 "Markets erase early gains, RIL drags")
Benchmark indices have erased early gains and have slipped into red zone dragged down by Reliance Inds.
By 13:50, the Sensex gained by 7 points at 18,752, and the Nifty was up 6 points at 5,695 levels.
On the sectoral front, BSE Oil & Gas and IT indices have declined between 1-2%. However, BSE Auto, FMCG, Healthcare, Realty and Bankex indices have gained by nearly 1% each.
Reliance Industries (RIL) extended intraday losses, down by nearly 4% on profit booking after reporting strong Q4 results after market hours on Tuesday. RIL’s net sales declined by 1.2% year-on-year (yoy) to Rs 84,198 crore in March quarter mainly due to lower oil and gas segment sales. Analyst on an average expected revenues of Rs 93,058 crore.
Reliance Industries has said it will give up about 56% of "low prospectively area" in its eastern offshore KG-D6 block to retain only the portion where oil and gas discoveries have been made.
-----------------------------
Updated at 13:00
Benchmark indices continue to maintain the positive trend led by buying demand among metal and financial shares.
By 1300, Sensex gained by 65 points at 18,810, and the Nifty was up 23 points at 5,712 levels.
On the global front, Japan's Nikkei share average rose on Wednesday morning, recouping some of the sharp declines of the past three days, led by gains for exporters as the yen resumed its weakening trend after US stocks and gold prices rebounded.
The Nikkei rose 1.0 percent to 13,355.32 at the midday break after declining 2.4 percent over the past three sessions. It now stands 1.6 percent below a nearly five-year high of 13,568.25 tapped last week.
Back home, the rupee trimmed its initial gains but was still quoted higher by 14 paise to 54.00 against the US currency in the late morning trade today on the back of sustained selling of dollars by banks and exporters in view of weakness of dollar in overseas market.
On the sectoral front, BSE Realty index has spurted by almost 3% followed by counters like Metal, Banks, Auto, PSU, Healthcare, FMCG and Power, all surging between 1-2%. However, BSE Oil & Gas and IT indices have declined by nearly 1% each.
The main gainers on the Sensex at this hour include Sterlite, M&M, Sun Pharma, ICICI Bank, SBI, Coal India, Bajaj Auto, GAIL and Tata Steel, all gaining between 1-4%.
Sun Pharmaceutical Industries has moved higher, extending its previous day’s 2.3% gain after the company said it has received a tentative approval from the US drug regulator for generic version of Januvia.
Bajaj Auto, India's second-largest two-wheeler manufacturer, emerged as a favourite among Foreign Institutional Investors (FIIs) during the quarter ended March, 2013 despite the sector facing one of its worst period.
On the losing side, RIL, TCS, DRL, Tata Power and Wipro have declined between 1-3%.
Reliance Industries (RIL) extended intraday losses on profit booking after reporting strong Q4 results after market hours on Tuesday. RIL’s net sales declined by 1.2% year-on-year (yoy) to Rs 84,198 crore in March quarter mainly due to lower oil and gas segment sales. Analyst on an average expected revenues of Rs 93,058 crore.
Among other shares, Oil India have zoomed 8% so far this week on reports that the state-owned oil explorer plans to raise around $400 million overseas loan in the current financial year.
United Spirits has rallied 7% to Rs 2,178, its highest level since January 2008 on the National Stock Exchange (NSE).
The stock is currently trading near to its lifetime high of Rs 2,190 touched in October 2007. It has rallied 21% since UK-based Diageo plc has commenced its Rs 5,441 crore open offer to acquire an additional 26% in United Spirits at an offer price of Rs 1,440 per share on April 10. The open offer shall close on April 26, 2013. The benchmark Nifty has gained 2.4% during the same period.
Meanwhile, BSE Midcap index has gained by 0.74% whereas BSE Smallcap index is higher by 0.76%.
The market breadth in BSE remains positive with 1,194 shares advancing and 851 shares declining.
