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Market opens flat; OMCs gain, IT shares fall

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The Sensex, soon after the opening bell, was trading higher by 74 points to 36,396.96, while the Nifty was still below 11,000 mark, at 10,969.60.

Market opens flat; OMCs gain, IT shares fall
Indian market opened on a flat note on Tuesday due to mixed global cues but surged later as oil marketing companies turned positive on fall in oil prices.
The Sensex, soon after the opening bell, was trading higher by 74 points to 36,396.96, while the Nifty was still below 11,000 mark, at 10,969.60.
MidCaps edged higher after Monday's losses. The Nifty MidCap was trading 0.53 percent higher, while the BSE MidCap rallied by 0.63 percent. Among sectoral indices on the BSE, FMCG was down by 0.24 percent, Energy and Oil and Gas gained 1.46 percent and 2.05 percent respectively. On the NSE, all sectoral indices were trading in the green except FMCG.
Shares of Oil marketing companies surged along with Yes Bank, Tata Motors, Tata Steel, Reliance on both indexes. The laggards included Hindustan Unilever, IndusInd Bank, HDFC, Kotak Mahindra, NTPC, Eicher Motors.
The rupee opened stronger against the US dollar at 68.39 against the US dollar on Tuesday. The home currency closed at 68.57 on Monday.
Asian stocks traded mixed with Japan's Nikkei up by 0.77 percent, while Hang Seng slipped more than 250 points. South Korea's Kospi surged nearly a percent.
Wall Street also traded mixed overnight with the Standard & Poor’s 500 index slipping 2.88 points to 2,798.43. The Dow Jones industrial average rose 44.95 points. The Nasdaq composite fell 20.26 points to 7,805.72.
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