Sensex flat ahead of GDP data

Indian equities are trading flat with positive bias in early trade on Friday. At 09.17 a.m., the Sensex was trading up 7.62 points or 0.04% at 17,549.26 with 7 components gaining. Meanwhile, the Nifty was trading lower by 16.85 points or 0.32% at 5,298.20 with 42 components falling. "Global investors are awaiting a crucial speech by Federal Reserve Chairman Ben S. Bernanke. Markets have advanced lately on QE3 hopes. So naturally there will be disappointment if it doesn"t come through at the much-hyped Jackson Hole summit. For the Indian markets, another important event today will be the release of Q1 FY13 GDP data. India"s growth has slowed for the past six quarters and is expected to slump even lower in the April-June quarter," said India Infoline.

The 30-share benchmark index, BSE Sensex opened flat with a rise of 15.98 points or 0.09% at 17,557.62, while the broad based NSE Nifty started with a fall of 16.85 points or 0.32%, at 5,298.20.

Sensex Movers

Housing Development Finance Corporation contributed rise of 8.45 points in the Sensex. It was followed by Oil & Natural Gas Corporation (3.38 points), Reliance Industries (1.97 points), State Bank Of India (1.19 points) and Sun Pharmaceutical Industries (0.62 points).

However, Tata Consultancy Services contributed fall of 9.25 points in the Sensex. It was followed by Infosys (8.72 points), I T C (6.59 points), H D F C Bank (5.17 points) and NTPC (3.22 points).

Major gainers in the 30-share index were Housing Development Finance Corporation (0.67%), Oil & Natural Gas Corporation (0.47%), Cipla (0.39%), State Bank Of India (0.20%), Sun Pharmaceutical Industries (0.19%), and Reliance Industries (0.12%).

On the other hand, G A I L (India) (1.40%), Hindalco Industries (1.37%), Jindal Steel & Power (1.19%), Coal India (1.03%), Tata Consultancy Services (1.02%), and NTPC (0.99%) were the biggest losers in the Sensex.

Market Breadth

Market breadth was positive with 231 advances against 179 declines.

Value and Volume Toppers

Mahanagar Telephone Nigam topped the value chart on the BSE with a turnover of Rs. 15.87 million. It was followed by United Spirits (Rs. 15.72 million), State Bank Of India (Rs. 11.41 million) and Andhra Pradesh Paper Mills (Rs. 7.29 million).

The volume chart was led by Cals Refineries with trades of over 0.45 million shares. It was followed by Mahanagar Telephone Nigam (0.44 million), Chokhani Securities (0.14 million) and I F C I (0.05 million).