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Sensex, Nifty open flat on subdued global economic outlook; Kotak Mahindra Bank top loser

Sensex, Nifty open flat on subdued global economic outlook; Kotak Mahindra Bank top loser

Sensex, Nifty open flat on subdued global economic outlook; Kotak Mahindra Bank top loser
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By Pranati Deva  Feb 22, 2019 9:51:34 AM IST (Published)

Metals and banking stocks dragged the market while realty and pharma indices rose in trade

Indian shares opened flat on Friday tracking Asian peers, which were trading mixed amid fresh slowdown worries. Weak economic data from both the US and Europe outweighed signs of progress in US-China trade talks on Friday. The S&P BSE Sensex was trading at 35,835, down 63 points at 9.20 am, while the broader NSE Nifty50 index was ruling at 10,779, down by 10 points. Metals and banking stocks dragged the market, while realty and pharma indices rose in trade.

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Broader markets out-performed against the frontline indices. Nifty Midcap opened flat, while the Smallcap index was up 0.2 percent in the early morning deals.
Among Nifty gainers, shares of Tech Mahindra, ONGC, Indian Oil, BPCL and ICICI Bank moved higher, while Kotak Mahindra Bank, JSW Steel, Tata Steel, Yes Bank and Tata Motors slipped in trade.
Kotak Mahindra Bank was the biggest loser, falling over 4 percent in early morning deals as ING sold 1.2 percent stake in the private lender's stock via block deals.
Jet Airways added 1 percent after reports that the State Bank of India (SBI) and Punjab National Bank (PNB) have agreed to provide Rs 500 crore emergency funding for the debt-laden carrier. The development comes amid reports that international lessors have grounded more Jet Airways planes as they doubt the company's rescue plan.
Globally, MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent. Australian shares gained 0.5 percent and Japan's Nikkei stock index was 0.3 percent lower.
Investors continue to closely watch high-level talks between US and Chinese trade negotiators in Washington, with little more than a week left before a US-imposed deadline for an agreement expires, triggering higher tariffs.
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