Markets turn flat, Nifty hovers around 8,250; Infosys up 2%

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Benchmark indices have turned flat after making a higher opening tracking mixed trend among global peers.

Besides, the European Central Bank (ECB) unexpectedly reduced its asset buys on Thursday but reserved the right to increase purchases once again, a decision that may be seen as a concession to conservative euro zone members such as Germany.

By 11:08 am, the S&P BSE Sensex was up 65 points at 26,760 and the Nifty50 gained 11 points at 8,257.  The broader markets are performing in line with the benchmark indices.

"Going forward only if the Nifty manages to hold above the 8,200 level the bull is likely to regain its control back. In that case, medium term uptrend will get momentum and a test of 8,400 is most likely. The trend of FII activity who turn positive recently will be key for holding the short-term movement above 8,200. Along with this how Oil price moves in the international market is a factor to take into consideration," said Rohit Gadia, Founder & CEO, CapitalVia Global Research.

Asian shares flatlined on Friday but were on track for robust weekly gains, while the euro caught its breath after sliding when the European Central Bank trimmed the size of its asset purchase program and also extended it for longer than many had expected.

MSCI's broadest index of Asia-Pacific shares outside Japan wobbled close to the previous session's close in early trading, poised for a weekly gain of 2.2%. Japan's Nikkei stock index was up 0.6%, up 2.4% for the week in which the dollar gained 0.6% against the yen.

Back home, Infosys, Adani Ports, ONGC, Bharti Airtel, Tata Motors and Asian Paints are up 1%-2%.

The government has initiated a probe into Reliance Industries (RIL) and Oil and Natural Gas Corp (ONGC) having knowledge as early as in 2003 of state-owned firm's natural gas flowing into adjoining fields of RIL in KG (Krishna-Godavari) Basin. Shares of ONGC are up 2%.

The country's top telecommunications carrier Bharti Airtel on Thursday unveiled unlimited voice calls and more 4G data under a new plan, to take on rival Reliance Jio that recently extended its free services. The stock is up 1%.

Sheela Foam has listed at Rs 860, 18% premium to its issue price of Rs 730 per share on the BSE.

With Reuters inputs


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