Indian markets flat in morning trade

Mumbai (Maharashtra) [India], October 7 (ANI): The Indian markets on Friday were trading flat during morning trade amid weak global cues and rising crude prices. The S&P BSE Sensex index was down 196 points to 58,025.17 level whereas Nifty50 dipped 51 points to 17,280 at 9.51 IST on Friday.
Some of the stocks trading in the green were Titan, Maruti, Reliance, HCLTech, Bharti Airtel and Kotak Bank. The laggards were Infosys, HUL, Bajaj Finance, IndusInd Bank and SBI Bank on the 30-share index. BSE Bankex was down 0.63 per cent to 44,567 whereas BSE IT was 40 points. In the broader market, BSE Midcap was down 68 points whereas BSE Smallcap rose 60 points to 29,156. Nifty Bank was down 1 per cent and Nifty Financial Services dropped 0.73 per cent in morning trade.
Shares of Titan rallied more 5% to Rs2,744 apiece on the BSE, trading near its all-time high level. The company announced that its overall sales rose 18% year-on-year in July-September and added 105 stores in its retail network in the second quarter of the current financial year.
Crude prices are headed for the biggest weekly gain since Russia's invasion of Ukraine this year. Rising crude oil prices and US payroll data weigh on the sentiment of investors as these factors might influence Federal Reserve's stance on monetary policy. If Fed raises the rate, all the central banks across economies will follow suit.
Asian stocks had a mixed day on Thursday as investors waited for the US jobs data expected today. On Thursday European shares rallied higher as investors awaited minutes of the European Central Bank's meeting with anticipation over the pace and path of rate hikes.
The 30-share index -- Sensex -- closed 157 points higher yesterday, led by strong-buying support in metal and technology stocks amid strong cues from global equities. The index ended the day at 58,222.10 points, a 156.63 points or 0.27 per cent higher than its previous session's close at 58,065.47 points.
Tracking the rally in the global equities markets, the Sensex started the day sharply higher at 58,314.05 points and soared to a high of 58,578.76 points. Thursday was the second consecutive day of a strong rally in the markets. Metal, realty and media stocks shined in Thursday's trading, while FMCG and pharma/healthcare remained under pressure. IT index also made reasonable gains. (ANI)