Sensex, Nifty flat despite weak global cues

The BSE Sensex and NSE Nifty started off trade on a flat note on Tuesday, even after a fall in global equity markets due to increasing skepticism around the European Union summit that scheduled for June 28-29 in Brussels.

The BSE benchmark moved up 13.76 points to 16,895.92 and the NSE benchmark was up 6 points at 5,120.60.

Asian markets were marginally lower today following downward journey in US equities yesterday. Cyprus, third smallest economy in Eurozone also joined the bailout queue and announced intention to request for funding. It was the fifth country (after Greece, Ireland, Portugal and Spain) to seek refuge.

Back home, JP Associates, Tata Power, Reliance Infra, JSPL, L&T, BHEL, Reliance Industries, ONGC, Kotak Mahindra Bank, SBI, BoB, HDFC Bank, ACC and Ambuja Cements were supporting the market in early trade.

However, Infosys, HCL Tech, Tata Steel, SAIL, Hindalco, Power Grid, NTPC, Siemens, HUL, ITC and Hero Motocorp were under pressure.

The CNX Midcap Index rose 26 points to 7,145 as about two shares advanced for every share declining on the National Stock Exchange.

In the second line shares, ARSS Infra shot up 5% and Jaypee Infratech gained 4%. Manappuram Finance rallied 4%.

HCC was up 0.8% and NCC climbed 2.5%. Petronet LNG and Gujarat State Petronet were up 1% each.

However, Essar Oil declined 2.5% as Essar Energy plans to appeal HC's decision in sales tax case (in case of Essar Oil) to SC.