Markets see a quiet opening

Realty and IT shares slip

The markets have opened on a flat note this morning and is likely to react to the Q4FY12 earnings of India Inc this week. The Sensex ended the previous week with a gain of 279 points as the markets cheered a surprise 50-basis point repo rate cut by the Reserve Bank of India. The BSE benchmark index is now up 34 points at 17,409. Nifty is flat at 5,300.

“The Nifty can face resistance around 5,325 – 5,350, while it may seek support around 5,255 – 5,235 levels,” technical analysts suggest.

Asian shares and the euro steadied on Monday after the IMF secured new funding to prevent the contagion of the euro zone's debt crisis. Shanghai Composite was flat while Japan's Nikkei average opened down 0.3%.

BSE IT index has shed 0.5% in morning trades and is at 5,436. Realty and power indices are tradng flat. Meanwhile, BSE bankex has gained 0.5% to 12,116.

Infosys is the top loser among Sensex stocks - down 1.3% at Rs 2,375. Jindal Steel and NTPC have slipped aound 1% each.

However, Tata Steel has gained 1% at Rs 476. Maruti Suzuki has added 1%, followed by TCS, Larsen & Toubro. Mahindra & Mahindra. ICICI Bank is the top contributor and has added 0.6% at Rs 866.

Back home, among individual stocks, RIL is flat at Rs 734 on reporting a 21 per cent fall in its net profit to Rs 4,236 crore in the quarter ending March 2012.

The Bombay Stock Exchange has informed that Dr Reddy's Laboratories will replace DLF in the benchmark 30-share Sensex. DLF is down 1% at Rs 195. DR Reddy's is unchanged at Rs 1,798.

BSE market breadth is positive. Out of 1,563 shares traded, 1,031 shares have advanced while 469 shares have delcined.