Markets remain flat in morning deals

RIL among the top Sensex losers

Markets are trading on a flat note in the morning deals on the back of selling pressure visible in the index heavyweight Reliance Industries and metal stocks. The Sensex is up 39 points at 17,470 and the Nifty has advanced 22 points to 5,280 levels.

The BSE oil & gas index is the top sectoral loser, down 0.5% at 8,173. Metal index is also down 0.1% at 9,676.

Among the individual stocks, Tata Motors is trading higher by 2.1% at Rs 239, on reporting 12% year-on-year rise in total sales at 71,826 units in August this year. The Tata Group company had sold total 64,078 vehicles in the same month of previous year.

TVS Motor Company has dipped 4% at Rs 37.60 after reporting  21% year-on-year decline in total sales at 1,54,647 units in August 2012.

Bilcare has rallied 6% at Rs 166 on reports that United Drug has completed the acquisition of the UK and US clinical services of Bilcare Global Clinical Supplies from the company.
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(Updated at 9.20 AM)

Markets have opened on a positive note after the expert committee headed by Partahsarathi Shome on General Anti Avoidance Rule (GAAR) recommended postponement of the controversial tax provision by three years.

The Sensex opened higher by 60 points at 17,489 and the 50-share Nifty advanced 30 points to open at 5,289.

On the global front, the markets will react to US Federal Reserve Chairman, Ben Bernanke's, Jackson Hole speech and the ECB meet on September 6, which remains an important event as it would give details on its plan to re-launch government bond-buying programme.

Most of the Asian markets were trading on a flat note. The Hang Seng was up 0.4% at 19,571, Shanghai Composite advanced 0.8% to 2,064 and Taiwan Weighted was up 0.7% at 7,449.

Back home, Tata Motors has advanced 2.1% at Rs 239, on reporting 12% year-on-year rise in total sales at 71,826 units in August this year. The Tata Group company had sold total 64,078 vehicles in the same month of previous year.

Sterlite Industries, Hindalco, GAIL India, Bharti Airtel, Larsen & Toubro, Jindal Steel, ONGC, Tata Steel, NTPC, Mahindra & Mahindra and State Bank of India have also opened higher by 0.6-2% each.

On the other hand, Wipro is the top loser, down 1.5% at Rs 362. Hero MotoCorp, Coal India, Reliance Industries , Dr Reddy's Labs, HUL and Maruti Suzuki are also among the losers.

All the sectoral indices barring the healthcare index have opened in the green. The BSE Auto index is the top sectoral gainers. It has advanced 1% or 84 points to open at 9,324. Capital goods, metal, power, PSU, realty and IT indices have also opened higher by 0.3-0.8% each.

The broader markets are in-line with the benchmark indices. The BSE mid-cap index has advanced 0.4% to open at 6,030.

The overall breadth is positive as 873 stocks are advancing while 425 are declining.