Markets Open Flat, Await Inflation Numbers

The Indian markets have opened flat today after the global market were seen trading on a negative note. The Nifty opened with a negative bias of 10 points at 5518 and Sensex was down 50 points at 18,190. Both indices opened lower in the range of 0.27%-0.20%.

The advance-decline ratio is in on the negative side as of now. On the NSE, 570 shares are in gains and 690 shares are lower.

Top 5 NSE Gainers: BPCL is the top NSE gainer so far, up by 4%, followed by ONGC, Bank of Baroda, HDFC and SBI.

Top 5 NSE Losers: Tata Motors is the top loser this morning, trading down by 3.5%. Infosys, Cairn India, TCS and Sesa Goa are among the others in losses.

5 of the 13 sectors are trading in the red zone. Consumer Durables has dropped 148 points and Auto is down by 119 points. The IT and TECk indices are also both down by 127 points and 73 points respectively. On the other hand, Oil & Gas has gained129 points and Banks has moved up by 35 points.

On the global front, the Asian shares are witnessing a negative sentiment. The Nikkei market is down 154 points, Hang Seng has lost 327 points and Taiwan Weighted is down 47 points. The Shanghai market is trading flat.

Buzzers: BPCL is trading over 4% up at Rs 390. The stock has gained some strength after seeing a weak performance over the last few days and is trading above its support level. Above Rs 390, it has crucial hurdles at Rs 405 and Rs 410. If it sustains above Rs 390, it is likely to see a further up-move.

ONGC has seen good momentum in the last few trading days. The stock opened on a positive note, higher by 2.60%, and is trading at Rs 317. The stock has good support at the Rs 310 level, and we may see more of an up-move if it sustains at this level.

The 5510-5490 levels will be a lakshman rekha for the Nifty. 5490 will be a major support. If the index breaks and trades below this level, we may see a further down-move.