Sensex Nifty trading flat amid mixed Asian markets; banks under pressure ahead of Axis, Yes results

By: | Published: January 19, 2017 9:44 AM

Indian stock markets opened flat on Thursday amid mixed global cues. Both benchmark indices were down 0.1% with BSE Sensex trading at 27,259.15 points and NSE Nifty holding above the 8,400-mark at 8,416.35 points.

Axis Bank was trading down 0.76% at Rs 484.8 on NSE on expectation of a sharp drop in its year-on-year net profit; Yes Bank was down 0.24% at Rs 1342.7; while Federal Bank was up 0.39% at Rs 77.1 on the back of strong earnings expectations. (Reuters)Axis Bank was trading down 0.76% at Rs 484.8 on NSE on expectation of a sharp drop in its year-on-year net profit; Yes Bank was down 0.24% at Rs 1342.7; while Federal Bank was up 0.39% at Rs 77.1 on the back of strong earnings expectations. (Reuters)

Indian stock markets opened flat on Thursday amid mixed global cues. Both benchmark indices were down 0.1% with BSE Sensex trading at 27,259.15 points and NSE Nifty holding above the 8,400-mark at 8,416.35 points.
Banks’ shares were under a slight pressure ahead of the third quarter earnings announcements by Axis Bank, Yes Bank and Federal Bank.

Axis Bank was trading down 0.76% at Rs 484.8 on NSE on expectation of a sharp drop in its year-on-year net profit; Yes Bank was down 0.24% at Rs 1342.7; while Federal Bank was up 0.39% at Rs 77.1 on the back of strong earnings expectations.

Earlier, Asian shares were trading higher as a weaker yen pushed up shares of exporting companies. Nikkei was trading up as much as 1% before giving up gains, while Korea’s KOSPI was trading flat.

The US Federal Reserve Chair Janet Yellen said the economy is near the central bank’s objectives and the American economy is strong enough to warrant higher interest rates. On Wall Street, stronger financial shares helped push up the Nasdaq, though the Dow Jones Industrial Average edged down, SMC Research said.

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As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs 319.14 crores yesterday on January 18, while domestic institutional investors bought shares worth net Rs 245.03 crores.

Oil & Gas shares on BSE were trading strong with the BSE Oil & Gas index up 1.04% at 12,544.09 points. Adani Ports, BHEL, Bharti Airtel, BPCL and Tata Motors DVR were among the top gainers on NSE with all shares up between 0.8% and 1.4%, while HDFC, Axis Bank, Hindalco, Tata Steel and Zee Entertainment were the top losers, down between 0.6% and 1%.

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