Markets open flat as election dates announced, Services PMI index sees marginal gain

Written by fe Bureau | Mumbai | Updated: Mar 5 2014, 18:07pm hrs
BSE SensexBSE Sensex, which had rallied 263.08 points yesterday, rose further by 123.47 points in early trade.(AP)
Benchmark indices opened flat on Wednesday morning with the BSE benchmark, the Sensex trading 26.31 points or 0.12% higher at 21,227.58 points at 11.00 am IST, while the NSE's Nifty was trading 8.60 points or 0.14% higher at 6,306.55 points. Election commission announced that 2014 general elections would be held from April 7 to May 12.

Experts feel markets could see a further rally. Indian markets could open in the green following positive global cues and inch up further during the day. Immediate support for Nifty is at 6,250, while resistance is at 6,360 levels, said HDFC Securities in its morning note.

Among sectoral indices, the BSE Capital Goods (0.64%), BSE Metal (0.77%) and BSE IT (0.45%) were the major gainers. Among individual stocks, ONGC (1.57%), Tata Steel (1.56%) and ICICI Bank (1.38%) were the major gainers on the 30-share Sensex.

Meanwhile, the HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, rose to 48.8 in February from 48.3, but remained below the 50 mark that separates growth from contraction.

Most Asian indices were trading higher with the easing tensions in Ukraine fuelling the positive sentiment. The Nikkei (1.38%), Hang Seng (0.22%), Straits Times (0.27%), Kospi (0.94%) and Jakarta Composite (1.07%) were trading in the green. Markets would be eyeing European GDP data for further cues.

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