 "Market edges lower amid firm trades; Nifty slips below 6300")
After surging in early trades over upbeat global cues, key benchmarks came off their day's lows after an uptick post December WPI data boosted the senitment. Whole sale price-indexed inflation
(WPI) for the month of December eased to a 5-month low of 6.16%, helped by a softening in vegetable prices, government data showed on Wednesday.
In November, wholesale prices rose at 7.52%, their fastest pace in 14 months.
The reading for October headline inflation was revised to 7.24% from 7%.
Benchmark Nifty slipped below the crucial 6300 mark in noon deals amid selling in ITC, Axis bank, Maruti Suzuki, Tata Steel.
At 1300 hrs, the 30-share BSE Sensex was up 152.29 points at 21,185.17 and the 50-unit Nifty was up 43.95points at 6,285.80.
In the broader markets, the smallcap index gained 0.7% and the midcap index added 0.4%, both underperforming the BSE benchmark index which was up nearly 1%.
The rupee was trading marginally weak in morning trades due to dollar buying by importers. At 1100 hrs, the rupee was trading at Rs 61.58 compared with previous close of Rs 61.52 per dollar.
Currency dealers are expecting the Wholesale Price Index inflation data to provide further direction to the rupee.
All the sectoral indices were in the green with FMCG being the only laggard which was flat with a positive bias.
Metal index up 1.6% along with Capital Goods, IT and Bankex indices up 0.9% each were the top sectoral gainers.
Health Care, Auto, Oil & Gas and Power indices gained 0.7-0.9%
Axis Bank down 0.7% and ITC down 0.1% were the only losers among the Sensex-30.
Metal names like Hindalco, Sesa Sterlite and Tata Steel up 1-3% were the top gainers.
Cipla, Hero MotoCorp, Coal India, ICICI Bank, HDFC, Gail India, Bajaj Auto, RIL, L&T, Sun Pharma, SBI, TCS and Tata Motors up 1-2.5% were the other prominent gainers.
The market breadth was very positive. 1,321 stocks advanced while 787 stocks advanced on the BSE.
(WPI) for the month of December eased to a 5-month low of 6.16%, helped by a softening in vegetable prices, government data showed on Wednesday.
In November, wholesale prices rose at 7.52%, their fastest pace in 14 months.
The reading for October headline inflation was revised to 7.24% from 7%.
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Benchmark Nifty slipped below the crucial 6300 mark in noon deals amid selling in ITC, Axis bank, Maruti Suzuki, Tata Steel.
At 1300 hrs, the 30-share BSE Sensex was up 152.29 points at 21,185.17 and the 50-unit Nifty was up 43.95points at 6,285.80.
In the broader markets, the smallcap index gained 0.7% and the midcap index added 0.4%, both underperforming the BSE benchmark index which was up nearly 1%.
The rupee was trading marginally weak in morning trades due to dollar buying by importers. At 1100 hrs, the rupee was trading at Rs 61.58 compared with previous close of Rs 61.52 per dollar.
Currency dealers are expecting the Wholesale Price Index inflation data to provide further direction to the rupee.
All the sectoral indices were in the green with FMCG being the only laggard which was flat with a positive bias.
Metal index up 1.6% along with Capital Goods, IT and Bankex indices up 0.9% each were the top sectoral gainers.
Health Care, Auto, Oil & Gas and Power indices gained 0.7-0.9%
Axis Bank down 0.7% and ITC down 0.1% were the only losers among the Sensex-30.
Metal names like Hindalco, Sesa Sterlite and Tata Steel up 1-3% were the top gainers.
Cipla, Hero MotoCorp, Coal India, ICICI Bank, HDFC, Gail India, Bajaj Auto, RIL, L&T, Sun Pharma, SBI, TCS and Tata Motors up 1-2.5% were the other prominent gainers.
The market breadth was very positive. 1,321 stocks advanced while 787 stocks advanced on the BSE.