Markets open steady; OMCs gain

Markets opened the day on a steady note, and, as expected oil marketing companies (OMCs) saw a rally in their share prices.

The Sensex was trading up 16 points at 5964 points, while the Nifty was up 3 points at 4839 at 9.20 am. Among the shares that gained ground today were OMCs. BPCL was up by 3% at Rs 744, while Oil India was up 2.05%.

Auto stocks fell today following the petrol price hike with Maruti Suzuki, Bajaj Auto and Hero Motor Corp all falling.

Globally, European markets lost more than 2% in trading on Thursday, while the US markets which were deeply in the red recovered to close with marginal losses. In Asia markets were trading steady to negative with the Hang Sang, Shanghai Composite and Strait times all trading lower.

Meanwhile, China saw export orders fall sharply, a private sector survey showed.

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