Markets open flat as global cues remain weak; RIL surges 7{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}

Domestic stock markets opened marginally higher on Tuesday as global cues remain weak in the wake of rising economic uncertainty due to Covid-19 pandemic.

At around 9:35 am, BSE Sensex was trading 101.12 points or 0.33 per cent higher at 30,737.83, while NSE Nifty was up marginally by 0.16 per cent at 8,995.65 points. By 9:50 am, Sensex and Nifty were already treading in red.

Markets would have entered deeper negative territory had it not been for Reliance Industries Limited, which surged over 7 per cent on the back of a deal, where Facebook will make an investment to the tune of Rs 43,574 crore in Jio platforms.

Facebook also announced that it is buying 10 per cent stake in Reliance’s Jio platform as the social media giant looks to expand its presence in the largest market in terms of subscriber base.

Among other stocks which gained in early trade were Bharti Infratel, Asian Paints, Maruti, Sun pharma while ONGC, Vedanta, PowerGrid emerged as top losers.

While volatility remains high in domestic stocks, there is hope that the government will soon inject fresh liquidity or funds to help Medium and Small-scale Enterprises (MSMEs).

Globally, stock markets were affected again falling oil prices. While oil found some respite on Wednesday, markets struggled as investors fear the possibility of a massive crude glut.