Markets open flat after two days of rally

The rupee slipped to 66.19/dollar as the dollar held firm at seven-month highs against a basket of currencies as USA economic data also backed up the case for December interest rate hike.

“Lingering concerns about earnings and the worsening global risk environment have hit blue chips across the board”.

“But the United States markets ended the session roughly flat after showing a substantial move to the upside in the previous session”.

Hindalco suffered the most by plunging 5.07 per cent.

Infosys, which warned of margin pressure in the third quarter on Monday, slumped 3.89 per cent while TCS tumbled over 1.61 per cent.

Major Sensex gainers during Wednesday’s trade were Gail, up 0.95 percent at Rs.309.45; Coal India, up 0.83 percent at Rs.334.95; NTPC, up 0.72 percent at Rs.133.15 and Sun Pharma, up 0.08 percent at Rs.753.95.

Asian share markets ended mostly lower while European markets were lower in early trade. The broader market outperformed the benchmark indices with the BSE midcap and BSE smallcap indices gaining 0.16 and 0.25 per cent in trade.

“The FOMC minutes release clouded sentiments and flared uncertainty which was supported by apprehension over the ongoing global onslaught over terror and security concerns in Europe”, Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

Twenty-six of the 30 Sensex constituents ended lower, and overall declining issues outnumbered advancing ones 1,615 to 1,046, while 185 closed unchanged.

For latest news on mobile and tablet, download IndiaTV Android app and iOS app.