Markets opened flat on Thursday. The S&P BSE Sensex benchmark index rose as much as 106.36 points to hit 39,608.41 in early deals, and the NSE Nifty moved to 11,889.10, up 28 points from the previous close. Power Grid, Tech Mahindra, TCS, Wipro, Bajaj Auto, Tata Motors, RIL, West Coast Paper gained top in the early trade. While losers are Sun Pharma, Yes Bank, ONGC, Cipla, Zee Entertainment, HDFC, UPL, Glenmark Pharma, BEL, United Spirits and Hero Motocorp.
Investors are also cautious ahead of the expiry of May futures and options (F&O) contracts, traders said.
According to Narendra Solanki, Head Fundamental Research (Investment Services) – AVP Equity Research, Anand Rathi Shares and Stock Brokers, the market currently waiting for new government to form and is more likely waiting for policy guidance and follow up announcements on same.
“As the earnings season is almost over, the new triggers for the markets are going to be RBI policy due next month, full budget by new government and policy roadmap for growth in major sectors of the economy,” he added.
Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 304.27 crore on Wednesday, and domestic institutional investors (DIIs) also offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.
Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions.
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