Indian stock market opens flat, Sensex above 84,000

Mumbai, June 30 (IANS) The Indian benchmark indices opened flat on Monday amid positive global cues, as buying was seen in the PSU bank and IT sectors in the early trade.

At around 9.27 am, Sensex was trading 1.35 points up at 84,057.55 while the Nifty added 6.50 points or 0.03 per cent at 25,644.30.

According to analysts, decline in geopolitical tensions in West Asia, the sharp pull back of Brent crude to $67 and reports of positive developments on the trade front with possibilities of trade deals between US-China and US-India augur well for equity markets.

"Significant contributors to the rally in India in recent days have been largecaps like HDFC Bank, ICICI Bank, RIL and L&T which have seen accumulation by institutions," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Nifty Bank was up 15.15 points or 0.03 per cent at 57,459.05 in early trade. The Nifty Midcap 100 index was trading at 59,606.05 after adding 220.90 points or 0.37 per cent. Nifty Smallcap 100 index was at 19,130.15 after climbing 153.35 points or 0.81 per cent.

Meanwhile, in the Sensex pack, M&M, Kotak Mahindra Bank, Bharti Airtel, HDFC Bank, NTPC, UltraTech Cement, HDFC Bank and UltraTech Cement were the top losers. Whereas, Trent, SBI, L&T, Eternal, Axis Bank and Hindustan Unilever Limited were the top gainers.

Weakness in the dollar index continues to support FII inflows and retail optimism continues to support flows into domestic funds. It makes sense to remain invested in this bull market but making fresh investments at elevated valuations would be risky, said experts.

Foreign institutional investors (FIIs) were net buyers on June 27, purchasing equities worth Rs 1,397.02 crore. Meanwhile, domestic institutional investors (DIIs) remained sellers, selling equities worth Rs 588.93 crore.

In the Asian markets, China, Bangkok, Japan, Seoul and Jakarta were trading in green, whereas only Hong Kong was trading in red.

In the last trading session on Friday, Dow Jones in the US closed at 43,819.27, up 432.43 points, or 1.00 per cent. The S&P 500 ended with a gain of 32.05 points, or 0.52 per cent at 6,173.07 and the Nasdaq closed at 20,273.46, up 105.55 points, or 0.52 per cent.

--IANS

skt/na