Markets open flat; PSU stocks drop

Markets opened the day lower with PSU stocks losing heavy ground on fresh selling. The Sensex was seen trading at 17160.49, down 61.65 points, while the Nifty was trading at 5219, down 15.10 points at 9.25 am IST.

PSU shares like Gail was down 6.31%, while BPCL was down 3.10% and Petronet LNG was down 11.31%. Among the early gainers were Sun Pharma, Wipro, TCS and Mahindra and Mahindra.

Global cues were also not too encouraging, with the US markets closing sharply lower towards the end of trade, making it a loss for the fourth straight session. The previous weeks disappointing jobs report raised concerns over the strength of the US economy.

Domestically, the Indian markets would look for the results seasons that kicks in with Infosys' results on Friday. The markets are also awaiting the inflation data and industrial output data that is expected on Thursday.

In the meantime markets are expected to be rangebound throughout the week.

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