Sensex, Nifty Flat Ahead Of F&O Expiry

(RTTNews) - Indian shares opened largely unchanged on Thursday, tracking mixed cues after IMF Managing Director Christine Lagarde forecast that global economic growth will be "disappointing" and "uneven" in 2016.

She said that rising U.S. interest rates, a slowdown in China and the effects of low oil prices were contributing to uncertainty and a higher risk of economic vulnerability worldwide.

The benchmark index BSE Sensex was rising 3 points to 25,963 in early trade and the Nifty index was up 2 points or 0.02 percent at 7,898 ahead of expiry of December derivative contracts.

State-run oil companies HPCL and IOC rose about half a percent each after crude prices fell more than 3 percent in New York trading overnight on data showing an unexpected increase in U.S. crude stockpiles. Airline Jet Airways rallied 2.5 percent.

Monnet Ispat & Energy shares soared 5 percent. The company said it would consider conversion of loan into equity shares pursuant to invocation of SDR scheme by joint lenders forum.

Kesoram Industries gained 1 percent. The Birla group firm has sought shareholder nod to raise up to Rs 650 crore through issuance of securities and disposal of two undertakings in West Bengal.

GIC Housing Finance rallied 1.5 percent. The company has received board approval to acquire up to 16 percent stake in LIC Nomura Mutual Fund Asset Management Company and LIC Nomura Mutual Fund Trustee Company.

Amtek Auto added 1.3 percent after the troubled auto components maker pledged its entire stake of nearly 71 percent in group firm JMT Auto with IL&FS Trust Company.