The Indian benchmark indices opened flat tracking weak global cues after Wall Street declined in consecutive sessions in anticipation of a interest rate hike.

At 9.48 AM, the S&P BSE Sensex was trading at 28,996, down 3.28 points while the Nifty50 was rulings at 8,950.85, 3.95 points higher.

This has been third unsuccessful attempt in last couple of weeks to surpass the 9000 mark. However, looking at the overall price development in last 2 – 3 trading sessions, expect the Nifty to move beyond it and even may hit the new high soon.

Infosys fell for the second day straight becoming the top loser on the BSE Sensex. Avenue Supermarts’ IPO opens for subscription today. The price band for the IPO is Rs 295-299 per share.

On Tuesday the company raised Rs 561 crore from 35 anchor investors by allotting them 18.76 million shares at Rs 299 apiece.

Among the market gainers were GAIL, Sun Pharma and HDFC adding as much as 1 per cent to the bourse.

Source: www.businesstoday.in