Indian markets turn negative after flat opening, NSE Nifty down by 3 points at 10.07 am
Indian Markets opened flat on Thursday. NSE Nifty was down by 3 points at 2926. BSE Sensex was marginally up at 10.07 a.m. IST. Volatility may be higher in days to come and markets will depend largely on International cues.
Reliance Communications was trading strong. The stock was up by nearly 8.8%. At NSE Reliance Communications touched an intraday high of Rs 249.55 and a low of Rs 232 during the early trading session.
Among major gainers were ICICI Bank (up by 2.7%), Sterlite (up by 4%), Zee Entertainment (up by 3.5%) and HDFC Bank (up by 2%).
Major losers included Technology stocks, Wipro, TCS, Satyam, Siemens.
Research Head Arnab Das at Dresdner Kleinwort Wasserstein expects markets to face pressure. He isn’t confident that Indian markets will be able to sustain gains as the global financial situation is still negative. All major companies across the world are annoucing layoffs and cost-cutting plans. This can impact many sectors in India as well.
ICICI Direct had suggested a flat opening for Indian Stocks markets. Markets gained for two days after the UPA government announced stimulus package. Nifty has major resistance at 3000 as per ICICI Direct. Markets may see some action during the later hours as the European markets will open.