 "Markets end flat")
Markets ended flat on the eve of Christmas Day, amid low volume trade, on lack of buying interest in wake of the truncated week and caution ahead of the expiry of November derivative contracts next week.
The S&P BSE Sensex ended down 12 points at 25,838 and the Nifty50 ended 5 points lower at 7,861.
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(Updated at 2pm)
Markets were trading marginally lower in late noon trades with select financials and index heavyweights leading the decline.
At 2pm, the S&P BSE Sensex was down 40 points at 25,810 and the Nifty50 was down 16 points at 7,850.
HDFC and ICICI Bank were down 0.7% each while index heavyweights Infosys and Reliance Industries 0.3%-0.5% each contributing the most to the Sensex decline.
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(Updated at 12:05pm
After a firm opening, markets pared its gains and turned flat. Markets continue to trade in a tight range as participants refrain from building large positions in a holiday-shortened week. Meanwhile, the sentiment remained dampened at the D-Street as the crucial GST bill failed to see the light of the day.
The S&P BSE Sensex ended down 12 points at 25,838 and the Nifty50 ended 5 points lower at 7,861.
__________________________
(Updated at 2pm)
Markets were trading marginally lower in late noon trades with select financials and index heavyweights leading the decline.
At 2pm, the S&P BSE Sensex was down 40 points at 25,810 and the Nifty50 was down 16 points at 7,850.
HDFC and ICICI Bank were down 0.7% each while index heavyweights Infosys and Reliance Industries 0.3%-0.5% each contributing the most to the Sensex decline.
_____________________
(Updated at 12:05pm
After a firm opening, markets pared its gains and turned flat. Markets continue to trade in a tight range as participants refrain from building large positions in a holiday-shortened week. Meanwhile, the sentiment remained dampened at the D-Street as the crucial GST bill failed to see the light of the day.
At 12: 05 pm, the S&P BSE Sensex was down 10 points at 25,841 and the Nifty50 was unchanged at 7,861.
Meanwhile, crude oil prices came off its multi-year lows after data released overnight showed US crude inventories has dropped unexpectedly previous week.
According to the Energy Information Administration (EIA), US crude inventories have slipped by 5.88 million barrels to 484.78 million last week as against a forecast of rise by 1.4 million barrels.
Indian Forex and currency markets are closed today on account of Id-A-Milad. Additionally, Indian equity, forex, money and commodity markets will remain closed tomorrow, Friday on account of Christmas.
KEY STOCKS
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Shares of metal and mining companies are witnessing an upsurge in today’s trade following a rebound in the commodity prices. Vedanta, Hindalo and Tata Steel are trading higher between 1%-2%. However, Tata Steel has shed 0.5% on account of profit taking. Tata Steel has signed a letter of intent with Greybull Capital to start exclusive negotiations for the potential sale of its UK long product business. This deal is likely to fetch the company nearly Rs 5,000 crore.
Meanwhile, Coal India has jumped over 0.6% as it decides to invest approximately Rs 500 crore in its joint venture with Indian Railways to procure rail wagons for transporting coal.
Idea Cellular, third largest telecom operator in terms of subscribers, has gained nearly 1% after it announced the launch of fourth generation (4G) services in all four telecom service areas of South India on Wednesday ahead of the launch of Reliance Jio. Meanwhile, its rival Bharti Airtel has dropped over 0.5%.
Oil exploration major ONGC has surged 0.3% as it decides to invest Rs 3,500 crore in extracting gas lying below coal seams (CBM) in three coal-bed methane blocks in eastern India.
DLF has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital.
Profit taking in Index heavyweights Reliance Industries, Infosys and ICICI Bank after the recent run-up in the previous session has contributed the most to the decline dropping between 0.4%-1%.
Another sector which is taking a hit in today’s trade is public sector banks (PSU banks) after the Reserve Bank of India (RBI) criticized the dividend distribution policy of PSU banks in its latest Financial Stability Report (FSR) report.
IDBI Bank, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India, SBI and Union Bank of India have slipped between 0.5%-1.5%.
GLOBAL MARKET
Asian equities are trading mixed ahead for the last trading day of the week ahead of Christmas. A rebound in the crude oil prices has improved the sentiments and has capped the losses on the Asian bourses after data released overnight showed US crude inventories has drooped unexpectedly previous week. Japan's Nikkei index resumed trading today after being shut on Wednesday for a public holiday and is down 0.5%. In addition, Chaina’s Shanghai Composite also slipped by 1%. On the other hand, Hong Kong’s Hang Seng and Straight Times have gained 0.5% each.