Markets trade flat; Axis Bank falls 1% ahead of Q3 results

Benchmark indices opened the day in red amid mixed cues in Asian markets as dollar gained after Federal Reserve Chair Janet Yellen hinted on hiking rates at a gradual pace this year.

Back home, investors remained cautious as the corporate earnings season continues. Yes Bank, Axis Bank and Federal Bank will announce their Q3 results today.

At 9:33 am, the S&P BSE Sensex was trading at 27,288, up 30 points, while the broader Nifty50 was ruling at 8,420,up 3 points.

Broader markets ourperformed benchmark indices with BSE Midcap and BSE Smallcap rising 0.4% and 0.3% respectively.

"Now if it sustains above 8,440 then only it may see an up move towards 8,480 and 8,510 zones while holding below 8,370 may attract a profit booking decline towards 8,315 and 8,280 zones. Traders are suggested to remain light if immediate support is broken out on next trading sessions as follow up buying is missing at higher levels," said Anand Rathi Equity Advisory in a note.

Meanwhile, on Tuesday, foreign investors turned net buyers and bought equities worth Rs 319.14 crore, while domestic investors also bought equities worth Rs 245.03 crore.

Axis Bank