Markets trading flat; auto stocks fall

Indian indices opened the day marginally higher, and were trading almost flat in line with Asian peers. The BSE Sensex was trading at 17114 points, while the S&P CNX Nifty was marginally down 4 points at 9.30 am IST.

Auto stocks led the decline today with Bajaj Auto, Tata Motors and Hero Motor Corp all losing more than one per cent in trade. Among the early gainers were Wipro and TCS amongst the Nifty stocks.

Globally, Asian markets were trading flat, while US markets surged in late trade yesterday after Goldman Sachs reported earnings, which were way above estimates and Coca-Cola posted a higher-than-expected quarterly profit on the back of increase in sales volume. US Federal Reserve Chairman has left the door open for a QE3 programme, which also lifted the US indices yesterday.

Domestically, markets are likely to remain range-bound and individual stocks are likely to move in tandem with their earnings. Bajaj Auto is expected to declare its results later today with analysts expecting a flattish growth for the two wheeler maker.

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