Sensex, Nifty Trade Flat; RIL, ITC Gain Almost 1% Post Results, ICICI Weak

Asian shares struggled to rally on Monday as super-strong US corporate earnings sucked funds out of emerging markets and into Wall Street

The domestic stock markets are flat in early trading, after rebounding from intra-day lows, on the back of negative global cues. Asian shares struggled to rally on Monday and SGX Nifty had opened in the red. At 9:20 am, the BSE Sensex was trading at 53026.30,  higher by 48.77 points and the NSE Nifty was at 15,872, up 17.70 points. Asian shares struggled to rally on Monday as super-strong US corporate earnings sucked funds out of emerging markets and into Wall Street, where records were falling almost daily. Japan's Nikkei bounced 1.6 per cent in early trade, but that was off a seven-month low. South Korea has fared somewhat better thanks to demand for tech stocks, but was little changed on Monday. Stocks rallied to records on Wall Street on Friday; the Dow Jones closed above the 35,000 level for the first time as the market continued to roar back from its short-lived swoon at the start of the week. The S&P 500 index climbed 1 per cent to top its prior all-time high, set early last week. The Dow rose 0.7 per cent and the Nasdaq composite gained 1 per cent. Meanwhile, oil prices were little changed on Monday as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against expectations of tight supplies through the rest of the year.