Mumbai, July 6: Key Indian indices opened flat for the second day on Thursday, on the back of mixed cues from Asian markets. Meanwhile, oil prices also rose due to strong demand in the US, even as analysts cautioned that oversupply will continue to burden the market. Bombay Stock Exchange’s (BSE) Senstive Index or Sensex opened at  31,298.42 points, after closing at 31,245.56 points on Wednesday, while Nifty of the National Stock Exchange (NSE) also opened above the 9600 mark.

Nifty opened at 9,644.60 points, up by 0.07 per cent, after closing at 9,637.60 points on Tuesday. S&P BSE Midcap and the S&P BSE Smallcap indices also gained 0.4 per cent each. About 863 shares advanced, while 260 declined on BSE. Among the early gainers were Lupin, States of India, ITC, Tata Steel, Maruti and Asian Paints on BSE. On NSE, Tata Motors DVR-A and Tata Motors were both among the top gainers, after it announced a post-GST price reduction of 12 per cent.

Lupin gained over 2 per cent to trade at Rs 1108 on BSE. Another stock that gained attention was that of Shiram EPC, that rose by over 9 per cent in early morning trading session Thursday, to trade at Rs 27. This came a day after the company announced that it had won a major 71 crore-project to build a ropeway, from the Arulmigu Dandayuthapani Temple in Tamil Nadu.

Among the top losers on BSE and NSE were Bajaj Auto, NTPC, Axis Bank and Yes Bank. US Federal Reserve policymakers on Wednesday were split on the outlook on inflation and how it will affect the future pace of interest rate increase. The policy making meeting of the US’s central bank has taken place on June 13 and 14 and it had voted to raise interest rates. Some officials wanted to begin reducing the bank’s portfolio of treasury bonds and mortgage-backed securities, by the end of August, while others wanted to wait till the year end, said a report by Business Standard.