Markets open on a red mark : Sensex flat Nifty breaks 10,500

The 30-share BSE Sensex declined 66.52 points to 34,584.72 and the 50-share NSE Nifty slipped 38 points to 10,498.70 while the Nifty Midcap index outperformed frontliners, trading flat.

The 30-share BSE Sensex declined 66.52 points to 34,584.72 and the 50-share NSE Nifty slipped 38 points to 10,498.70 while the Nifty Midcap index outperformed frontliners, trading flat.

Shares of Mukand added nearly 3 percent as Japanese firm bought 49 percent stake in joint venture company for Rs 1181 crore.

Sumitomo Corporation buys 49% stake for Rs 1180.99 crore in the joint venture company, Mukand Sumi Special Steel.

The company retained 51 percent equity of this joint venture company.

The joint venture is engaged in the business of rolling, finishing and marketing of alloy steel wire rods and bars made from blooms and billets procured exclusively from Mukand’s Hospet plant in Karnataka.
The market remained mildly under pressure, with the Nifty falling below the 10,500 levels following weakness in global stocks.

Metals, oil stocks and HDFC twins pulled the market lower, but SBI, ICICI Bank, Tata Motors and technology stocks capped losses.

About three shares advanced for every two shares falling on the BSE.

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