Sensex, Nifty off to a flat start; Tata Motors, ICICI Bank top gainers
Benchmark indices opened on a flat note on Monday, tracking mixed cues from global markets. Asian markets were trading mixed after data released earlier in the day showed China's services sector PMI dropped to 21-month low in September.
There were concerns that North Korea could launch a missile to mark North Korean communist party's anniversary this week.
At 9.23 am, the BSE Sensex was trading 11 points, or 0.03 per cent, higher at 31,824.98. The Nifty50 was ruling at 9,964, down 15.40 points, or 0.15 per cent.
"The Nifty index has ended the week near the resistance of 9,990, which is the 61.8 per cent retracement of the recent corrective move. If the index manages to continue the positive momentum, then the index could extend the gains upto its resistances of 10,050/10,140. On the flipside, 9,880 is now a crucial support for the coming week, which if breached, could lead the index to resume the corrective trend to test the recent low," Angel Broking said in a note.
19 of 30 index stocks were trading higher. Tata Steel BSE 1.53 % topped the index chart, rising 1.72 per cent to Rs 431.50. It was followed by ICICI Bank BSE 1.10 %, Tata Steel and ICICI Bank, which rose 1.32 per cent, 1.30 per cent and 0.95 per cent, respectively.
Benchmark indices opened on a flat note on Monday, tracking mixed cues from global markets. Asian markets were trading mixed after data released earlier in the day showed China's services sector PMI dropped to 21-month low in September.
There were concerns that North Korea could launch a missile to mark North Korean communist party's anniversary this week.
At 9.23 am, the BSE Sensex was trading 11points, or 0.03 per cent, higher at 31,824.98. The Nifty50 was ruling at 9,964, down 15.40 points, or 0.15 per cent.
The Nifty index has ended the week near the resistance of 9,990, which is the 61.8 per cent retracement of the recent corrective move. If the index manages to continue the positive momentum, then the index could extend the gains upto its resistances of 10,050/10,140. On the flipside, 9,880 is now a crucial support for the coming week, which if breached, could lead the index to resume the corrective trend to test the recent low," Angel Broking said in a note.
19 of 30 index stocks were trading higher. Tata Steel topped the index chart, rising 1.72 per cent to Rs 431.50. It was followed by ICICI Bank, Tata Steel and ICICI Bank, which rose 1.32 per cent, 1.30 per cent and 0.95 per cent, respectively.
On the downside, Adani Ports fell 1.36 per cent to Rs 383.60. Power Grid, Bharti Airtel and ONGC declined up to 1.27 per cent.
Shares of Tata Teleservices fell 12.89 per cent after the Tata Group informed the government on Friday that it plans to shut its wireless business, bringing an end to its 21-year-old phone services venture.
PNB was trading marginally lower after the state-owned lender has put assets of as many as 32 bad loans with outstanding loan exposure of Rs 1,176 crore on the block in an effort to bring down its NPAs.
SAIL rose 1.4 per cent after the steelmaker entered into a strategic agreement with POSCO for wide ranging technical services for SAIL’s IISCO Steel Plant (ISP) at Burnpur.
Meanwhile, the Rs 1,001 crore initial public offering (IPO) by India's leading power trading platform Indian Energy Exchange (IEX) will open for bidding on Monday.
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