Sensex trading flat on negative global cues; Kotak Mahindra gains

The Indian markets opened in the red falling more than half a per cent in opening trade tracking global cues. At 9.18 am, the markets had recovered some of the losses as buying interest returned in oil stocks and defensive sectors like healthcare. The BSE Sensex was down 30 points or 0.18 per cent to 17,503 but the NSE Nifty was still trading below the support level of 5,254.The Nifty was down 8 points to 5,247. Nifty's next support is the 5192 mark which is the 20 day moving average.
All sectoral indices were in the red. The declines were led by the high beta metals and realty space. The metal index declined 1.36 per cent. The broader markets saw selling pressure too. The BSE Small cap index fell 0.31 per cent while the BSE mid cap index declined half a per cent. The market breadth was weak with only 36 per cent stocks advancing on the BSE.
RIL gained 0.56 per cent. HUL and M&M rose on the Sensex while Hindalco fell 2.25 per cent. DLF, Jaiprakash Associates and Sterlite Industries declined.
Kotak Mahindra Bank rose 2.59 per cent. The company today announced that the Sumitomo Bank of Japan will acquire 4.5% in the bank. The deal size is at around Rs. 1,366 cr. (Read: Kotak Mahindra Bank may edge higher on preferential issue to Japan's SMFG)
AstraZeneca gained 4.89 per cent. The stock rose 20 per cent on Tuesday on delisting buzz. Alembic rose 1.9 per cent. The company had announced the demerger of its Pharma business on Tuesday.ICICI Bank declined 0.28 per cent. The company will announce the base rate today.
The Asian markets were deep in the red today morning. The Nikkei 225 in Japan fell 2.10 per cent to 9,370. The Kospi in South Korea was down 1.04 per cent. The Shanghai Composite declined 0.97 per cent while the Hang Seng fell 0.8 per cent.
Overnight, the Dow fell below 10,000 points on concerns about global economic recovery. The Dow skid 268 points or 2.7 per cent to 9,870. Investors pulled back from the market on concerns of China's growth after the Chinese markets had slumped to a 14- month low on Tuesday dropping more than 4 per cent earlier in the day. Stocks also took a beating after the latest consumer confidence numbers suggested a sharp decline in June.
European stocks fell 3-4 per cent on Tuesday.