 "Markets remain firm ahead of F&O expiry")
After trading in a very narrow range markets have firmed up in noon deals tracking gains in Europe. However, gains remain capped as traders are unwilling to roll over their long positions to the new series ahead of the expiry of June derivative contracts tomorrow.
At 1:10PM, the 30-share Sensex was up 23 points at 18,652 and the 50-share Nifty was up 11 points at 5,620.
Broader markets were mixed. While BSE mid-cap index was down 0.2% while the Small-cap index was up marginally by 0.2%.
In Asia, Japan's Nikkei share average closed below the 13,000-mark on Wednesday in volatile trade as worries about a cash crunch in China continued despite assurances from Beijing's central bank that it will offer liquidity to banks to support growth. The benchmark Nikkei ended 1.0 percent lower at 12,834.01. Earlier, it rose as much as 1.7 percent on robust U.S. data, Wall Street gains and the Chinese central bank's statement late Tuesday.
In Europe, the CAC-40,DAX and FTSE were trading with marginal gains in early trades.
BSE IT index was the top gainer among the sectoral indices on the BSE up 1.4% followed by Power, Capital Goods, FMCG, Realty, Oil and Gas indices. However, Auto index was the top loser down 1.6% followed by Healthcare, Metal and Consumer Durables indices.
Bharti Airtel was the top Sensex loser down 5% at Rs 281 on reports the Department of Telecom (DoT) has decided to slap a Rs 650 crore penalty on the company for violating roaming norms in 13 circles between 2003-2005.
Auto shares witnessed profit taking ahead of June sales data amid rising worries that sales growth would continue to remain sluggish. Passenger car sales in the domestic market in May declined for a seventh consecutive month, with sluggish economic growth and high inflation and financing costs taking their toll on consumer demand. In May, car sales fell 12.26 per cent to 1,43,216 units.
Bajaj Auto was down 1% after the company said production at the company’s Chakan plant has been affected due to a labor strike.The workers at the plant have been demanding an option to subscribe to 500 equity shares of the company at a discounted price of Re 1 share, it added.
Sensex gainers include index heavyweights ITC and Reliance Ind, both up 0.7% each.
Software shares firmed up on the back of weakness in the rupee. The rupee was seen edging towards the Rs 60 mark. TCS was up 2.2% while Infosys and Wipro were up 0.7% each.
Among other shares, Reliance Capital was up 5% at Rs 332 after the Anil Ambani promoted non-banking financial (NBFC) company said that it will be submitting an application for a banking license with the Reserve Bank of India.
BSE market breadth was weak with 1,071 losers and 959 gainers on the BSE.
At 1:10PM, the 30-share Sensex was up 23 points at 18,652 and the 50-share Nifty was up 11 points at 5,620.
Broader markets were mixed. While BSE mid-cap index was down 0.2% while the Small-cap index was up marginally by 0.2%.
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The rupee today fell by 13 paise to 59.79 against the US currency in noon trades on month-end dollar demand from importers, coupled with firm global cues. Persistent capital outflows from foreign funds also affected the rupee value against the dollar, forex dealers said.
In Asia, Japan's Nikkei share average closed below the 13,000-mark on Wednesday in volatile trade as worries about a cash crunch in China continued despite assurances from Beijing's central bank that it will offer liquidity to banks to support growth. The benchmark Nikkei ended 1.0 percent lower at 12,834.01. Earlier, it rose as much as 1.7 percent on robust U.S. data, Wall Street gains and the Chinese central bank's statement late Tuesday.
In Europe, the CAC-40,DAX and FTSE were trading with marginal gains in early trades.
BSE IT index was the top gainer among the sectoral indices on the BSE up 1.4% followed by Power, Capital Goods, FMCG, Realty, Oil and Gas indices. However, Auto index was the top loser down 1.6% followed by Healthcare, Metal and Consumer Durables indices.
Bharti Airtel was the top Sensex loser down 5% at Rs 281 on reports the Department of Telecom (DoT) has decided to slap a Rs 650 crore penalty on the company for violating roaming norms in 13 circles between 2003-2005.
Auto shares witnessed profit taking ahead of June sales data amid rising worries that sales growth would continue to remain sluggish. Passenger car sales in the domestic market in May declined for a seventh consecutive month, with sluggish economic growth and high inflation and financing costs taking their toll on consumer demand. In May, car sales fell 12.26 per cent to 1,43,216 units.
Bajaj Auto was down 1% after the company said production at the company’s Chakan plant has been affected due to a labor strike.The workers at the plant have been demanding an option to subscribe to 500 equity shares of the company at a discounted price of Re 1 share, it added.
Sensex gainers include index heavyweights ITC and Reliance Ind, both up 0.7% each.
Software shares firmed up on the back of weakness in the rupee. The rupee was seen edging towards the Rs 60 mark. TCS was up 2.2% while Infosys and Wipro were up 0.7% each.
Among other shares, Reliance Capital was up 5% at Rs 332 after the Anil Ambani promoted non-banking financial (NBFC) company said that it will be submitting an application for a banking license with the Reserve Bank of India.
BSE market breadth was weak with 1,071 losers and 959 gainers on the BSE.