Stock Market Updates: Sensex, Nifty open flat; SpiceJet tanks 5%

Indian benchmark indices opened flat amid mixed global cues. At 09:18 hours, the 30-share BSE index was trading 71 points or 0.13 per cent lower at 55,366.01, and the broader NSE Nifty was down 23.5 points or 0.14 per cent to 16,505.55.

Power Grid was the top loser in the Sensex pack, declining over 1 per cent, followed by Kotak Mahindra Bank, Asian Paints, DRL, Maruti Suzuki and Titan.

On the other hand, Tata Steel and M&M and were among the gainers.

On August 13, the equity benchmark Sensex rallied 593 points to end above the 55,000-mark for the first time and Nifty advanced 164 points or 1.01 per cent to its fresh closing peak of 16,529.

The 30-share index rose 593 points or 1.08 per cent to its new all-time high of 55,437. It touched an record high of 55,487 intra day.

Sameet Chavan, Chief Analyst, Technical and Derivatives, Angel Broking said, "As far as levels are concerned, the sacrosanct support is placed at 16,200 - 16,170 before which 16,400 - 16,300 are to be considered as immediate levels. On the upside, it's hard to project any level as we have entered an uncharted territory. Still, every 100 points rally from hereon should be treated as the upside range."

Foreign institutional investors (FIIs) bought shares worth Rs 819.77 crore on August 13 and DIIs lapped up shares worth Rs 149.5 crore, as per provisional data available on NSE.