Choppy Sensex, Nifty flat; Axis Bank down 2% post Q1 nos
Indian equity benchmarks were completely lacklustre in trade as ITC, Bharti, ICICI Bank and SBI were supporting the market whereas TCS, ONGC and auto stocks were under pressure.
Indian equity benchmarks were completely lacklustre in trade as ITC, Bharti, ICICI Bank and SBI were supporting the market whereas TCS, ONGC and auto stocks were under pressure. Index heavyweight Reliance Industries too was quite volatile in trade today after sources said the company warned government saying gas output at KG-D6 may stop by 2015.
The 30-share BSE Sensex rose 28 points to 17,131.03 and the 50-share NSE Nifty gained just 4 points at 5,201. The Indian rupee was quite volatile today, appreciating by 33 paise to 54.96 against the US dollar.
Country's largest software services exporter Tata Consultancy Services tanked more than 2% while its rival Wipro gained over 1%.
Two-wheeler maker Bajaj Auto plunged nearly 3% ahead of first quarter numbers tomorrow. Commercial vehicle manufacturer Tata Motors and utility vehicle maker M&M were down 0.5-1% whereas Hero Motocorp and Maruti were flat.
State-owned oil & gas producer ONGC and power equipment manufacturer BHEL declined 0.5%-0.8%.
Among metals stocks, Sterlite Industries and Tata Steel fell over 0.6% whereas Jindal Steel and Hindalco gained 0.5-1%.
At 13:12 hours IST: Nifty tests 5200 amid volatility; Reliance turns flat
The 50-share NSE Nifty and 30-share BSE Sensex were trading with marginal gains following positive European cues. France's CAC, Germany's DAX and Britain's FTSE rose 0.2-0.5%. The Dow Jones futures gained 66 points ahead of Federal Reserve meet that scheduled for two days.
The BSE benchmark rose 49 points to 17,152.64 and the NSE benchmark gained 13 points at 5,210. Even the Indian rupee, which showed nice recovery of 43 paise in morning trade, trimmed gains to 17 paise to 55.13 against the US dollar.
Index heavyweight Reliance Industries turned flat after sources said the company has warned Indian government saying gas output at KG-D6 may stop by 2015. RIL and its partner BP told Government of India to approve FY13 capex to avoid shutdown, say sources.
Top software services exporter TCS extended losses, falling 2.5% while its rival Infosys reversed earlier gains.
Bajaj Auto, country's second largest two-wheeler manufacturer, tanked 2.5% ahead of first quarter earnings tomorrow.
Private sector lender HDFC Bank dropped 0.4% whereas top lenders State Bank of India and ICICI Bank gained 0.5%-0.8%.
State-owned power equipment manufacturer BHEL and power producer NTPC were up around 0.5%.
However, top telecom operator Bharti Airtel shot up nearly 3% while healthcare stocks like Dr Reddy's Labs and Sun Pharma jumped 2-2.5%.
The broader markets turned lower as declining shares outnumbered advancing by 804 to 568 on the National Stock Exchange.
At 11:41 hours IST: Sensex, Nifty off day's high; TCS, Bajaj Auto decline 2%
The BSE Sensex and NSE Nifty erased somewhat gains as the Indian rupee too trimmed gains. Asian markets too were trading off day's high - Shanghai, Nikkei, Straits Times, Kospi and Taiwan Weighted were up 0.3-0.6% while Hang Seng gained 1.6%.
The BSE benchmark moved up 56 points to 17,159.13 and the NSE benchmark gained 14 points at 5,211.40. Even the market breadth turned neutral.
Country's largest software services exporter TCS tanked more than 2% for second consecutive session whereas its rival Infosys trimmed gains to 0.16% from 0.7%.
Top private sector lender ICICI Bank rose nearly 1% while its rival State Bank of India was up 0.66%.
Cigarette major ITC, oil & gas producer Reliance Industries, housing finance company HDFC and FMCG major HUL were up 0.6% each.
Telecom operator Bharti Airtel gained nearly 2%. Healthcare stocks like Dr Reddy's Labs and Sun Pharma remained higher by 2% while Cipla rose 1%.
Shares of Larsen & Toubro, Tata Motors, ONGC, Coal India and HDFC were trading marginally higher.
Bajaj Auto, second largest two-wheeler company, dropped 2% and state-owned power equipment manufacturer BHEL declined 0.6%.
