 "Markets recover from day's lows; ITC up 2%")
Markets staged recovery from the day's lows as gains in ITC and Tata Steel helped offset losses in Reliance Industries and HDFC Group shares.
At 2:55PM, the 30-share Sensex was down 10 points at 23,860 and the 50-share Nifty was up 3 points at 7,113.
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(Update at 13:00hrs)
Markets continue to struggle in negative territory as investors turned cautious and booked profits ahead of the general elections results due on Friday.
At 1300 hrs, the Sensex was down 92 points at 23,779 and the Nifty slipped 16 points to trade at 7,093.
However, the buying continued in the broader markets with both the mid and smallcap indices adding nearly 1% each.
Capital Goods, Oil & Gas indices down 1% each were the major laggards in noon deals.
Teck and Health Care indices were flat with a negative bias.
Meanwhile, Metal and Realty indices advanced 2-3%.
Dr Reddys Lab down nearly 3% along with Mahindra & Mahindra, BHEL, RIL, L&T, HDFC, ONGC and Maruti Suzuki down 1-2.6% were the major losers.
Among the gainers were Tata Steel, Bajaj Auto and Hindalco up 2-5%.
Cipla, Coal India, Bharti Airtel, Sesa Sterlite, NTPC, Tata Motors and SBI up 0.5-1.2% were some of the other names in green.
Shares of public sector undertakings (PSU) banks are trading higher by up to 3% in an otherwise subdued market after a committee appointed by the Reserve Bank of India made some radical suggestions regarding the government’s control over nationalised banks.
Bank of India, Punjab National Bank, Canara Bank, Union Bank of India, Andhra Bank and Allahabad Bank, Bank of Baroda, IDBI, Indian Overseas Bank and Oriental Bank of Commerce were up 3.5-8% on the National Stock Exchange.
Shares of infrastructure and real estate companies are in demand with many of them trading at their 52-week high on back of heavy volumes amid expectations that a new government at the centre would give the much-needed thrust to economy recovery.
Adani Enterprises, Reliance Industrial Infrastructure, Srei Infrastructure, Indiabulls Real Estate, BEML, IVRCL, Hindustan Construction Company, Prestige Estates, HDIL and Unitech have rallied more than 4% each on the Bombay Stock Exchange.
Aban Offshore has rallied 5% to Rs 536 after the company said it has called a meeting of its board of directors on May 28 to consider raising funds via securities issue to qualified institutional buyers.
The market breadth was positive on BSE. 1,408 stocks advanced while 1,273 stocks declined.
Asian Markets
Asian shares rose to their highest level in more than a month on Wednesday after the S&P 500 closed at a record high overnight, with the cheer expected to carry over into Europe on heightened speculation of more European Central Bank stimulus next month.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.8%, after earlier hitting its highest level since April 10.
Hong Kong shares were up more than 1% as investors snapped up property and banking stocks after China's central bank urged mainland banks to speed up the granting of home loans.
Japan's Nikkei bucked the trend, slipping about 0.1% and moving away from the previous session's 1-1/2-week high as investors took profits.
At 2:55PM, the 30-share Sensex was down 10 points at 23,860 and the 50-share Nifty was up 3 points at 7,113.
______________________________________________________
(Update at 13:00hrs)
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Markets continue to struggle in negative territory as investors turned cautious and booked profits ahead of the general elections results due on Friday.
At 1300 hrs, the Sensex was down 92 points at 23,779 and the Nifty slipped 16 points to trade at 7,093.
However, the buying continued in the broader markets with both the mid and smallcap indices adding nearly 1% each.
Capital Goods, Oil & Gas indices down 1% each were the major laggards in noon deals.
Teck and Health Care indices were flat with a negative bias.
Meanwhile, Metal and Realty indices advanced 2-3%.
Dr Reddys Lab down nearly 3% along with Mahindra & Mahindra, BHEL, RIL, L&T, HDFC, ONGC and Maruti Suzuki down 1-2.6% were the major losers.
Among the gainers were Tata Steel, Bajaj Auto and Hindalco up 2-5%.
Cipla, Coal India, Bharti Airtel, Sesa Sterlite, NTPC, Tata Motors and SBI up 0.5-1.2% were some of the other names in green.
Shares of public sector undertakings (PSU) banks are trading higher by up to 3% in an otherwise subdued market after a committee appointed by the Reserve Bank of India made some radical suggestions regarding the government’s control over nationalised banks.
Bank of India, Punjab National Bank, Canara Bank, Union Bank of India, Andhra Bank and Allahabad Bank, Bank of Baroda, IDBI, Indian Overseas Bank and Oriental Bank of Commerce were up 3.5-8% on the National Stock Exchange.
Shares of infrastructure and real estate companies are in demand with many of them trading at their 52-week high on back of heavy volumes amid expectations that a new government at the centre would give the much-needed thrust to economy recovery.
Adani Enterprises, Reliance Industrial Infrastructure, Srei Infrastructure, Indiabulls Real Estate, BEML, IVRCL, Hindustan Construction Company, Prestige Estates, HDIL and Unitech have rallied more than 4% each on the Bombay Stock Exchange.
Aban Offshore has rallied 5% to Rs 536 after the company said it has called a meeting of its board of directors on May 28 to consider raising funds via securities issue to qualified institutional buyers.
The market breadth was positive on BSE. 1,408 stocks advanced while 1,273 stocks declined.
Asian Markets
Asian shares rose to their highest level in more than a month on Wednesday after the S&P 500 closed at a record high overnight, with the cheer expected to carry over into Europe on heightened speculation of more European Central Bank stimulus next month.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.8%, after earlier hitting its highest level since April 10.
Hong Kong shares were up more than 1% as investors snapped up property and banking stocks after China's central bank urged mainland banks to speed up the granting of home loans.
Japan's Nikkei bucked the trend, slipping about 0.1% and moving away from the previous session's 1-1/2-week high as investors took profits.