flat.
The Sensex opened at 21,069 - up 64 points. The index is now flat at 20,986.
The Nifty is at 6,304 - down seven points.
"The trend deciding level for the day is 20,805 and for the Nifty 6257 levels", says Angel Broking.
Asian markets are up today as demand for higher-yielding assets got a lift from a surprisingly strong US jobs report. The Nikkei has gained 1% to a 3-month high of 9,723. Hang Seng, however, is down marginally at 24,804.
The SGX Nifty is up 36 points at 6,345.
US markets on Friday extended its rally on positive jobs reports, and news of more cheap money from the Federal Reserve. The Dow ended at 11,444. The S&P 500 jumped to 1,226.
The previous week saw the Sensex rise to an all-time closing high of 21,005 on Muhurat trading. The Nifty ended at 6,312.
During the weekend US President, Barack Obama visited India and announced several India-US deals worth $15 billion. These deals, which can support over 53,000 jobs, can cheer investor sentiments today.
Coal India's IPO received a tremendous response from the markets last week. The Government has now fixed the FPO price band for Power Grid at Rs 85- 90 per share. The stock has slumped over 5% in trades.
The markets will be looking at SBI and Aban Offshore results which are to be announced later today.
"We expect the bank to report strong net interest income (NII) growth of 34% on a yoy basis and 3.1% on a qoq basis. Net profit growth is expected to be moderate at 20% on a yoy basis to Rs 2,990 cr", says Angel Broking.
Reliance Power has gained in morning trades on a new deal announced. ITC, Hindalco, Tata Motors, Bharti Airtel are among the gainers.
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