Markets trade flat in line with Asian cues

Indian indices opened the day flat in line with Asian peers, after losing significant ground in the last few trading sessions.

The Sensex was trading higher by 30 points, while the Nifty was higher by 2 points at 9.30 am IST. Among the early gainers in trade were Ambuja Cements, Bharti Airtel, Axis Bank and HCL Tech.

Shares that lost ground from amongst the index stocks were Lupin Laboratories, ICICI Bank, Siemens and Gail.

Reliance Industries was up almost 1% after the oil regulator gave nod to the company to drill a well as part of the $1.529 billion plan to develop four satellite gas fields.

Sintex Industries was up more than 1% after the company said it has plans to raise up to $150 million (over Rs 820 crore) through issue of convertible bonds from overseas markets.

Banking stocks were trading mixed with ICICI Bank marginally lower, while State Bank and PNB gained.

FMCG stocks were trading mixed with ITC trading with a positive bias, while HUL was marginally lower.

Meanwhile, in Asia Hong Kong's Hang Sang, the Japanese Nikkei and Singapore's Strait Times were trading higher, while the Chinese Shanghai Composite lost ground.

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