Markets open flat, subdued global cues weigh

Cipla jumps 3% on better-than-expected second quarter earnings

Markets have opened on a flat note in trades today tracking subdued global cues ahead of the US Presidential elections which are due tonight. The Sensex has opened higher by 33 points at 18,796 and the 50-share Nifty has advanced 8 points to open at 5,712 levels.

US stocks advanced modestly on Monday in light trading in one of the year's quietest sessions on the day before the U.S. presidential election.

Whatever the outcome of the race between incumbent President Barack Obama and Republican challenger Mitt Romney, the election's resolution will finally end the uncertainty that has kept the market stagnant for the past few weeks.

The Dow Jones advanced 19 points, or 0.15% to 13,112 at the close, S&P 500 Index rose 3 points to 1,417 and Nasdaq Composite Index gained 17 points to close at 2,999.

Asian markets were trading on a weak note in trades today with investors' risk appetite curbed by uncertainty over the outcome of the tight US presidential election and renewed doubts over Greece's political ability to push through severe fiscal reforms.

Shanghai Composite slipped 1.5% or 32 points to 2,0825 levels, Hang Seng slipped 134 points to 21,872 and the Nikkei was down 41 points at 8,966.

Back home, Cipla is the top Sensex gainer. The stock has advanced 3% to Rs 391 after the India's second largest pharma company by value, has posted a 62% growth in net profit for the quarter ended September 30.

The company’s profit after tax grew to Rs 500 crore, up from Rs 309 crore a year before, on the back of increased growth in formulation exports. Exports of formulations grew 38% to Rs 1,039 crore, up from Rs 752 crore.

Jindal Steel, Bharti Airtel, GAIL India, ONGC, HDFC, Infosys, HDFC Bank, TCS, Sun Pharma, ITC and Bajaj Auto are also among the gainers.

On the other hand, Maruti Suzuki, Hindalco, Tata Motors, Reliance Industries, Tata Steel, ICICI Bank, Larsen & Toubro and SBI are also among the laggards, down 0.3-1.7% each.

On the sectoral front, led by gains in the heavyweight Cipla, the BSE healthcare index is the top gainer, up 0.4% at 7,778. IT, FMCG, power, realty and PSU indices are also in the positive zone. While, auto, consumer durables, capital goods, oil & gas, bankex and metal indices are down 0.1-0.4% each.

The broader markets are also trading flat with the BSE mid-cap and small-cap indices trading marginally higher.

The overall breadth is positive as 747 stocks are advancing while 493 are declining.