Market, Nifty trade flat; Kotak Mahindra Bank falls 4%, OMCs in focus
Shares of Dynamic Technologies rose 5.5 percent in the early trade on Friday as the company signed an MoU with SAAB Technologies.
The company has signed a Memorandum of Understanding (MoU) with SAAB Technologies with an intent to explore future joint opportunities in commercial and defense-related work, including Gripen fighter aircraft. Shares rose as much as 2 percent in early trade after signing an MoU with Nagpur-based JSR Dynamics.
"The MoU aims at leveraging the individual design and manufacturing capabilities of BEL and JSR to develop weapons and lightweight cruise missiles," BEL said in a statement. Benchmark indices opened flat with a negative bias on Friday with Nifty holding above 10,750 level.
At 09:17 hrs IST, the Sensex is down 36.45 points at 35861.90, while Nifty was down 15.10 points at 10774.80. About 400 shares have advanced, 347 shares declined, and 38 shares are unchanged.
Bajaj Auto, Maruti Suzuki, ICICI Bank, HUL, BPCL, HPCL, IOC, HDFC Bank are the top gainers in the morning, while losers are Kotak Mahindra Bank.
Benchmark indices are flat in the pre-opening trade with Nifty holding above 10,750 level.
At 09:02 hrs IST, the Sensex is up 43.31 points or 0.12% at 35,941.66, and the Nifty down 1.40 points or 0.01% at 10,788.50.
Kotak Mahindra Bank down 2 percent and Jet Airways is up 1 percent. Weak economic reports pressured US stocks on Thursday after the market's recent run of gains, and a drop in healthcare shares added to the bearish momentum.
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