 "Markets remain lacklustre; Nifty hovers around 7,600")
Benchmark indices continue to maintain flat trades amid mixed trend among global peers.
At 14:30 pm, the S&P BSE Sensex was down 9 points at 24,875 and the Nifty50 was up 3 points at 7,606.
Top gainers from the Sensex pack are Tata Steel, Tata Motors, Bharti Airtel, Hero Moto and Sun Pharma. On the losing side, Adani Ports, ICICI Bank, Infosys, Axis Bank and Cipla slipped between 1%-2%.
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Updated at 1 PM
Markets have turned range bound in afternoon trades amid lacklustre Asian trades.
At 1pm, the S&P BSE Sensex was up 39 points at 24,922 and the Nifty50 was up 17 points at 7,620. Among the broader markets, BSE Small cap is outperforming the benchmark indices with 0.6% higher.
A private survey showed that India's services sector surged to a 21-month high in March 2016. Growth in India's services firms rose to a 21 month high of 54.3 in March after a sudden contraction of 51.4 in February, as new businesses increased markedly, a survey showed on Wednesday.
In the commodity space, oil offered some respite after the prices rebounded after Kuwait insisted major producers will agree to freeze output later this month even as key player Iran continued to thwart at the plan.
Brent crude futures LCOc1 rose 1.6 percent to $38.48 per barrel, off one-month low of $37.27 hit on Tuesday. U.S. crude futures CLc1 jumped 2.5 percent to $36.75 a barrel.
SECTORS & STOCKS
Metal shares were trading higher on reports that the government has issued notices to three countries including China with a view to investigate dumping of steel products into India. Hindalco, JSW Steel, Jindal Steel and SAIL were up 1%-4% each.
Tata Steel has gained over 4% after Sanjeev Gupta who had evinced interest in acquiring Tata Steel’s British assets, has decided to meet Britain’s business secretary to discuss his plan to turn around the ailing business.
Auto shares continue to remain upbeat post their March sales numbers and new launches by select companies. Maruti Suzuki, Hero MotoCorp and Tata Motors accelerated by 1%-2% each.
M&M is trading flat. The auto major launched a new range of tractors in the 30-45 HP category under brand name Mahindra YUVO on Tuesday. On Monday, it launched the Nuvosport, a multi-seater UV which is a redesigned Quanto. The vehicle is priced at Rs 7.35 lakh (ex-showroom, Thane).
Cipla plans to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments and hopes for the first commercial launch in the US around 2020. However, the stock has dropped nearly 1%.
TCS has gained 0.6%. The IT major has set up an open innovation centre in Nashik to solve social problems in local communities. The stock is trading with modest gains.
Among others, Gallantt Ispat has rallied 8% to Rs 587, also its lifetime high on the BSE, after the company said that its board has approved the capital expenditure (capex) plan of Rs 511 crore.
Ashoka Buildcon is locked in lower circuit of 20% at Rs 136, also its 52-week low on the BSE on back of heavy volumes. According to PTI reports, the enforcement directorate (ED) and income tax department (IT) Tuesday conducted joint searches at the office of an infrastructure firm in Nashik
At 14:30 pm, the S&P BSE Sensex was down 9 points at 24,875 and the Nifty50 was up 3 points at 7,606.
Top gainers from the Sensex pack are Tata Steel, Tata Motors, Bharti Airtel, Hero Moto and Sun Pharma. On the losing side, Adani Ports, ICICI Bank, Infosys, Axis Bank and Cipla slipped between 1%-2%.
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**********************************
Updated at 1 PM
Markets have turned range bound in afternoon trades amid lacklustre Asian trades.
At 1pm, the S&P BSE Sensex was up 39 points at 24,922 and the Nifty50 was up 17 points at 7,620. Among the broader markets, BSE Small cap is outperforming the benchmark indices with 0.6% higher.
A private survey showed that India's services sector surged to a 21-month high in March 2016. Growth in India's services firms rose to a 21 month high of 54.3 in March after a sudden contraction of 51.4 in February, as new businesses increased markedly, a survey showed on Wednesday.
In the commodity space, oil offered some respite after the prices rebounded after Kuwait insisted major producers will agree to freeze output later this month even as key player Iran continued to thwart at the plan.
Brent crude futures LCOc1 rose 1.6 percent to $38.48 per barrel, off one-month low of $37.27 hit on Tuesday. U.S. crude futures CLc1 jumped 2.5 percent to $36.75 a barrel.
SECTORS & STOCKS
Metal shares were trading higher on reports that the government has issued notices to three countries including China with a view to investigate dumping of steel products into India. Hindalco, JSW Steel, Jindal Steel and SAIL were up 1%-4% each.
Tata Steel has gained over 4% after Sanjeev Gupta who had evinced interest in acquiring Tata Steel’s British assets, has decided to meet Britain’s business secretary to discuss his plan to turn around the ailing business.
Auto shares continue to remain upbeat post their March sales numbers and new launches by select companies. Maruti Suzuki, Hero MotoCorp and Tata Motors accelerated by 1%-2% each.
M&M is trading flat. The auto major launched a new range of tractors in the 30-45 HP category under brand name Mahindra YUVO on Tuesday. On Monday, it launched the Nuvosport, a multi-seater UV which is a redesigned Quanto. The vehicle is priced at Rs 7.35 lakh (ex-showroom, Thane).
Cipla plans to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments and hopes for the first commercial launch in the US around 2020. However, the stock has dropped nearly 1%.
TCS has gained 0.6%. The IT major has set up an open innovation centre in Nashik to solve social problems in local communities. The stock is trading with modest gains.
Among others, Gallantt Ispat has rallied 8% to Rs 587, also its lifetime high on the BSE, after the company said that its board has approved the capital expenditure (capex) plan of Rs 511 crore.
Ashoka Buildcon is locked in lower circuit of 20% at Rs 136, also its 52-week low on the BSE on back of heavy volumes. According to PTI reports, the enforcement directorate (ED) and income tax department (IT) Tuesday conducted joint searches at the office of an infrastructure firm in Nashik