The domestic stock markets have opened flat, with a negative bias, continuing with consolidation seen in the past 2 trading sessions post the Budget rally. At 9:19 am, the BSE Sensex was at 51,296.15, lower by 29.25 points and the NSE Nifty was at 15,105.25, down 3 points.
Stocks were flat in early trading in Asia on Thursday as investors kept tapping the brakes on runs in asset prices after taking in tepid U.S. inflation data and comments from the Federal Reserve chief affirming the outlook for a slow recovery.
Overnight, the S&P 500 and the Nasdaq edged slightly lower as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs.
Meanwhile, oil prices rose on Wednesday, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand.
Brent crude settled up 38 cents, or 0.6 per cent, at $61.47 a barrel, after touching a 13-month high of $61.61. U.S. crude closed 32 cents, or 0.6 per cent, higher at $58.68 a barrel, also after touching a 13-month high at $58.76.
On the stock-specific front, Eicher Motors has shed more than 5 per cent to top the loser’s list on the BSE. JSW Steel, ICICI Bank and Tata Motors have lost around a per cent each.
On the other hand, Adani Ports, Hindalco and Cipla have bucked the weak trend to gain around a per cent each on the BSE.