Opening Bell: Markets open flat; Sensex down nearly 100 points, Nifty start above 17650-mark - metals gain

The Indian markets opened on a flat note following the global cues, with Sensex down nearly 100 points and Nifty50 above 17650-level, aided by Bank, Auto and Metal stocks.

At the market open, the BSE Sensex was down 96.62 points or 0.16 per cent to 59236, and Nifty50 was up by 0.7 points or 00 per cent to 17659.7. Outperforming the benchmarks at the open, the broader markets such as the Nifty mid and small cap gained by 0.17 and 0.37 per cent respectively.

As many as 20 stocks advanced and 30 declined on Nifty50 minutes after the market open. Ahead of its quarterly earnings today, ONGC shares gained most at the open up by nearly 1 per cent, followed by Grasim, Hindalco, ICICI Bank and HUL each up around 0.5 per cent at the open.

Conversely, Apollo Hospital on weak Q1 earnings declined most in the early morning trade, down over 2 per cent, followed by Tech Mahindra, Maruti, Nestle India, Tata Motors and Divis Lab each up between 1-1.5 per cent minutes after the market open.

In the early morning trade, except metals, realty and PSU Bank indices all other sectoral indices declined on NSE. Nifty FMCG and IT, followed by bank, auto and financials dragged the market most minutes after the market open.