Sensex flat; Ambuja Cements, ACC extend rally ahead of earnings
NDTV Profit spoke with Divestment Secretary Mohammed Haleem Khan about issues related to GAAR and divestment target and how he sees the divestment roadmap for fiscal year 2012-13.
The BSE Sensex opened with modest gains but the markets witnessed selling pressure tracking Asian cues. At 9.20 am, it traded 5 points higher at 17,397 while the broader Nifty index was up 3 points at 5,303.
Japan's Nikkei 225 index (-0.77%) was the worst performer in Asia on the back of record trade deficit. However, benchmarks in Hong Kong (0.32%), Taiwan and Thailand traded with gains.
Spain said bad loans held by banks soared to a record high Wednesday, which hit global sentiments. The Dow Jones index declined 0.6% to 13,033 overnight.
A close above 5,300 levels on the Nifty would indicate some strength in a market that has been languishing in a narrow range for weeks now, analysts said.
"What the market is waiting for is numbers from TCS after the disappointing guidance from Infosys," Gaurang Shah of Geojit BNP Paribas Financial Service told NDTV Profit today.
ACC (1.5%) and Ambuja Cements (1.3%) extended gains and were the top Nifty gainers. The two cement firms will report their quarterly earnings later today.
22 stocks traded lower on the Nifty 50 index. Capital goods manufacturers BHEL (-1.7%) and L&T (-1.1%) were the top losers.
The market breadth was positive, with over 70% stocks rising on the broader BSE 500 index, indicating strength in broader markets.