 "Capital goods shares perk up amid a weak market")
Markets continued to trade in negative terrain in noon deals on Wednesday as traders remained cautious ahead of the expiry of June derivative contracts today while capital goods shares perked up after the government extended excise sops. The excise sops were extended for key sectors such as autos, capital goods and consumer durables for a period of six months till December 31, 2014.
At 1PM, the 30-share Sensex was down 160 points at 25,153 and the 50-share Nifty was down 45 points at 7,524.
The Indian rupee was trading marginally lower at Rs 60.14 compared to the previous close of Rs 60.12 because of weak trend in domestic stock markets.
European shares rebounded after the sharp correction on Wednesday. Among the major indices in the region DAX, CAC-40 and FTSE were up 0.1-0.2% each.
BSE Oil and Gas index was the top loser down 3.2% followed by Realty, Metal, Power and Bankex. Meanwhile, Capital Goods shares was the top gainer up 1.1% followed by Healthcare, Auto and Consumer Durables.
Shares of oil and gas companies are under pressure, falling up to 5% after the government defers its decision on gas price hike by three months till December 31, 2014. Reliance Industries and ONGC were down 3-5% each contributing the most to the Sensex losses.
Other Sensex losers include, HDFC, HDFC Bank, ICICI Bank and Infosys among others.
In the capital goods space, L&T was up 1.5% while BHEL gained 1.4%.
Auto shares also firmed up on the back of extension of excise sops. M&M, Hero MotoCorp, Bajaj Auto were up 0.5-0.7% each. However, Maruti Suzuki and Tata Motors were down 0.3-0.5% each.
Among other shares, Man Infraconstruction has surged 7% to Rs 154 on NSE after the company said its board has approved stock split in the ratio of 5:1. The board of directors of the company at their meeting held on June 25, 2014 has approved sub-division of 1 equity share of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each, Man Infra said in a regulatory filing.
In the broader market, the BSE Mid-cap and BSE Small-cap indices were trading flat with negative bias.
Market breadth was neutral with 1,392 gainers and 1,360 losers on the BSE
At 1PM, the 30-share Sensex was down 160 points at 25,153 and the 50-share Nifty was down 45 points at 7,524.
The Indian rupee was trading marginally lower at Rs 60.14 compared to the previous close of Rs 60.12 because of weak trend in domestic stock markets.
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Asian markets were trading higher with Hang Seng leading the gains in the region up 1.2% while share in mainland China were also trading higher. The benchmark Shanghai Composite was up 0.7% and Straits Times was up 0.4%. Meanwhile, shares in Japan ended with marginal gains. The benchmark Nikkei ended up 0.3%.
European shares rebounded after the sharp correction on Wednesday. Among the major indices in the region DAX, CAC-40 and FTSE were up 0.1-0.2% each.
BSE Oil and Gas index was the top loser down 3.2% followed by Realty, Metal, Power and Bankex. Meanwhile, Capital Goods shares was the top gainer up 1.1% followed by Healthcare, Auto and Consumer Durables.
Shares of oil and gas companies are under pressure, falling up to 5% after the government defers its decision on gas price hike by three months till December 31, 2014. Reliance Industries and ONGC were down 3-5% each contributing the most to the Sensex losses.
Other Sensex losers include, HDFC, HDFC Bank, ICICI Bank and Infosys among others.
In the capital goods space, L&T was up 1.5% while BHEL gained 1.4%.
Auto shares also firmed up on the back of extension of excise sops. M&M, Hero MotoCorp, Bajaj Auto were up 0.5-0.7% each. However, Maruti Suzuki and Tata Motors were down 0.3-0.5% each.
Among other shares, Man Infraconstruction has surged 7% to Rs 154 on NSE after the company said its board has approved stock split in the ratio of 5:1. The board of directors of the company at their meeting held on June 25, 2014 has approved sub-division of 1 equity share of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each, Man Infra said in a regulatory filing.
In the broader market, the BSE Mid-cap and BSE Small-cap indices were trading flat with negative bias.
Market breadth was neutral with 1,392 gainers and 1,360 losers on the BSE