After two days of steady performance the Indian benchmark index, the Sensex opened flat on Wednesday with the BSE 30-scrip Sensex opening at 15,967.49 points was ruling at 15,947.3 points, about 20 minutes into trade Â or about 7.49 points down from its previous close at 15,939.36 points.
The NSE 50-scrip S&P CNX Nifty was also trading nearly flat at at 4,762.6 points, down 2.7 points from its previous close.
“Given the way market traded yesterday, the top could be somewhere in the region of 4,850 at best and 4,500 for the moment is a very strong support,” Vineet Bhatnagar managing director at MF Global said.
ICICI Bank continued its bull run of yesterday, going up by 2.6%, however other banks like the SBI, HDFC Bank and HDFC were slightly lower.
L&T and BHEL had both gained 1.5% and 3%, and ONGC and Reliance were up by 1% and 0.44% respectively.
Reliance declined slightly after gaining 1% on opening. Tata Motors saw its stocks jump after CLSA upgraded the stock to outperform from underperform.
Bhati Airtel saw its stocks decline after good performance yesterday. The stocks took a hit of 1.8% today.
The Sensex had gained over 421 points in Tuesday’s trade.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also was trading lacklustre at 4,762.6 points, down 0.06 percent or 2.7 points from its previous close.
Broader markets were also quiet. The BSE 500 index was ruling 0.16 percent up from its previous close.