By 13:50, the Sensex gained by 7 points at 18,752, and the Nifty was up 6 points at 5,695 levels.
On the sectoral front, BSE Oil & Gas and IT indices have declined between 1-2%. However, BSE Auto, FMCG, Healthcare, Realty and Bankex indices have gained by nearly 1% each.
More From This Section
The main losers on the Sensex at this hour include RIL, TCS, DRL, Tata Power and Wipro have declined between 1-4%.
Reliance Industries (RIL) extended intraday losses, down by nearly 4% on profit booking after reporting strong Q4 results after market hours on Tuesday. RIL’s net sales declined by 1.2% year-on-year (yoy) to Rs 84,198 crore in March quarter mainly due to lower oil and gas segment sales. Analyst on an average expected revenues of Rs 93,058 crore.
Reliance Industries has said it will give up about 56% of "low prospectively area" in its eastern offshore KG-D6 block to retain only the portion where oil and gas discoveries have been made.
-----------------------------
Updated at 13:00
Benchmark indices continue to maintain the positive trend led by buying demand among metal and financial shares.
By 1300, Sensex gained by 65 points at 18,810, and the Nifty was up 23 points at 5,712 levels.
On the global front, Japan's Nikkei share average rose on Wednesday morning, recouping some of the sharp declines of the past three days, led by gains for exporters as the yen resumed its weakening trend after US stocks and gold prices rebounded.
The Nikkei rose 1.0 percent to 13,355.32 at the midday break after declining 2.4 percent over the past three sessions. It now stands 1.6 percent below a nearly five-year high of 13,568.25 tapped last week.
Back home, the rupee trimmed its initial gains but was still quoted higher by 14 paise to 54.00 against the US currency in the late morning trade today on the back of sustained selling of dollars by banks and exporters in view of weakness of dollar in overseas market.
On the sectoral front, BSE Realty index has spurted by almost 3% followed by counters like Metal, Banks, Auto, PSU, Healthcare, FMCG and Power, all surging between 1-2%. However, BSE Oil & Gas and IT indices have declined by nearly 1% each.
The main gainers on the Sensex at this hour include Sterlite, M&M, Sun Pharma, ICICI Bank, SBI, Coal India, Bajaj Auto, GAIL and Tata Steel, all gaining between 1-4%.
Sun Pharmaceutical Industries has moved higher, extending its previous day’s 2.3% gain after the company said it has received a tentative approval from the US drug regulator for generic version of Januvia.
Bajaj Auto, India's second-largest two-wheeler manufacturer, emerged as a favourite among Foreign Institutional Investors (FIIs) during the quarter ended March, 2013 despite the sector facing one of its worst period.
On the losing side, RIL, TCS, DRL, Tata Power and Wipro have declined between 1-3%.
Reliance Industries (RIL) extended intraday losses on profit booking after reporting strong Q4 results after market hours on Tuesday. RIL’s net sales declined by 1.2% year-on-year (yoy) to Rs 84,198 crore in March quarter mainly due to lower oil and gas segment sales. Analyst on an average expected revenues of Rs 93,058 crore.
Among other shares, Oil India have zoomed 8% so far this week on reports that the state-owned oil explorer plans to raise around $400 million overseas loan in the current financial year.
United Spirits has rallied 7% to Rs 2,178, its highest level since January 2008 on the National Stock Exchange (NSE).
The stock is currently trading near to its lifetime high of Rs 2,190 touched in October 2007. It has rallied 21% since UK-based Diageo plc has commenced its Rs 5,441 crore open offer to acquire an additional 26% in United Spirits at an offer price of Rs 1,440 per share on April 10. The open offer shall close on April 26, 2013. The benchmark Nifty has gained 2.4% during the same period.
Meanwhile, BSE Midcap index has gained by 0.74% whereas BSE Smallcap index is higher by 0.76%.
The market breadth in BSE remains positive with 1,194 shares advancing and 851 shares declining.