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The market opens on a flat note but Nifty still holds 7100. The Nifty is up 2.55 points at 7111.30. The Sensex is down 5.70 points at 23809.42. About 396 shares have advanced, 142 shares declined, and 35 shares are unchanged. Tata Steel is up over 1 percent post its March quarter results.

Shares in India's Tata Steel Ltd gained as much as 2.6 percent on Thursday to its highest since May 2012 after posting January-March net profit that easily beat analyst estimates as better economic growth in Europe supported steel demand.

Tata Steel was up 2.1 percent at 0354 GMT, outperforming a 0.6 percent gain in the NSE index.Tata Steel is up over 1 percent post its March quarter results.

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