 "Markets in consolidation mode; Sensex holds 29,000")
Markets continued to remain range bound in late morning trades as traders remained cautious ahead of the key economic events this week and expiry of February derivative contracts on Thursday. Further, global ratings agency Standard & Poor's report on India's sovereign credit worthiness also weighed on sentiment.
Investors are keenly awaiting the Railway Budget due on February 26 and annual economic outlook survey due on February 27.
At 11:55 AM, the 30-share Sensex was up 25 points at 29,000, whereas the 50-share Nifty is up 8 points at 8,763.
Meanwhile, foreign institutional investors turned net buyers in Indian equities to the tune of Rs 602 crore on Monday, as per provisional stock exchange data.
The rupee strengthened by 5 paise to 62.27 against the dollar at the Interbank Foreign Exchange on fresh selling of the US currency by exporters and banks.
BSE FMCG and Realty indices were the top sectoral gainers up 1% while IT and Capital Goods were up 0.5-0.7% each. Auto, Bankex, Metal, Oil and Gas indices were the top losers.
ITC was up 1.5% after its subsidiary ITC Hotels emerged as the highest bidder for Goa-based Park Hyatt property, which was put on the block by IFCI. But the original owners allege the property is being sold at a throwaway price. Its peer Hindustan Unilever was also up 1.5.
Capital goods shares firmed up on expectations that the government will increase infrastructure spending and announce incentives to the manufacturing sector to boost growth. L&T surged nearly 1.4% while BHEL was up 0.6%.
Indian pharmaceutical company, Cipla has been awarded US$188.95 million of the Global Fund Tender for anti-retroviral (ARV) drugs. The stock was up 0.7%.
Infosys is evaluating a dozen more startups after acquiring an automation startup Panaya for Rs 1,200 crore with an aim of gaining cutting-edge technology such as automation and artificial intelligence (AI). The stock is up 0.8%.
Car market leader Maruti Suzuki today launched refreshed version of its popular compact sedan Dzire with introductory prices ranging from Rs 5.07 lakh to Rs 7.81 lakh. The stock is up 0.8%.
Boosting the prospects of Uttar Pradesh Chief Minister Akhilesh Yadav’s promise of providing adequate power supply by 2016-17, NTPC Limited has said it will supply an additional 1,657 Megawatt (MW) to the state in two years. The stock has surged 2%.
State-owned Coal India (CIL) is gearing up to invest about Rs 6,000 crore towards capital expenditure in the next fiscal and an equal amount on augmenting other infrastructure, including rail connectivity. Stock was up 0.7%.
Index heavyweight Reliance Industries was down 1.1%. The stock had lost close to 3% in the last session over the corporate espionage controversy.
State Bank of India (SBI), the country's largest lender, wants the government to increase the upper limit for interest subvention (subsidy) of home loans from Rs 15 lakh to Rs 25 lakh. The stock is down 0.8%.
Sesa Sterlite is down 2.3% on profit booking. The company’s subsidiary Bharat Aluminium Company (Balco) bagged one more coal block and total two mines in the first tranche of auction.
The Telecom Regulatory Authority of India on Monday reduced mobile termination charge from the current 20 paise per minute to 14 paise. Bharti Airtel, Idea Cellular and RComm were down 0.3-1.3% each.
In the broader market, the BSE Mid-cap index was down 0.2% and Small-cap index was down 0.5%.
Market breadth was weak with 1,454 losers and 986 gainers on the BSE.
Investors are keenly awaiting the Railway Budget due on February 26 and annual economic outlook survey due on February 27.
At 11:55 AM, the 30-share Sensex was up 25 points at 29,000, whereas the 50-share Nifty is up 8 points at 8,763.
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Only days before the 2015-16 Budget, global ratings agency Standard and Poor’s (S&P) said the government must deliver on its reform promises, as low income levels and weak fiscal indicators were constraining the sovereign’s credit worthiness compared to its peers.
Meanwhile, foreign institutional investors turned net buyers in Indian equities to the tune of Rs 602 crore on Monday, as per provisional stock exchange data.
The rupee strengthened by 5 paise to 62.27 against the dollar at the Interbank Foreign Exchange on fresh selling of the US currency by exporters and banks.
BSE FMCG and Realty indices were the top sectoral gainers up 1% while IT and Capital Goods were up 0.5-0.7% each. Auto, Bankex, Metal, Oil and Gas indices were the top losers.
ITC was up 1.5% after its subsidiary ITC Hotels emerged as the highest bidder for Goa-based Park Hyatt property, which was put on the block by IFCI. But the original owners allege the property is being sold at a throwaway price. Its peer Hindustan Unilever was also up 1.5.
Capital goods shares firmed up on expectations that the government will increase infrastructure spending and announce incentives to the manufacturing sector to boost growth. L&T surged nearly 1.4% while BHEL was up 0.6%.
Indian pharmaceutical company, Cipla has been awarded US$188.95 million of the Global Fund Tender for anti-retroviral (ARV) drugs. The stock was up 0.7%.
Infosys is evaluating a dozen more startups after acquiring an automation startup Panaya for Rs 1,200 crore with an aim of gaining cutting-edge technology such as automation and artificial intelligence (AI). The stock is up 0.8%.
Car market leader Maruti Suzuki today launched refreshed version of its popular compact sedan Dzire with introductory prices ranging from Rs 5.07 lakh to Rs 7.81 lakh. The stock is up 0.8%.
Boosting the prospects of Uttar Pradesh Chief Minister Akhilesh Yadav’s promise of providing adequate power supply by 2016-17, NTPC Limited has said it will supply an additional 1,657 Megawatt (MW) to the state in two years. The stock has surged 2%.
State-owned Coal India (CIL) is gearing up to invest about Rs 6,000 crore towards capital expenditure in the next fiscal and an equal amount on augmenting other infrastructure, including rail connectivity. Stock was up 0.7%.
Index heavyweight Reliance Industries was down 1.1%. The stock had lost close to 3% in the last session over the corporate espionage controversy.
State Bank of India (SBI), the country's largest lender, wants the government to increase the upper limit for interest subvention (subsidy) of home loans from Rs 15 lakh to Rs 25 lakh. The stock is down 0.8%.
Sesa Sterlite is down 2.3% on profit booking. The company’s subsidiary Bharat Aluminium Company (Balco) bagged one more coal block and total two mines in the first tranche of auction.
The Telecom Regulatory Authority of India on Monday reduced mobile termination charge from the current 20 paise per minute to 14 paise. Bharti Airtel, Idea Cellular and RComm were down 0.3-1.3% each.
In the broader market, the BSE Mid-cap index was down 0.2% and Small-cap index was down 0.5%.
Market breadth was weak with 1,454 losers and 986 gainers on the BSE.