 "Markets remain range-bound; capital goods & auto slip")
Benchmark indices continue to remain volatile in a narrow range with Sensex and Nifty swinging between negative and positive zone.
By 10:20, the Sensex was lower by 24 points at 21,096 mark and the Nifty slipped by 11 points at 6,266 levels.
Adds Ravi Nathani, technical analyst, Nsetoday.com, “Overall trend is up on charts whereas next resistance is expected around 6355. Best trading strategy for Nifty traders would be buy on dips with a strict stoploss of close below 6220.”
The market breadth in BSE remains positive with 988 shares advancing and 671 shares declining.
Indian markets this week would likely be marked by reaction to subdued economic growth data for December quarter, overseas investment trends and global cues, experts have said.
Meanwhile, stock traders are gearing up for the start of a pre-election rally in the days ahead, as hopes of a Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government coming to power heighten.
Meanwhile, the rupee is trading lower at 61.88/89 versus Friday's close of 61.75/76. It fell to 61.95 in early trade.
GLOBAL MARKETS
Escalating political tensions in Ukraine pressured Asian stocks on Monday, forcing anxious investors to cut their exposure to riskier assets in favour of traditional safe haven bets such as the Japanese yen and Swiss franc.
Ukraine mobilised for war on Sunday and Washington threatened to isolate Russia economically, after President Vladimir Putin declared he had the right to invade his neighbour, in the biggest confrontation between Russia and the West since the Cold War.
China's factory activity shrank again in February as output and new orders fell, a private survey found on Monday, reinforcing concerns of a slowdown in the world's second largest economy.
The final Markit/HSBC manufacturing Purchasing Managers' Index (PMI) fell to a seven-month low of 48.5 in February, the third straight monthly decline, from January's 49.5. The figure was in line with the 48.3 reported in the preliminary version of the PMI released on Feb 20.
US stocks rose on Friday as some positive economic data boosted the S&P 500 to record levels for a second straight day and put major indexes on track for strong gains in both the week and the month.
SECTORS & STOCKS
BSE Capital Goods and Auto indices have plunged by 1% each. However, sectors like Banks, Realty, Metal, IT and FMCG are trading marginally positive.
The main gainers on the Sensex at this hour include Tata Steel, Hindalco, SBI, Maruti Suzuki, TCS, HDFC, ITC and Axis Bank.
Auto stocks are in focus amid February sales data trickling in. Maruti Suzuki, Mahindra & Mahindra and Tata Motors sales declined in February, companies said on Saturday. Tata Motors, Bajaj Auto and M&M have declined by 1% each.
Other notable losers are L&T, Dr Reddy’s Labs, Sesa Sterlite, ONGC, Coal India and Cipla.
Among other shares, Monsanto India is locked in upper circuit for second day in a row, up 20% at Rs 1,613, also its new high on the BSE, on reports that the Union ministry of environment and forests (MoEF) has approved field trials of genetically modified (GM) food crops on a conditional basis.
Power generation firm Jaiprakash Power Ventures' stock tanked a whopping 9 per cent in morning deals after reports said that a consortium led by Abu Dhabi-based National Energy Co (TAQA) has agreed to buy two hydroelectric power plants from the company for about US$616 mn
TVS Motor Company is trading higher by 4% at Rs 89 after reporting 6% year-on-year growth in two-wheeler sales in February 2014 to 170,293 units from 160,895 units during the same month last year.
AstraZeneca Pharma India has hit the upper circuit filter of 20% at Rs 1,113 on the National Stock Exchange (NSE), after its Sweden-based parent company AstraZeneca Pharmaceuticals AB suggested that it plans to delist company’s equity shares from the Indian stock exchanges.
By 10:20, the Sensex was lower by 24 points at 21,096 mark and the Nifty slipped by 11 points at 6,266 levels.
Adds Ravi Nathani, technical analyst, Nsetoday.com, “Overall trend is up on charts whereas next resistance is expected around 6355. Best trading strategy for Nifty traders would be buy on dips with a strict stoploss of close below 6220.”
More From This Section
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up between 0.4-1%.
The market breadth in BSE remains positive with 988 shares advancing and 671 shares declining.
Indian markets this week would likely be marked by reaction to subdued economic growth data for December quarter, overseas investment trends and global cues, experts have said.
Meanwhile, stock traders are gearing up for the start of a pre-election rally in the days ahead, as hopes of a Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government coming to power heighten.
Meanwhile, the rupee is trading lower at 61.88/89 versus Friday's close of 61.75/76. It fell to 61.95 in early trade.
GLOBAL MARKETS
Escalating political tensions in Ukraine pressured Asian stocks on Monday, forcing anxious investors to cut their exposure to riskier assets in favour of traditional safe haven bets such as the Japanese yen and Swiss franc.
Ukraine mobilised for war on Sunday and Washington threatened to isolate Russia economically, after President Vladimir Putin declared he had the right to invade his neighbour, in the biggest confrontation between Russia and the West since the Cold War.
China's factory activity shrank again in February as output and new orders fell, a private survey found on Monday, reinforcing concerns of a slowdown in the world's second largest economy.
The final Markit/HSBC manufacturing Purchasing Managers' Index (PMI) fell to a seven-month low of 48.5 in February, the third straight monthly decline, from January's 49.5. The figure was in line with the 48.3 reported in the preliminary version of the PMI released on Feb 20.
US stocks rose on Friday as some positive economic data boosted the S&P 500 to record levels for a second straight day and put major indexes on track for strong gains in both the week and the month.
SECTORS & STOCKS
BSE Capital Goods and Auto indices have plunged by 1% each. However, sectors like Banks, Realty, Metal, IT and FMCG are trading marginally positive.
The main gainers on the Sensex at this hour include Tata Steel, Hindalco, SBI, Maruti Suzuki, TCS, HDFC, ITC and Axis Bank.
Auto stocks are in focus amid February sales data trickling in. Maruti Suzuki, Mahindra & Mahindra and Tata Motors sales declined in February, companies said on Saturday. Tata Motors, Bajaj Auto and M&M have declined by 1% each.
Other notable losers are L&T, Dr Reddy’s Labs, Sesa Sterlite, ONGC, Coal India and Cipla.
Among other shares, Monsanto India is locked in upper circuit for second day in a row, up 20% at Rs 1,613, also its new high on the BSE, on reports that the Union ministry of environment and forests (MoEF) has approved field trials of genetically modified (GM) food crops on a conditional basis.
Power generation firm Jaiprakash Power Ventures' stock tanked a whopping 9 per cent in morning deals after reports said that a consortium led by Abu Dhabi-based National Energy Co (TAQA) has agreed to buy two hydroelectric power plants from the company for about US$616 mn
TVS Motor Company is trading higher by 4% at Rs 89 after reporting 6% year-on-year growth in two-wheeler sales in February 2014 to 170,293 units from 160,895 units during the same month last year.
AstraZeneca Pharma India has hit the upper circuit filter of 20% at Rs 1,113 on the National Stock Exchange (NSE), after its Sweden-based parent company AstraZeneca Pharmaceuticals AB suggested that it plans to delist company’s equity shares from the Indian stock exchanges.