Markets opened flat on back of subdued global cues and losses posted by heavyweight Reliance Industries in opening trades as fourth quarter results reported after market hours on Thursday were below expectations. The Nifty was up 4 points, at 5,888 and Sensex advanced 40 points, at 19,639.
Reliance Industries which has one of the higher weightage on Sensex reported 14% rise in quarterly net profit to Rs 5,376 crore but was affected by muted gas production and lower-than-expected refining margins. The stock was down 2.5% at Rs 1,014.
Volatility in the markets is likely to remain high this week on the back of April series derivatives settlement this week. Also in United States Federal Reserve's announcement on quantitative easing part 2 during Open Market Committee meeting on Tuesday and Wednesday may set the tone for the markets globally.
According to technical analysts daily charts are looking tired, but weekly charts continue to show bullish signs. Edelweiss in the weekly note said, " The Nifty has turned from the medium-term supports indicating a resumption of the uptrend that begun in late March. Momentum oscillators have rolled bullish on the weekly chart supporting the bullish bias. Nifty faces immediate resistance at 5945, which could lead to a minor decline in the early part of the week, but would eventually be taken out to test the 6100 mark"
Other markets in Asia were trading mixed, the Japanese shares opened higher on the hopes of a positive earnings season despite the negative impact of the March 11 earthquake. The Nikkei Stock Average was up 0.4% at 9,710.
Meanwhile, the Chinese stocks extended their fall as expectation for more restrictive policies from Beijing pressured property, financial and consumer shares. The Shanghai Composite Index and Straits Times were down 1% each. Markets in Hong Kong, Australia and New Zealand remain closed for holidays.
