 "Markets rebound as S&P upgrades India rating; Sensex reclaims 26,500")
At 2:45PM, the 30-share Sensex was up 94 points at 26,563 and the 50-share Nifty was up 33 points at 7,945.
The Indian rupee was trading flat at Rs 61.35 to the US dollar against the previous close of Rs 61.34. Month-end demand from importers and fall in local shares is weighing on the rupee.
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Asian shares were trading lower. Shares in Japan ended lower with the benchmark Nikkei ending 0.9% lower while Hang Seng fell 0.4% and Straits Times was trading flat with negative bias. However, the Shanghai Composite ended up 0.1%.
European shares were trading mixed as overnight losses on Wall Street dampened sentiment.FTSE and DAX are down 0.2-0.3% each while CAC-40 was trading flat with positive bias.
On the sectoral front, BSE Metal index is the top gainer up nearly 2% followed by Healthcare, Realty and Capital Goods indices trading higher between 0.5-1.5%. However, Consumer Durables index is the top loser down by 1.5% followed by IT and Auto indices.
In the Oil and Gas space, Reliance Industries and ONGC which ended down over 3.3% each yesterday after the government deferred its decision on gas pricing till November 15 have rebounded in today’s trade. ONGC is up 2% whereas RIL is trading marginally in green.
Shares of Sun Pharmaceutical Industries have gained over 5% each in otherwise subdued market on CNBC-TV18 report that suggests that a team of US FDA inspectors, which recently conducted a surprise audit on a Gujarat unit of Sun Pharmaceutical , has submitted Form 483. However, Dr Reddy’s Lab and Cipla have lost between 1-3% on profit taking.
In the financial segment, Axis Bank, SBI and HDFC Bank are up between 1-2% on fresh buying. However, ICICI Bank has extended its yesterday’s losses and is down over 1 % on concerns over the private banking major's exposure to Jaiprakash Group. HDFC has lost nearly 3%.
Metal shares which ended lower yesterday on SC verdict on coal block de-allocation have bounced back today on fresh buying and are trading higher. Tata Steel is up nearly 3%. Hindalco has gained nearly 4% after disclosure by the company that despite the company estimated penalities to be around Rs 500 Crores, effects of escalation in production costs are not going to be significant.
Mahindra and Mahindra stocks gained nearly 2% after the company launched its new Scorpio model and Tata Motors is trading with marginal gains. However, Bajaj Auto, Hero Motocorp and Maruti Suzuki have lost between 1-2%.
L&T and NTPC are some of the notable names in green on the 30-share Sensex.
On the flip side, cigarette maker and Index heavyweight ITC has lost 0.5% on profit taking and its peer HUL has dipped nearly 1.5%.
IT majors Wipro and TCS have lost between 0.6-2% on profit taking. However, Infosys is trading with marginal losses.
GAIL, Sesa Sterlite, Bharti Airtel and Tata Power are some of the prominent names in red among others and are down between 1-3%.