 "Markets turn choppy; November WPI at 0%")
Markets recouped early losses and were trading flat after data showed that India’s wholesale price index-based inflation for November was down to 0% compared to its October level of 1.7%.
At 12:17PM, the 30-share Sensex was up 7 points at 27,358 and the 50-share Nifty was up 3 points at 8,221.
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(Market update at 11:40AM)
At 11:40AM, the 30-share Sensex was down 36 points at 27,315 and the 50-share Nifty was down 3 points at 8,221.
Meanwhile, retail inflation as measured by the Consumer Price Index (CPI) eased sharply by 114bp to 4.38% during November 2014 as compared to 5.52% in October 2014.
Foreign institutional investors were net sellers in Indian equities worth Rs 864.96 crore on Friday, as per provisional stock exchange data.
The rupee is trading weaker at 62.70, its lowest since February, 2014, compared with Friday's close of 62.29 as Asian currencies are mostly weaker versus dollar.
Except for Bankex and Power indices all other sectoral indices were in the red with the IT index down nearly 2%.
IT shares continued to trade weak with TCS down over 3% after the company said that it expects a negative 220 basis point impact on dollar revenue during the third quarter because of cross currency headwinds.
Oil and gas shares are under pressure as global crude prices are expected to fall further on weaker demand and increased supply. RIL was down 1% and GAIL lost 2.6%.
In the FMCG pack, ITC and Hindustan Unilever were down 0.6-1.4% each.
However, ONGC was marginally up after it announced three new oil and gas discoveries in Krishna Godavari Basin and Mumbai offshore and said it will pay its shareholders an interim dividend of 100%.
HDFC is among the top Sensex gainers on reports that Standard Life plans to increase its stake in joint venture HDFC Standard Life Insurance Company to 33% from 26%. HDFC holds 72.4% in the Joint-Venture. HDFC Bank is trading flat while SBI has gained around 1%.
Coal India was up 2.8%. The Lok Sabha on Friday cleared changes in law to allow private companies to produce coal, after about four decades of these firms being left out of this segment.
Among other shares, Mastek has rallied 16% to Rs 314 on National Stock Exchange (NSE) after Majesco, the insurance arm and a wholly owned subsidiary of the company announced its plans to merge Cover- All Technologies with itself in a 100% stock for stock transaction.
Shares of Aban Offshore have dipped 6% to Rs 419, extending its month-long decline on BSE, due to falling crude oil prices.The stock opened at Rs 441 and touched a low of Rs 419 on BSE so far.
In the broader market, the BSE Mid-cap and Small-cap indices were down 0.2% each.
Market breadth was weak with 1,376 losers and 1,010 gainers on the BSE.
At 12:17PM, the 30-share Sensex was up 7 points at 27,358 and the 50-share Nifty was up 3 points at 8,221.
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(Market update at 11:40AM)
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Benchmark share indices turned choppy ahead of the November WPI data due for release by noon today weighed down by index heavyweights.
At 11:40AM, the 30-share Sensex was down 36 points at 27,315 and the 50-share Nifty was down 3 points at 8,221.
Meanwhile, retail inflation as measured by the Consumer Price Index (CPI) eased sharply by 114bp to 4.38% during November 2014 as compared to 5.52% in October 2014.
Foreign institutional investors were net sellers in Indian equities worth Rs 864.96 crore on Friday, as per provisional stock exchange data.
The rupee is trading weaker at 62.70, its lowest since February, 2014, compared with Friday's close of 62.29 as Asian currencies are mostly weaker versus dollar.
Except for Bankex and Power indices all other sectoral indices were in the red with the IT index down nearly 2%.
IT shares continued to trade weak with TCS down over 3% after the company said that it expects a negative 220 basis point impact on dollar revenue during the third quarter because of cross currency headwinds.
Oil and gas shares are under pressure as global crude prices are expected to fall further on weaker demand and increased supply. RIL was down 1% and GAIL lost 2.6%.
In the FMCG pack, ITC and Hindustan Unilever were down 0.6-1.4% each.
However, ONGC was marginally up after it announced three new oil and gas discoveries in Krishna Godavari Basin and Mumbai offshore and said it will pay its shareholders an interim dividend of 100%.
HDFC is among the top Sensex gainers on reports that Standard Life plans to increase its stake in joint venture HDFC Standard Life Insurance Company to 33% from 26%. HDFC holds 72.4% in the Joint-Venture. HDFC Bank is trading flat while SBI has gained around 1%.
Coal India was up 2.8%. The Lok Sabha on Friday cleared changes in law to allow private companies to produce coal, after about four decades of these firms being left out of this segment.
Among other shares, Mastek has rallied 16% to Rs 314 on National Stock Exchange (NSE) after Majesco, the insurance arm and a wholly owned subsidiary of the company announced its plans to merge Cover- All Technologies with itself in a 100% stock for stock transaction.
Shares of Aban Offshore have dipped 6% to Rs 419, extending its month-long decline on BSE, due to falling crude oil prices.The stock opened at Rs 441 and touched a low of Rs 419 on BSE so far.
In the broader market, the BSE Mid-cap and Small-cap indices were down 0.2% each.
Market breadth was weak with 1,376 losers and 1,010 gainers on the BSE.