 "Markets recover from day's low; Sensex reclaims 24,900")
Markets staged a recovery in late noon trades after index heavyweight Reliance Industries rose over 3% while Tata Motors edged higher on the back of robust JLR sales.
At 2:10PM. the S&P BSE Sensex was down 20 points at 24,914 and the Nifty50 was down 15 points at 7,586.
In the broader market, the BSE Midcap index was down 0.5% while Smallcap index was trading with marginal losses. Market breadth was weak with 1,512 losers and 1,154 gainers on the BSE.
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Updated at 1:35PM)
Markets came off their 52-week lows but continued to trade weak in noon trades after Chinese shares slumped yet again on Monday while investors are also adopting a cautious ahead of the third quarter earnings and key economic data this week.
At 1:35pm, the S&P BSE Sensex was down 119 points at 24,815 and the Nifty50 was down 61 points at 7,540.
In the broader market, the BSE Midcap was down 1% while Smallcap index eased 0.7%. Market breadth was negative with 1,596 losers and 1,016 gainers on the BSE.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,236.95 crore on Friday, as per provisional data released by the stock exchanges
Macroeconomic data such as November IIP and December CPI will be announced later this week.
In the currency front, the rupee recovered from its day's low and was trading 23 paise lower at 66.78 against the dollar as the US currency strengthened overseas.
GLOBAL MARKETS
Asian stocks fell sharply on Monday tracking the slump in Chinese shares after the Shanghai Composite ended 5.3% lower amid sluggish inflation data last week and growth concerns in addition to the devaluation of the yuan. Shanghai Composite ended down 5.3% while Hang Seng eased 2.7% and Straits Times ended down 2.1%. Meanwhile, Japanese markets were closed today on account of a holiday.
European markets opened flat with mixed bias. CAC-40 was marginally up while FTSE was trading flat with negative bias.
SECTORS & STOCKS
Metal index was the top loser down 1.6% followed Capital Goods and IT indices among others.
Tata Motors bucked the weak market trend and was up nearly 2% after Jaguar Land Rover (JLR) achieved a record global sales in 2015 with the premium luxury vehicles' manufacturer retailing 4,87,065 vehicles, its highest figure yet and a five per cent increase from previous year.
Reliance Industries was up 2.2% as brokerages remain bullish on the stock. An analyst at Sharekhan sees strong earnings traction in case of RIL, backed by an improvement in its gross refining margins (GRM) and the benefit of capex incurred in the petrochemical and refining businesses.
Metal shares are witnessing heavy selling pressure after China, the world's largest consumer, devalued its yuan while a stronger dollar also dampened sentiment. Vedanta, JSPL, Tata Steel, Hindalco and SAIL are down between 2%-5%.
Banks which are proxy to the economy eased ahead of November IIP data. ICICI Bank, HDFC Bank and SBI were down 1%-2.5% each.
TCS was down 1.4% ahead of its third quarter earnings. Infosys and Wipro were down 0.6%-3% each.
At 2:10PM. the S&P BSE Sensex was down 20 points at 24,914 and the Nifty50 was down 15 points at 7,586.
In the broader market, the BSE Midcap index was down 0.5% while Smallcap index was trading with marginal losses. Market breadth was weak with 1,512 losers and 1,154 gainers on the BSE.
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Reliance Industries was the top Sensex gainer up 3.2% followed by Tata Motors, ITC and Axis Bank among others.
______________________________
Updated at 1:35PM)
Markets came off their 52-week lows but continued to trade weak in noon trades after Chinese shares slumped yet again on Monday while investors are also adopting a cautious ahead of the third quarter earnings and key economic data this week.
At 1:35pm, the S&P BSE Sensex was down 119 points at 24,815 and the Nifty50 was down 61 points at 7,540.
In the broader market, the BSE Midcap was down 1% while Smallcap index eased 0.7%. Market breadth was negative with 1,596 losers and 1,016 gainers on the BSE.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,236.95 crore on Friday, as per provisional data released by the stock exchanges
Macroeconomic data such as November IIP and December CPI will be announced later this week.
In the currency front, the rupee recovered from its day's low and was trading 23 paise lower at 66.78 against the dollar as the US currency strengthened overseas.
GLOBAL MARKETS
Asian stocks fell sharply on Monday tracking the slump in Chinese shares after the Shanghai Composite ended 5.3% lower amid sluggish inflation data last week and growth concerns in addition to the devaluation of the yuan. Shanghai Composite ended down 5.3% while Hang Seng eased 2.7% and Straits Times ended down 2.1%. Meanwhile, Japanese markets were closed today on account of a holiday.
European markets opened flat with mixed bias. CAC-40 was marginally up while FTSE was trading flat with negative bias.
SECTORS & STOCKS
Metal index was the top loser down 1.6% followed Capital Goods and IT indices among others.
Tata Motors bucked the weak market trend and was up nearly 2% after Jaguar Land Rover (JLR) achieved a record global sales in 2015 with the premium luxury vehicles' manufacturer retailing 4,87,065 vehicles, its highest figure yet and a five per cent increase from previous year.
Reliance Industries was up 2.2% as brokerages remain bullish on the stock. An analyst at Sharekhan sees strong earnings traction in case of RIL, backed by an improvement in its gross refining margins (GRM) and the benefit of capex incurred in the petrochemical and refining businesses.
Metal shares are witnessing heavy selling pressure after China, the world's largest consumer, devalued its yuan while a stronger dollar also dampened sentiment. Vedanta, JSPL, Tata Steel, Hindalco and SAIL are down between 2%-5%.
Banks which are proxy to the economy eased ahead of November IIP data. ICICI Bank, HDFC Bank and SBI were down 1%-2.5% each.
TCS was down 1.4% ahead of its third quarter earnings. Infosys and Wipro were down 0.6%-3% each.