 "Markets pare gains; Nifty holds 8,700")
Benchmark share indices pared early gains and were trading with marginal losses with select private banks leading the decline along with IT majors.
At 10:20am, the S&P BSE Sensex was down 41 points at 28,331 and the Nifty50 was down 14 points at 8,712.
Axis Bank was down over 2% on profit booking after recent gains.
ICICI Bank which had gained ahead of the initial public offering (IPO) of its life insurance arm ICICI Prudential Life Insurance next week eased nearly 1%.
IT majors Infosys and Wipro were the top losers along with SBI and L&T.
Among other, shares of Ashok Leyland eased 3% and Hinduja Foundries slumped 20% on the BSE in early morning trade after the board of both these companies approved the proposal of amalgamating Hinduja Foundries with Ashok Leyland Limited, subject to various regulatory approvals and approval of shareholders.
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(Updated at 9:30am)
Markets opened flat on Thursday amid weak Asian cues and overnight losses on Wall Street after crude oil prices eased.
At 9:30am, the S&P BSE Sensex was up 43 points at 28,415 and the Nifty50 was up 12 points at 8,738. In the broader market, the BSE Midcap and Smallcap were up 0.1%-0.6% each. Market breadth was positive with 1064 gainers and 449 losers on the BSE.
"Nifty has formed a “Bullish Hammer candle” after the recent decline of last couple of trading sessions. Usually a Hammer after the decline gives a sign of reversal if follow up happens on next day. Now it has to negate the immediate negative move by holding above 8750 zones to head towards 8820 and 8888 zones while on the downside support exists at 8680-8665 zones," Anand Rathi said in a technical note.
Foreign institutional investors were net sellers in equities worth Rs 477 crore on Wednesday, as per provisional stock exchange data.
Early gains were led by indexheavyweights ITC, Reliance Industries and HDFC.
Other gainers include, HDFC Bank, Asian Paints, Sun Pharma and Tata Motors among others.
IT majors witnessed profit taking after recent gains. Infosys, TCS and Wipro were down 0.2%-0.9% each.
Global Markets
Asian markets were trading mixed on Thursday with some regions like China, Taiwan and South Korea closed on account of local holidays. Japan's Nikkei was the top loser in the region down over 1% while Straits Times eased 0.6%. However, shares in Hong Kong firmed with the benchmark Hang Seng trading 0.5% higher.
US stocks ended flat with negative prices with energy shares emerging as the top losers amid weak crude oil prices. The Dow Jones industrial average managed to hold on to 18,000 levels to end 0.2% lower at 18,035 while the S&P 500 closed 0.1% lower at 2,126. However, the Nasdaq closed 0.4% higher at 5,174.
At 10:20am, the S&P BSE Sensex was down 41 points at 28,331 and the Nifty50 was down 14 points at 8,712.
Axis Bank was down over 2% on profit booking after recent gains.
ICICI Bank which had gained ahead of the initial public offering (IPO) of its life insurance arm ICICI Prudential Life Insurance next week eased nearly 1%.
IT majors Infosys and Wipro were the top losers along with SBI and L&T.
Among other, shares of Ashok Leyland eased 3% and Hinduja Foundries slumped 20% on the BSE in early morning trade after the board of both these companies approved the proposal of amalgamating Hinduja Foundries with Ashok Leyland Limited, subject to various regulatory approvals and approval of shareholders.
______________________
(Updated at 9:30am)
Markets opened flat on Thursday amid weak Asian cues and overnight losses on Wall Street after crude oil prices eased.
At 9:30am, the S&P BSE Sensex was up 43 points at 28,415 and the Nifty50 was up 12 points at 8,738. In the broader market, the BSE Midcap and Smallcap were up 0.1%-0.6% each. Market breadth was positive with 1064 gainers and 449 losers on the BSE.
"Nifty has formed a “Bullish Hammer candle” after the recent decline of last couple of trading sessions. Usually a Hammer after the decline gives a sign of reversal if follow up happens on next day. Now it has to negate the immediate negative move by holding above 8750 zones to head towards 8820 and 8888 zones while on the downside support exists at 8680-8665 zones," Anand Rathi said in a technical note.
Foreign institutional investors were net sellers in equities worth Rs 477 crore on Wednesday, as per provisional stock exchange data.
Early gains were led by indexheavyweights ITC, Reliance Industries and HDFC.
Other gainers include, HDFC Bank, Asian Paints, Sun Pharma and Tata Motors among others.
IT majors witnessed profit taking after recent gains. Infosys, TCS and Wipro were down 0.2%-0.9% each.
Global Markets
Asian markets were trading mixed on Thursday with some regions like China, Taiwan and South Korea closed on account of local holidays. Japan's Nikkei was the top loser in the region down over 1% while Straits Times eased 0.6%. However, shares in Hong Kong firmed with the benchmark Hang Seng trading 0.5% higher.
US stocks ended flat with negative prices with energy shares emerging as the top losers amid weak crude oil prices. The Dow Jones industrial average managed to hold on to 18,000 levels to end 0.2% lower at 18,035 while the S&P 500 closed 0.1% lower at 2,126. However, the Nasdaq closed 0.4% higher at 5,174.