In the second line shares, Glodyne Tech, Shree Global, Biocon, Bajaj Finance (after results) and EID Parry rallied 2.5%-5% while Jaypee Infra, ALSTOM India, Shree Renuka, Alstom T&D and Bajaj Hindusthan lost 3-4%.
At 10:28 hours IST: Sensex holds early gains; Bharti, Sun Pharma, DRL up 2%
Indian equity benchmarks continued to hold early gains due to buying interest in oil & gas, financials, FMCG, healthcare, power and metals stocks. The Indian rupee too appreciated by 49 paise to 54.81 against the US dollar.
The BSE benchmark gained 100.22 points at 17203.53 and the NSE benchmark rose 28 points to 5,225.40 after a fall in previous four sessions.
Asian markets too maintained morning gains ahead of Federal Reserve meeting today and tomorrow - Hang Seng surged 1.75% while Shanghai, Nikkei, Kospi and Straits Times were up 0.55%-0.75%. Taiwan Weighted rebounded with 0.2% gains.
Back home, cigarette major ITC went up 0.9% and top telecom operator Bharti Airtel rallied 2% (rising for second consecutive session as it had shot up 4% yesterday).
Country's largest private sector lender ICICI Bank moved up over 1% while its rival State Bank of India was up 0.6%.
Oil & gas producers Reliance Industries and ONGC gained nearly 1% and 0.7%, respectively.
Infosys, India's No. 2 software services exporter bounced back, rising 0.7% after a fall in three previous sessions due to disappointing numbers in Q1. However, its rival TCS dropped 1.3%, losing for second consecutive session today.
Healthcare stocks like Dr Reddy's Labs, Ranbaxy Labs and Sun Pharma rallied 2% each on value buying while Cipla rose 1%.
Housing finance company HDFC and FMCG major HUL moved up 0.6% each.
Metals stocks, which tanked yesterday, gained quite smartly. Tata Steel, Sterlite Industries, Hindalco and Jindal Steel were up 0.4-1%.
Engineering and construction major by sales Larsen & Toubro went up 0.3% whereas state-owned power equipment manufacturer BHEL fell 0.7%.
The broader markets were up 0.5% as about two shares advanced for every share declining on the National Stock Exchange.
At 9:21 hours IST: Sensex up 100 pts on positive Asian cues
The 30-share BSE Sensex started off trade with more than 100 points gap up following positive Asian cues on Tuesday. Banking, infrastructure, pharma and auto stocks were driving the market higher.
The market bounced back as it may be looked oversold in previous four sessions. The BSE benchmark rose 108 points to 17,211.49 and the NSE benchmark gained 30 points at 5,226.85.
Rising Indian rupee too was quite supportive; it appreciated by 41 paise to 54.88 against the US dollar.
Larsen & Toubro, Axis Bank, PNB, State Bank of India, HDFC Bank, ICICI Bank, Coal India, Sun Pharma, Dr Reddy's Labs, Cipla, Hindalco, Tata Steel, TCS, Hero Motocorp, Maruti and Tata Motors were on buyers' radar in early trade.
HUL, ACC, Reliance Industries and SAIL were marginally higher.
However, GAIL lost over 2% after PNGRB has slashed company's tariff for Dadri-Nangal pipeline by 57%.
BPCL was down over 1% on rising crude oil prices.
Asian markets reversed course to trade higher as investors awaited Federal Reserve Chairman Ben Bernanke's view on the US economy later in the day, after weak US retail sales and a lower International Monetary Fund global growth forecast raised hopes of more stimulus from the Fed.
Shanghai, Nikkei, Straits Times and Kospi gained 0.6%-0.9% while Hang Seng rallied 1.8%.
Back home, the CNX Midcap Index rose 35 points to 7,426. About three shares advanced for every share declining on the National Stock Exchange.
In the second line shares, Tata Coffee was up 2% and Exide Industries moved up nearly 1% post first quarter earnings.
SKS Microfinance rose 0.7%. Bajaj Hindusthan gained more than 1%.
NCC, IVRCL, HDIL, Indiabulls Real, Praj Industries and OnMobile Global were up 1-3%.
Rice stocks: KRBL jumped 2.5% and Kohinoor Foods was up 4%.
Bajaj Finance rose 1.3% ahead of earnings today. Company had reported strong numbers in previous quarter.
Kingfisher and United Spirits were up over 0.5%
Textile stocks: Alok Industries, S Kumars Nationwide and Arvind gained more than 1%,