 "Markets flat; Payments banks licence winners in focus")
Markets have turned flat after opening the session on a lower note tracking losses in the US equity markets after the Fed released the minutes of its latest policy meeting stating that the conditions for a rate hike are approaching. Meanwhile, weakness in the Asian peers amid Chinese economic slowdown dampened the sentiments.
At 9: 45 AM, the Sensex is trading 3 points lower at 27,928 and the Nifty lost 6 points to trade at 8,489. In the broader market, BSE Midcap and Smallcap indices are down 0.2% each. The market breadth is weak on the BSE with 970 declines versus 845 advances.
CRUDE OIL
The US oil price tumbled to a fresh six-year low on Wednesday on the latest sign of a glut in crude supplies.
RUPEE
The Indian rupee has gained 2 paise to trade at 65.24 against the US dollar after on fresh selling of dollars by banks and exporters.
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STOCKS
On the sectoral front, BSE Healthcare index is the top gaining sector up over 1% followed by BSE Consumer Durables and Oil & Gas indices trading higher between 0.4% each. However, BSE IT, Auto, Metal and Bankex are trading lower between 0.2-1%.
AB Nuvo, Reliance Industries, India Post, Bharti Airtel, Vodafone and Paytm are among 11 applicants that have got 'in principle' approval for setting up payments banks that will provide barebones facilities aimed at covering the vast swathe of population that has no access to financial services. RIL is trading with marginal gains while Bharti Airtel is up 1%. Aditya Birla Nuvo has surged over 2.5%.
Sun Pharma is the top gainer and is up 3% fter it announced that the USFDA has approved its supplemental new drug application for Ximino extended release capsules dispensed for inflammatory lesions of non-nodular moderate to severe acne. Among its peers, Lupin and Cipla are trading 2.8% and 0.3% higher.
Coal India has gained 0.25 after the major trade unions opposed to any government proposal to 10 per cent stake sale in the PSU will soon chalk out a strategy to take their protest forward.
On the flip side, decline in crude oil prices have hurt the oil exploration major ONGC which has slipped over 1%.
Metal stocks are losing sheen on the back of Chinese economic slowdown. Tata Steel, Hindalco and Vedanta have dropped between 0.5-1.5%.
A stabilizing rupee has casted a shadow on the IT stocks with Infosys, TCS and Wipro trading lower between 0.2-1%.
GLOBAL MARKETS
Asian markets were trading lower on concerns of growth slowdown in China, the world's second largest. Shanghai Composite which had rebounded in late trades yesterday was down nearly 1% while Japan's Nikkei slipped 0.6%. Further, Hang Seng was down 1.5% and Straits Times eased 1.2%.
Majors US share indices ended lower on Wednesday after the US Federal Reserve which released the minutes of its meeting held in July cited worries about global growth. The Dow Jones lost 0.9%, S&P 500 dipped 0.8% and Nasdaq ended down 0.8%.