Indian Markets Little Changed In Early Trade

The Indian markets opened on a subdued note Wednesday after sharp gains in the previous session. A range-bound movement is seen ahead of the Federal Reserve meeting later in the day and the April derivative contracts set to expire tomorrow. The Indian rupee opened marginally lower at 63.22 per dollar following two days of gains.

The benchmark BSE Sensex is currently down 30 points or 0.11 percent at 27,365, while the broader Nifty index is virtually unchanged at 8,285.

Axis Bank, Lupin, Tata Steel, Sun Pharma and ICICI Bank are leading the gainers, while Tata Motors, Infosys, TCS, ITC and Sesa Sterlite are down 1-2 percent.

HDFC is down half a percent and Sesa Sterlite is losing 2 percent ahead of their quarterly results due today.

Bharti Airtel is losing a percent. The telecom major's Q4 profit rose 30 percent, in line with estimates, while volume and revenue growth disappointed investors.

Reliance Power is edging down 0.2 percent, a day after the company terminated its agreement to set up the 3,960 megawatt (MW) Tilaiya power plant in Jharkhand.

Mahindra & Mahindra is declining 0.9 percent. The home-grown auto major has cut the price of its electric vehicle e2o by Rs. 92,000, passing on the benefits of a recently announced government subsidy to buyers.

Gati is declining 2 percent and KPIT Technologies is tumbling 20 percent on disappointing quarterly results.

Idea Cellular is gaining 0.6 percent after its fourth-quarter profit jumped 60 percent from a year earlier, aided by new subscriber growth and volume growth both on the data and voice segments.

Bank of India is adding 0.6 percent after raising $750 million through an offshore bond issue.

NTPC is moving up half a percent. The state-run firm said its board has approved a proposal to set up a solar photo-voltaic project at Anantpur in Andhra Pradesh at an estimated cost of Rs.1,779.25 crore.

Kalpataru Power Transmission is climbing 4 percent on bagging new orders worth Rs 765 crore.

The benchmark indexes Sensex and Nifty rose about 0.8 percent and 0.9 percent, respectively on Tuesday as banks rebounded from recent losses on short covering amid optimism about the domestic economy.

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