Markets stay flat even as Sensex, Nifty face more losses

BSE Sensex is currently trading at a price to earnings ratio of 21.78 based on FY19 earnings while BSE IT index is available at 16.24 one-year forward PE

"Gains were, however, capped as refiners such as Reliance Industries tumbled after oil prices gained overnight". MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent and in close reach of a 10-year high set the previous day.

Shares in the other Asian markets hovered near a decade high on Thursday.

The 30-scrip S&P BSE Sensex closed at 33,314.56 points - up 63.63 points or 0.19 per cent - from Thursday's close.

On the currency front, the rupee weakened by 22-23 paise to close at 65.16-17 against the USA dollar from its previous close at 64.94.

Major Sensex losers were: Bharti Airtel, down 3.73 per cent at Rs 495.15; Tata Motors, down 2.92 per cent at Rs 438.70; SBI, down 2.35 per cent at Rs 309.75; Lupin, down 2.09 per cent at Rs 842.55; and ICICI Bank, down 2.05 per cent at Rs 305.80.

Foreign portfolio investors (FPIs) net purchased shares worth Rs 461.47 crore Tuesday, as per provisional data.

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Globally, other Asian markets led by Japan's Nikkei hit 25-year highs, tracking record closing on the United States bourses amid strong corporate earnings.

In other Asian markets, Hong Kong's Hang Seng index was down by 0.20 per cent, while Japan's Nikkei shed 1.38 per cent in early trade today.

Germany's Frankfurt and France's Paris CAC 40 moved up by 0.33 per cent in late morning deals.

Last-hour buying in capital goods, banking and consumer durables stocks lifted the two key Indian indices - the NSE Nifty50 and the BSE Sensex - to close Friday's trade in the positive territory. The broader markets too were in a bearish form, with the small-cap index falling 0.96 per cent and mid-cap dipping 0.77 per cent. The UK's FTSE too inched up by 0.07 per cent.

Stocks of MMTC and STC ended higher by 10.18 per cent and 2.97 per cent after reports that the government is going ahead with the merger of its two trading firms.

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