Benchmark indices opened flat on Thursday, following subdued Asian peers, ahead of April F&O expiry. Investors also remained cautious amid ongoing March-quarter earnings season.
Asian shares slipped amid fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week.
At 9:20 am, the BSE Sensex was trading at 39,025, down 29 points, while the broader NSE Nifty50 was at 11,724, falling 3 points. Broader markets were also trading flat on the morning trade.
Grasim, Ultratech Cement, PowerGrid, NTPC, and Hindalco were the top gainers on the Nifty, while, Bharti Infratel, Indiabulls Housing, Tata Motors, IOC and Adani Ports fell the most on the index.
Sectoral indices were trading mixed with banking indices slipping while Nifty Realty gained. Nifty Auto also fell 0.2 percent.
Ultratech Cement rose 1 percent on robust March-quarter numbers. The company reported an over 100 percent rise year-over-year in its standalone net profit for the quarter ended March 31, boosted by strong domestic sales volume.
Bharti Infratel fell as CLSA downgraded the stock to sell from outperform, target cut to Rs 285 from Rs 300 per share post Q4 results. The company posted a consolidated net profit of Rs 608 crore in the last quarter of 2018-19, almost flat on year, as consolidation in the telecom sector resulting in reduced tenancies.
Indiabulls Housing also slipped 2 percent after it reported a 7 percent year-on-year (YoY) drop in net profit at Rs 1,006 crore for the fourth quarter ended March 31
