Sensex, Nifty Open Flat; Tata Steel Gains 2%, IT Stocks Weak

The market has opened flat on Monday. The Sensex is down 11.57 points or at 24605.40 and the Nifty is down 5.30 points at 7483.80. About 527 shares have advanced, 293 shares declined, and 44 shares are unchanged. Tata Steel, Axis Bank, ICICI Bank, NTPC and Adani Ports are gainers while Infosys, Tata Motors, TCS, HDFC and ONGC are losers in the Sensex.  The Indian rupee declined in the early trade . It opened lower by 21 paise at 67.85 per dollar against 67.64 Friday. 

GLOBAL MARKET

US markets plunged on Friday amid a sharp decline in technology shares and as mixed US employment data rekindling concerns that the Federal Reserve may hike interest rates this year. The Dow Jones Industrial Average fell 1.3% while the NASDAQ Composite index cracked 3.25%.

Meanwhile in Asia, Singapore, Hong Kong and mainland China benchmark indices are shut on account of Lunar New Year holiday. Japan’s Nikkei is trading 0.6% lower taking cues from the Wall Street. 

KEY STOCKS & RESULT IMPACT

The steel sector has gained after the government set a minimum import price for steel products to check dumping from countries such as China and South Korea. Shares of steel companies such as Tata Steel, JSW Steel, Steel Authority of India (SAIL) have gained between 2%-3.5%.

Jet Airways has soared over 7% on robust quarter earnings. The quarterly standalone net profit soared more than seven times helped by a fall in fuel expenses and higher lease income from planes.

Tata Power slipped over 1% after the consolidated net plunged a whopping 88% to Rs 24 crore in the three months to December due to an exceptional loss of Rs 187 crore arising from falling global coal prices. 

Tata Motors has shed 1% after it declared a lockout at its bus manufacturing plant in Karnataka's Dharwad, following a continued strike by workers. Meanwhile, the company is due to slte its numbers later this week.

The technology stocks are declining across the board amid a shap fall in the technology stocks on Nasdaq. TCS, Infosys and Wipro have slipped between 0.4%-1%.

Financials are gaining across the exchanged on improving credit demand after the government set a minimum import price for steel products to check dumping from countries such as China and South Korea. ICICI Bank, Axis Bank and SBI have gained between 0.4%-2%.

Dr Reddy’s Lab and Cipla are trading with marginal gains ahead of the Q3 numbers due to be released later this week.

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