Markets open flat; Axis Bank, Hindalco dip 1%

Sensex is down 13 points at 26,074 and the Nifty has lost 11 points to trade at 7,779.

Benchmark indices have opened flat with a negative bias on caution ahead of the expiry of July derivative contracts due later in the day.

 

At 9.15 hrs, the Sensex is down 13 points at 26,074 and the Nifty has lost 11 points to trade at 7,779.

 

The broader markets are trading in line with the benchmark indices. Both the mid and smallcap indices are up 0.2% each.

 

The S&P 500 and Nasdaq ended higher on Wednesday after the Federal Reserve gave a rosier assessment of the U.S. economy while reaffirming that it is in no hurry to raise interest rates.

 

The U.S. central bank also, as expected, reduced its monthly asset purchases to $25 billion from $35 billion.

 

The Dow Jones industrial average .DJI fell 31.75 points, or 0.19 percent, to 16,880.36, the S&P 500 .SPX gained 0.12 points, or 0.01 percent, to 1,970.07, and the Nasdaq Composite .IXICadded 20.20 points, or 0.45 percent, to 4,462.90. The S&P 500 had traded lower ahead of the Fed announcement.

 

Asian markets are trading firm on Thursday following robust US economic data and as investors braced for Argentina to default on its debt for the second time in twelve years.