Sensex, Nifty open flat; TCS, IDBI Bank in focus

Domestic markets on Tuesday opened flat maintaining yesterday's gains. On Monday Sensex closed up 0.68%, at 28,66158 points while NSE Nifty saw a 57.50 points rise to close at 8,879.20 points. 

At 0922 hours Sensex was trading at 28,680.59, up 19.01 points or 0.07% while Nifty was at 8,881.25, up 2.05 points or 0.02%.

On 30-share benchmark, among top gainers were Tata Steel (1.09%), Infosys (0.88%), ONGC (0.74%), Axis Bank (0.71%) and Asian Paint (0.57%). Among top losers were Bharti Airtel (-1.57%), Bajaj Auto (-0.61%), Tata Consultancy Services (-0.57%), ITC (-0.51%) and Coal India (-0.48%). 

Stocks in focus:

Tata Consultancy Services: TCS on Monday said that the company will spend Rs 16,000 crore to buyback 2.85% equity shares at Rs 2850 per share. At 0925 hours the shares of the company weret trading at Rs 2492.95 per piece, down 0.54% or Rs 13.55 on BSE.

Llyod Electric & Engineering: Bouncing back in green after slipping 17% on Monday, the shares of the company came under focus after the company sold its consumer durable business to Havells India for Rs 1,600 crore. 

On Tuesday, at 0926 hours, the shares of Lloyd Electric were trading at Rs 282.10 per piece, up 3.35% or Rs 9.15 on BSE. 

Tata Sons: The shares of listed Tata companies will be in focus as N Chandrasekaran is set to take charge as the new Chairman of the Group from today.

IDBI Bank: The shares of the bank will be keenly watched as a source closed to Ministry of Finance said that IDBI Bank stake sale is very much on the government agenda. At 0930 hours the shares of IDBI Bank were trading at Rs 82.90 per piece, up 0.67% or Rs 0.55 on BSE. 

Quarterly results announcement: Castrol Oil will be announcing its financial results for the year ended on December 31. 

On global front, Asian stocks held ground though Chinese equities surged to a fresh two-month high as domestic funds piled into financial counters on expectations the world's second biggest economy may have turned a corner, as reported by Reuters. 

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% and held below a 19-month peak hit last Thursday. The index is up more than 11% since Dec. 23, which marked the trough in a selloff triggered by Donald Trump's surprise win at the US election in November, the report added.