Sensex, Nifty open flat; ICICI Bank gains, SPARC cracks 13%
Most Asian markets traded higher as investors in Asia digested the release of China Caixin services PMI.The S&P/ASX 200 rose 0.66 percent on broad-based gains across its sub-indexes. The Shanghai Composite surged 1.24 percent, shrugging off lackluster services data.
The Caixin services purchasing managers' index showed non-manufacturing activity in China expanded at its slowest levels in almost two years in September, Reuters said. The Caixin/Markit PMI stood at 50.6 last month, compared to the 52.7 figure seen in August.
Meanwhile, the Caixin composite PMI stood at 51.4 in September, below the 52.4 in August.
Hong Kong's Hang Seng Index was off 0.16 percent.
Japan, South Korea and Taiwan markets closed for public holidays
9:25 am IPO: Indian Energy Exchange's initial public offer has opened for subscription today, with price band of Rs 1,645-1,650 per share.
The issue will close on October 11.
The issue is an offer for sale of up to 60,65,009 equity shares by 11 shareholders, including Tata Power and Multiples Private Equity Fund.
The offer would constitute up to 20 percent of the post-offer paid up equity share capital.
Bids can be made for a minimum of 9 equity shares and in multiples of 9 equity shares thereafter.
The 50 percent of the total offer is reserved for qualified institutional buyers (QIBs); of which the company may allocate up to 60 percent of the QIB portion to anchor investors. Out of 60 percent to anchor investors, at least one-third is reserved for domestic mutual funds.
Further, 15 percent of the net offer is reserved for non-institutional bidders and 35 percent for retail individual bidders.
9:15 am Market Check: Equity benchmarks as well as broader markets were flat in opening trade despite positive Asian cues.
The 30-share BSE Sensex was down 12.67 points at 31,801.55 and the 50-share NSE Nifty fell 7.90 points to 9,971.80.
About two shares advanced for every share falling on the BSE.
SPARC plunged 13 percent as Baclofen GRS did not meet primary end point in placebo controlled studies. Bacoflen is a muscle relaxer used to treat symptoms caused by Multiple Sclerosis.
TBZ, Titan Company, Sobha, Shakti Pumps, Speciality Restaurants and Jaiprakash Associates rallied 2-6 percent. Adani Enterprises, OBC and VA Tech were down 2-4 percent.
