Opening bell: Benchmark indices open flat; IndusInd Bank, Power Grid Corporation and Nestle India emerge as top Sensex gainers

In the previous trading session, benchmark equity indices, Sensex and Nifty plunged substantially due to a steep fall in Reliance Industries. In the pre-opening session on Monday, Nifty futures on the Singapore Exchange traded 28 points, or 0.18%, lower at 15,716.50, indicating that Dalal Street may record a soft start on Monday.

On the global front, Asian markets opted for a cautious start whereas Tokyo stocks opened higher. Wall Street bounced back in Friday’s trading session and recorded a higher close. On Monday, oil prices slipped in early Asian trade as worries over global recession affected the market even as supply remained tight due to lower OPEC output, unrest in Libya and sanctions on Russia.

At the open, the Sensex was up 118.10 points or 0.22% at 53026.03, and the Nifty was up 32.80 points or 0.21% at 15784.80. About 1465 shares have advanced, 510 shares declined, and 132 are unchanged. IndusInd Bank, Power Grid Corp, Shree Cements, Sun Pharma and Divis Labs were among the major gainers on the Nifty. At the same time, losers were JSW Steel, ONGC, Tata Steel, Hindalco Industries and M&M. Among the Sensex pack, the top gainers comprised IndusInd Bank, Powergrid Corporation, Nestle India, ITC and Sun Pharma. In contrast, the top losers were Tata Steel, Mahindra & Mahindra, Wipro, TCS, Reliance Industries and Tech Mahindra.

The broader markets were seen trading flat with BSE Mid Cap and Small Cap indices gaining 0.19% and 0.41%, respectively. The top three mid-cap stocks in the BSE Midcap Index were Gujarat Gas, Muthoot Finance and 3M India whereas the top three small-cap stocks were Nelcast, Alembic and Pokarna. On the sectoral front, indices traded flat with the BSE Metal Index losing more than 2% dragged by the SAIL, Hindalco Industries, and Tata Steel. Marshall Machines, Trade-Wings, Aroma Enterprises, Mewat Zinc and Eastern Sugar & Industries are among the companies which will announce their quarterly earnings today.