BSE Sensex flat; Hero, Wipro up 2%, Jindal Steel weak

Moneycontrol Bureau
Live Market Commentary

10.54 am Market update: The Sensex is up 19.88 points at 19449.11, and the Nifty is up 6.35 points to be at 5887.35. About 921 shares have advanced, 738 shares declined, and 118 shares are unchanged. 10:42 am Expert talk: In an interview to CNBC-TV18, Mehraboon Irani, principal and head- Pvt Client Group, Nirmal Bang Securities says the Indian equity market is likely to see a correction given the rupee downward trajectory. However, Irani is optimistic towards the market and says investors should wait and look out for good buying on dips opportunities.  10:37 am Dealing room check: Flows in the market are mixed as currency move is biggest worry. All eyes are on macro data as MSCI re-balances this week.IT and pharma stocks are in focus while bank stocks are seeing selling pressure. Cracks are seen in mid cap and small cap stocks. Last week there was an outflow of USD 12.5 billion from all bond funds and USD 6.2 bn outflow was seen in equity funds.
Flows suggest that money is moving out of emerging equity and debt fund. Dealers expect the phenomenon to continue in near term. 10:35 am Buzzing: Reliance Communication is down 2.5% today, Bank of America-Merill Lynch has an underperformance rating with a target price of Rs 100. It has reiterates underperformance rating due to fragile FY14-15 earnings outlook and steep balance sheet risks. 10:30 am FII View: Even though the rupee is keeping market watchers on the edge, Samir Arora of Helios Capital says he is not "overly worried" about the currency. That’s because he feels the bad phase for the economy and the market, which is down about 4-5 percent in dollar terms, is now behind us.
"Fundamentally, you will be able to say a few things that inflation is on the way down, which I do not think anybody can deny. Also, whatever we may say, there will be suppression of gold demand going forward. In general foreign investors who have invested this year on the equity side are not overly feeling paranoid. It is more the fixed income guys for whom the sensitivity to currency movements is much more," he told CNBC-TV18 in an interview.  10:25 am Loser: Kingfisher Airlines is down around 5 percent today as reports that the consortium of banking lenders has authorised SBI to file a recovery suit against KFS in the debt recovery tribunal to realise their dues aggregating Rs 7000 crore. Lenders have also given their consent to SBI to proceed against the guarantor of loans given to KFA. 10:20 am Buzzing: Fortis Healthcare is up 1.5 percent as the company raised USD 55 million (Rs 310 crore ) through the FCCB route. These funds will help the company for further expansion of hospital beds in India over the next three to five years and to reduce debt. What Udayan says about market?
The market is managaing to hold gains as rupee hits an all-time low of 57.54 per dollar. The Sensex is up 75.32 points at 19504.55 while  the Nifty adds 23.45 points to be at 5904.45. About 780 shares have advanced, 461 shares declined, and 84 shares are unchanged.
Wipro, M&M, Bajaj Auto, Hero MotoCorp and L&T are major gainers in the Sensex. Meanwhile, Sun Pharma, Jindal Steel and Tata Motors are major losers.
Indian rupee hit a new record low of 57.37 in morning trade, after opening at 57.25 per dollar on Monday as against Friday's closing of 57.06 a dollar.
Earlier, it had hit touched a all-time low of 57.32 per dollar in June 2012.
The Chinese markets are shut on account of pre-dragon boat festival.
In the global market, the Bank of Japan kicks off its two-day meeting today and investors will be waiting to see if the central bank will take further steps to curb volatility in Japanese government bonds. Japan has seen a big surge in trade rebounding from the biggest weekly drop in a year last week after the US added more jobs than expected in the payroll report on Friday.
In commodities, brent crude rises to USD 104 per barrel on jobs data. From precious metals space, gold prices slip to sub USD 1400 per ounce.