 "Markets in consolidation mode; Realty stocks crack")
After a firm opening, markets have turned choppy in the late morning trades as investors remain edgy ahead of the F&O expiry due on Thursday coupled with fears of foreign money leaving Indian shores after government proposed to look into the Special Investigative Team's stringent norms on participatory notes (P-notes).
Meanwhile, persistent fall in the China’s bechmark Shanghai Composite coupled with reform uncertainty and Parliament deadlock hurt the sentiments.
At 11.50am, the Sensex was flat at 27,560 and Nifty remained unchanged at 8,363. In the broader markets, the midcap index has gained 0.2% and the smallcap index has gained 0.3%. The market breadth is strong with 1,292 advancing stocks as against 1,013 declines.
RUPEE
The rupee is trading at 64.03 up by 13 paise against the US dollar on fresh selling of dollars by banks and exporters.
RESULTS CAPSULE
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In the banking sector, Bank of India, HDFC, Punjab National Bank and Union Bank(I) are expected to announce their quarterly results today. Other companies that are set to announce their numbers include Maruti Suzuki, J Kumar Infra, Tata Communications, Pidilite Industries and Dish TV.
STOCK TRENDS
On the sectoral front, BSE Auto, Metal, Realty and Oil & Gas indices are trading lower between 0.5-2%. However, BSE IT, Capital Goods, Consumer Durables and Power indices are trading higher up to 1%.
Maruti Suzuki is trading higher by 1% ahead of it Q1 results due later today. However, HDFC is trading nearly 1% lower on caution ahead of the Q1 results due today.
Tata Motors has slipped 2.7% as the JLR sales are hurt on the back of Chinese economic slowdown.
Tech Mahindra has inched higher after reporting a net profit of Rs 676 crore compared to Rs 472 crore in the previous quarter. The company's dollar revenue grew by 0.5% to $989 million (QoQ).
Metal shares continue to trade weak on the back of drop in commodity prices coupled with weakness in the China shares. Tata Steel and Vedanta has slipped 1.4% and 0.4% each.
Realty shares have cracked in today’s session as the rise in inflation coupled with sub-normal monsoons have increased the possibility that the RBI may not slash the key interest rates. Prestige Estates, DLF, Sobha, Unitech, HDIL, Godrej Properties and Oberoi Realty are trading lower between 0.3-5%.
After a sharp decline in yesterday’s trade, investors are buying bluechips at attractive valuations. BHEL, HDFC Bank, Dr Reddy’s Lab, NTPC, M&M, Infosys are trading higher between 0.5-2%.