 "Markets off record highs; Nifty slips below 7,650")
Markets have erased early gains and have slipped into negative zone on account of profit booking at higher levels.
At 11:30 AM, the 30-share Sensex was down 50 points at 25,533 and the 50-share Nifty was down 21 points at 7,636.
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Updated at 11:10
At 11:10 AM, the 30-share Sensex was up 115 points at 25,698 and the 50-share Nifty was up 42 points at 7,697.
Adds Kunal Bothra, technical analyst, LKP Securities, "the larger trend could continue to remain up, however, the critical support for Nifty now is at 7560 levels. The short term target is 7725. All spot levels."
The main gainers on the Sensex are Infosys, SBI, GAIL, Hero Moto, Cipla, Wipro and Axis Bank.
Infosys has surged 5% to Rs 3,215, its highest single day gain since July 12, 2013, on back of heavy volumes on the bourses.
The stock opened at Rs 3,105 and touched a high of Rs 3,257 on the National Stock Exchange (NSE).
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Updated at 10:06
Benchmark indices continue to trade in a narrow range with positive bias led by IT shares.
At 10:10 AM, the 30-share Sensex was up 18 points at 25,601 and the 50-share Nifty was up 4 points at 7,660.
On the global front, the euro came under mounting pressure on Wednesday as the European Central Bank's liquidity package encouraged flows out of the zone, while Asian shares consolidated near recent highs following a flat finish on Wall Street.
The single currency was sliding across the board as investors looked to borrow euros at super-low rates and buy higher-yielding assets abroad, the so-called carry trade.
In contrast the dollar found support in a run of improving US economic data which pushed up Treasury yields and stoked speculation the Federal Reserve might sound less dovish on policy when it meets next week.
Back home, foreign portfolio investors (FPIs) bought shares worth a net Rs 682.26 crore on Tuesday, 10 June 2014, as per provisional data from the stock exchanges.
On the sectoral front, BSE It index has zoomed by almost 3% followed by counters like TECk, Realty and Healthcare, all gaining between 1-2%. BSE FMCG index has declined by almost 1%.
The main gainers on the Sensex are Infosys, Wipro, GAIL, Cipla, SBI, Dr Reddy’s Lab, Hero Moto, TCS and Sun Pharma.
Infosys has zoomed by 5.32%, trading at Rs 3,230.
On the losing side, Sesa Sterlite, HDFC, HUL, Bajaj Auto and NTPC have declined by over 1% each.
Among other shares, L&T Finance Holdings has dipped over 5% to Rs 77.55 in early morning deals on the National Stock Exchange (NSE), after the promoter Larsen & Toubro (L&T) share sale programme for diluting 0.95% of its stake commenced today at bourses.
All three listed subsidiaries of State Bank of India (SBI) - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM) and State Bank of Travancore (SBT) - have rallied by up 18% on the bourses on reports that SBI proposes to merge its five remaining subsidiaries with itself.
JMT Auto was locked at 5% upper circuit at Rs 405.80 at 9:47 IST on BSE after the company's board at its meeting held on Tuesday, 10 June 2014, approved the issue of bonus shares in the ratio of 5:2 i.e., five bonus shares for every two shares held.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained by 1% each.
The market breadth in BSE remains firm with 1,608 shares advancing and 523 shares declining.
At 11:30 AM, the 30-share Sensex was down 50 points at 25,533 and the 50-share Nifty was down 21 points at 7,636.
----------------------------------------
Updated at 11:10
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Markets have extended gains and are trading at fresh record high led by software and financial shares.
At 11:10 AM, the 30-share Sensex was up 115 points at 25,698 and the 50-share Nifty was up 42 points at 7,697.
Adds Kunal Bothra, technical analyst, LKP Securities, "the larger trend could continue to remain up, however, the critical support for Nifty now is at 7560 levels. The short term target is 7725. All spot levels."
The main gainers on the Sensex are Infosys, SBI, GAIL, Hero Moto, Cipla, Wipro and Axis Bank.
Infosys has surged 5% to Rs 3,215, its highest single day gain since July 12, 2013, on back of heavy volumes on the bourses.
The stock opened at Rs 3,105 and touched a high of Rs 3,257 on the National Stock Exchange (NSE).
-----------------------------
Updated at 10:06
Benchmark indices continue to trade in a narrow range with positive bias led by IT shares.
At 10:10 AM, the 30-share Sensex was up 18 points at 25,601 and the 50-share Nifty was up 4 points at 7,660.
On the global front, the euro came under mounting pressure on Wednesday as the European Central Bank's liquidity package encouraged flows out of the zone, while Asian shares consolidated near recent highs following a flat finish on Wall Street.
The single currency was sliding across the board as investors looked to borrow euros at super-low rates and buy higher-yielding assets abroad, the so-called carry trade.
In contrast the dollar found support in a run of improving US economic data which pushed up Treasury yields and stoked speculation the Federal Reserve might sound less dovish on policy when it meets next week.
Back home, foreign portfolio investors (FPIs) bought shares worth a net Rs 682.26 crore on Tuesday, 10 June 2014, as per provisional data from the stock exchanges.
On the sectoral front, BSE It index has zoomed by almost 3% followed by counters like TECk, Realty and Healthcare, all gaining between 1-2%. BSE FMCG index has declined by almost 1%.
The main gainers on the Sensex are Infosys, Wipro, GAIL, Cipla, SBI, Dr Reddy’s Lab, Hero Moto, TCS and Sun Pharma.
Infosys has zoomed by 5.32%, trading at Rs 3,230.
On the losing side, Sesa Sterlite, HDFC, HUL, Bajaj Auto and NTPC have declined by over 1% each.
Among other shares, L&T Finance Holdings has dipped over 5% to Rs 77.55 in early morning deals on the National Stock Exchange (NSE), after the promoter Larsen & Toubro (L&T) share sale programme for diluting 0.95% of its stake commenced today at bourses.
All three listed subsidiaries of State Bank of India (SBI) - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM) and State Bank of Travancore (SBT) - have rallied by up 18% on the bourses on reports that SBI proposes to merge its five remaining subsidiaries with itself.
JMT Auto was locked at 5% upper circuit at Rs 405.80 at 9:47 IST on BSE after the company's board at its meeting held on Tuesday, 10 June 2014, approved the issue of bonus shares in the ratio of 5:2 i.e., five bonus shares for every two shares held.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained by 1% each.
The market breadth in BSE remains firm with 1,608 shares advancing and 523 shares declining.