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Benchmark indices trade flat; PSU bank stocks surge

Markets made a volatile August expiry debut with a flat opening.

At the time of writing the article, the Nifty was up marginally around 11,250 levels, while the Sensex was at 37,810 levels.

Nifty Media and Metal lagged the most among sectoral indices, while Nifty PSU Banks surged 1.6% in opening trade.

Among the Nifty 50 stocks, 19 advanced and 31 declined in early morning trade. 

Bharti Airtel and Indiabulls Housing were the top gainers, rising 2% and 1% respectively. IOC and Vedanta were the top losers on the NSE, down ~2% each.

Meanwhile, Biocon is up 3% on reporting stellar Q1 numbers. Its net profit jumped 72% YoY to Rs206cr.

A slew of corporates will announce their Q1 results today including Maruti Suzuki, Bajaj Auto, Punjab National Bank, Vedanta, and JSW Steel.

In other news, the rupee continued its losing streak opening lower by 8p at 69.12/$ on Friday vs. Thursday's close of 69.04/$. 

The ECB President yesterday stated that he had left rates unchanged but added that a “significant degree” of monetary stimulus is needed and the outlook is “getting worse and worse.”

Following this, Asian markets traded lower in the morning.

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