Markets lacklustre in morning deals

Auto stocks amongst the worst hit

Markets are trading on a lacklustre note in the morning deals. The Sensex has shed 26 points at 17,079 and the 50-share Nifty is down 12 points at 5,180 levels.

Among the individual stocks, Shares of GTL Group companies, GTL Infrastructure and GTL have rallied more than 10% each after the GTL Infrastructure said that the promoter group has infused Rs 931 crore into it and a subsidiary, Chennai Network Infrastructure (CNIL), as part of its corporate debt restructuring (CDR).

VKS Projects is trading at Rs 55.80, a 1.5% premium against its issue price of Rs 55 per share in the pre-open bidding on the Bombay Stock Exchange.

Auto stocks continue to witness the selling pressure. The BSE auto index is the top sectoral loser down 1.2% or 105 points at 9,020 levels. Realty, consumer durables, capital goods, bankex, FMCG and oil & gas indices are also trading in the negative territory.
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(Updated at 9:20 AM)

Markets have opened on a flat note in trades today on the back of subdued global cues. The Sensex has shed 6 points to open at 17,099 and the 50-share Nifty has slipped 4 points to open at 5,189 levels.

Overnight, the US stocks rose on Tuesday after Coca-Cola and Goldman Sachs joined the growing roster of S&P companies that beat profit forecasts and as Federal Reserve Chairman Ben Bernanke left the door open to more stimulus.

Dow Jones industrial average rose 78 points, or 0.62%, to close at 12,805, S&P 500 Index added 10 points, or 0.74%, to close at 1,364 and the Nasdaq Composite gained 13 points, or 0.45%, to close at 2,910 levels.

The Asian markets markets are trading on a mixed note. Hang Seng is down 145 points at 19,310. While, Shnaghai Composite and Nikkei are trading on a flat note.

Back home, Tata Motors is the top loser among the Sensex stocks, down 2% at Rs 222. Hero MotoCorp, Bajaj Auto, BHEL, SBI, NTPC, Hindalco, Larsen & Toubro, Mahindra & Mahindra and HDFC Bank have also opened lower by 0.3-1.3% each.

On the other hand, Coal India, ONGC, Wipro, TCS, Dr Reddy's Labs, HDFC, ICICI Bank, Cipla and Sun Pharma have opened on a flat note.

Auto stocks are witnessing the selling pressure in the opening deals. The BSE auto index is the top sectoral loser, down 0.65% or 59 points at 9,066 levels. Power, consumer durables, capital goods, FMCG and bankex indices have opened on a flat note with a negative bias.

At the same time, oil & gas, metal, PSU, IT, healthcare and realty indices have opened on a flat note, up 0.2-0.5% each.

Among the individual stocks, Reliance MediaWorks has soared 10% to Rs 65 after the company said it has signs term-sheet agreement to raise up to Rs 605 crore from a foreign Private Equity (PE) fund.

The broader markets have opened on a flat note. The BSE mid-cap and small-cap indices have opened higher by 0.2% each.

The overall breadth is neutral as 616 stocks are declining while 606 are advancing.