Sensex, Nifty open flat; Bajaj Auto gains, BHEL & ONGC drag -- 3 Aug 2015

ICICI Bank, Maruti, Bajaj Auto, Tata Motors and Dr Reddy's Labs are top gainers while L&T, Hero, M&M, BHEL and ONGC are among laggards.

                     

The market has opened on flat note. The Sensex is up 13.97 points  at 28128.53, and the Nifty is down 2.55 points or 0.03 percent at 8530.30. About 686 shares have advanced, 223 shares declined, and 81 shares are unchanged. ICICI Bank, Maruti, Bajaj Auto, Tata Motors and Dr Reddy's Labs are top gainers while L&T, Hero, M&M, BHEL and ONGC are among laggards. The Indian rupee recovered in the early trade. It opened higher by 12 paise at 64.01 per dollar versus 64.13 Friday. Agam Gupta of Standard Chartered said, "The US data released on Friday was weaker than expected. We expect a range of 63.90-64.20/dollar. The demand from local government banks should emerge in the 63.90-63.95/dollar zone whereas we should continue to see exporters sell USD on upticks towards 64.20/dollar." Asian stocks stumbled as weaker energy prices and fresh manufacturing data out of China sapped risk appetite. The final reading for Caixin China purchasing managers' index (PMI) for July came in at 47.8, lower than the preliminary reading of 48.2 and marking a two-year low. China's Shanghai Composite index plummeted 1.6 percent, with heavyweight PetroChina leading the slide. The oil and gas company fell more than 3 percent, while Sinopec and China Oilfield Services dropped 1.3 and 0.7 percent, respectively. US stocks closed mildly lower on Friday as investors digested energy earnings misses and soft data that could push an initial rate hike further out. On the data front, US labour costs in the second quarter recorded their smallest increase in 33 years. The 10-year yield edged lower, trading near 2.20 percent. Gold continued to trade below 1100 dollars an ounce.

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