Markets flat on weak global cues

The markets were trading flat in the early deals today amid weak cues from world markets. The Sensex dropped 43 points to 16,954 levels and the Nifty shed 0.2 per cent to 5,043.

While metal and auto stocks rose, IT counters were under some pressure. Among the Sensex stocks, Hero Honda Motors led the gainers. The stock gained 1.6 per cent in early trades. Grasim, Sterlite and ITC were the other major gainers in the pack. However, ICICI fell over 1 per cent today.

In US, disappointing forecasts from technology companies and an unexpected drop in home construction added to worries about the economy and sent stocks modestly lower.

The Dow fell 11.11, or 0.1 percent, to 10,426.31, after sliding as much as 77 points in morning trading. The broader S&P 500 index slipped 0.52, or 0.1 percent, to 1,109.80, while the Nasdaq fell 10.64, or 0.5 percent, to 2,193.14.

Asian stocks were trading mostly lower today following losses in US markets. Hong Kong’s Hang Seng shed 0.5 per cent and Japan’s Nikkei fell 1.4 per cent. South Korea’s Kospi, however, was up 1.1 per cent.

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