Markets have rebounded from the intra-day low levels on the back of better-than-expected July inflation numbers. The Sensex is up 52 points at 17,685 and the 50-share Nifty has advanced 16 points to 5,364 levels.
The WPI inflation for the month of July came in at 6.87% lower than the street expectation of 7.24%. The fuel group inflation came in at 5.98% versus 10.27% during the previous month. Food article inflation lowered to 10.06% compared to 10.81% and the primary article infaltion was at 10.39% versus 10.46% on a month on month basis.
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(Updated at 11:30 AM)
Markets have slipped in to the red in the late morning deals ahead of the July inflation numbers. The Sensex is down 53 points at 17,580 and the 50-share Nifty has slipped 16 points to 5,332.
Since morning the markets have been trading in a very narrow range. The Nifty has so far traded in a range of 20 points.
Meanwhile, the Asian markets are trading on a mixed note. The Shanghai Composite is down 0.6% at 2,123. While, Hang Seng and Nikkei are trading on a flat note up 0.3% each.
Back home, Sun Pharma is the top loser among the Sensex stocks, down nearly 3% at Rs 663 on reports that a minority shareholder of Israel's Taro Pharma rejected the company’s revised offer price of $39.5 a share for a buyout.
Maruti Suzuki is also trading weaker by 1.2% at Rs 1,172 after the company said it does not plan to announce on Monday or Tuesday any plans to reopen its plant at Manesar, which has been idle since a riot last month killed one employee.
Sterlite Industries, NTPC, Bajaj Auto, BHEL, HDFC, Hero MotoCorp, Tata Power, ITC, L&T, HDFC Bank and Infosys are also among the laggards from the heavyweight space.
On the other hand, Coal India and Tata Steel are among the top gainers on the Sensex, both the stocks are trading higher by 1.7% each on the back of better than expected their first quarter earnings which were announced post the market hours yesterday. Jindal Steel, Mahindra & Mahindra, Tata Motors, Wipro, Bharti Airtel, index heavyweights Reliance Industries and ICICI Bank are also trading higher.
Power stocks are amongst the worst hit in trades so far. The BSE power index is the top sectoral loser, down nearly 1% or 16 points at 1,952 levels. Realty, healthcare, capital goods, FMCG and consumer durable indices are also trading in the red.
At the same time, led by the gains in the heavyweight Reliance Industries, the BSE oil & gas index is the top sectoral gainer. Metal, PSU, bankex, teck, IT and auto indices are trading on a flat note.
Among the individual stocks, Wire and Wireless India Limited (WWIL) has locked upper circuit of 10% at Rs 20.90, also its two-year high, on back of over five fold jump in the trading volumes.
As many as a combined 11.07 million shares have already changed hands on the counter till early noon deals, against an average around two million shares that were traded daily in past two weeks. There are pending buy orders for 1.06 million shares on the NSE and BSE.
The broader markets are trading flat with BSE mid-cap and small-cap indices up 0.2% each.
The overall breadth is neutral as 1,158 stocks are advancing while 1,093 are declining.
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