Markets open flat, ignore cues from US

DOING FINE: A stock broker discusses trades with a colleague at a brokerage in Mumbai.

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Keywords: Stocks, Bse

Mumbai: Markets have opened with flat trade on the back of buying in select realty, oil, metal and technology stocks while selling in banking and auto stocks. It completely ignored cues from US markets, which plunged on renewed concerns about financial space and UBS downgrade report on Cisco.

At 0956 hrs ISt, the Sensex was up 10 points at 13,974 and Nifty up 11 points at 4,168.

Amongst frontliners, DLF, Reliance Comm, Tata Steel, ONGC, Wipro and Infosys are holding markets in green while ICICI Bank, Ambuja Cements, SBI, HDFC, TCS, Satyam, Tata Motors, BPCL, PNB, Bharti Airtel, Maruti and Hero Honda slipped.

DLF shot up nearly 3.5 per cent as company, in board meet today, is likely to consider buyback plan.

Infosys gained nearly 1.5 per cent ahead of its first quarter numbers for FY09, which will be announced tomorrow morning.

Allied Digial went up around 7 per cent as company has bought 80.5 per cent stake in US-based EnPointe Global for USD 30 million.

Asian markets were mixed. Nikkei was up 0.56 per cent, Kospi 0.6 per cent, Taiwan Weighted 1.13 per cent and Hang Seng 0.4 per cent. However, Shanghai was down 0.74 per cent, Jakarta -1.62 per cent and Straits Times -0.85 per cent.

US markets ended a tumultuous session with a late selloff that left all three major indices in bear-market. Financials fell sharply and techs took a hit. The Dow plunged 236.77 points, or 2.08 per cent, to 11,147.44.

The Standard & Poor's 500 index lost 29.01 points, or 2.28 per cent, to 1,244.69, while the Nasdaq composite index declined 59.55 points, or 2.60 per cent, to 2,234.89.

Market cues:

• FIIs net buy $41.8 mn in equity
• MFs net buy Rs 227 crore in equity
• NSE F&O Open Interest up by Rs 2,904 crore at Rs 71,166 crore

F&O cues:

• Nifty up 4.2 per cent; Open Interest down by 2.6 per cent
• Futures Open Interest up by Rs 1,674 crore and Options Open Interest up by Rs 1,230 crore
• Nifty Futures at 20 pts Vs 61 pts discount a day ago
• Nifty Futures OI down by 11 lakh shares in Open Interest
• Stock Futures add 50 lakh shares in Open Interest
• Nifty Open Interest PCR at 1.26 Vs 1.19
• Nifty Puts add 23.6 lakh shares in Open Interest
• Nifty Calls add 3.5 lakh shares in Open Interest
• Nifty 4000 Put adds 8.2 lakh shares in Open Interest
• Nifty 3900 Put adds 6 lakh shares in Open Interest
• Nifty 4100 Put adds 3.6 lakh shares in Open Interest
• Nifty 4300 Call adds 3.2 lakh shares in Open Interest
• Nifty Dec 3700 Put adds 1.5 lakh shares in Open Interest
• Nifty Aug 3700 Put adds 1.35 lakh shares in Open Interest