Equity benchmark indices opened on a flat note with a negative bias tracking global cues on Wednesday. The Sensex is trading higher 12 points to 39,144, while the broader Nifty50 trades at 11,663 level, with a gain of 3 points.
The market breadth was positive with 862 shares advancing, 649 shares declining, and 552 remaining unchanged on the NSE.
UPL, Indiabulls Housing, Zee and Kotak Mahindra Bank were among the top gainers on the Nifty50 in the initial trade, whereas GAIL, Tata Motors and JSW Steel led the losses.
Suzlon Energy shares fell 3% after it has defaulted on $172mn of foreign currency convertible bonds (FCCBs) that came up for redemption on Tuesday.
Shares of Sadbhav Infrastructure jumped 9% after the company said its toll revenue from 10 operational special purpose vehicles rose nearly 2.3% to Rs281.26cr vs. Rs274.99cr in the same period last year.
Meanwhile, crude oil steadied after falling more than 3% overnight, with US crude trailing Brent after US inventory data fell short of expectations, amid conflicting signals from the US and Iran over the disputes that have roiled prices recently.
The Volatility gauge, India VIX was up 0.17% at 11.58.
The most active stocks on the NSE are Yes Bank, RBL Bank and IndiGo.