 "Markets remain rangebound, broader markets outperform")
Benchmark indices are trading in a narrow range amid volatility with Sensex and Nifty swinging between negative and positive zone.
At 11:25 AM, the 30-share Sensex was down 33 points at 18,698 and the 50-share Nifty was down 15 points at 5,534.
The Indian rupee advanced by 19 paise to 61.11 against the dollar in the late morning trade on selling of the US currency by banks and exporters amidst volatile equity market.
Meanwhile, FIIs sold shares worth a net Rs 350.93 crore on Wednesday, 7 August 2013, as per provisional data from the stock exchanges.
Asian stocks rebounded and investors snapped up the Australian dollar after trade data out of China far exceeded expectations on Thursday, helping cheer markets worried about slower growth in Asia's economic powerhouse.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1%, recovering more than half of Wednesday's losses.
Tokyo's Nikkei .N225 climbed 1.4%, clawing back some of its 4% drop in the previous session.
Back home, Indian factory production in June probably fell for a second straight month, hurt by waning investor confidence and tepid demand, a Reuters poll showed, reflecting further weakness in the economy.
Production at factories, mines and utilities was estimated to have fallen 1.2% on a year ago, after shrinking 1.6% in May, according to the median consensus of 20 economists. Forecasts ranged from a rise of 0.5% to a fall of 2.7%.
On the sectoral front, BSE Realty, Auto and Metal indices have surged between 1-2%. However, BSE Healthcare and Oil & Gas indices have slumped by 1% each.
Metal shares have risen after China reported much better than expected trade results for July. China is the world's largest consumer of copper and aluminum. Coal India, Hindalco, Tata Steel and Jindal Steel have gained between 1-2%.
Among auto shares, Tata Motors has gained over 1% on hopes that higher sales at its Jaguar Land River unit, especially in China, would help offset declining sales in its home market.
Nomura has upgraded the stock to "buy" from "neutral" saying that JLR's China volumes should improve as the company resolves production issues, while an improving U.S. outlook was a positive for the luxury auto market.
Maruti Suzuki is the top Sensex gainer, up nearly 3% after the RBI removes restrictions on shareholdings from FIIs.
The removal of the cap comes after foreign shareholdings fell below the "prescribed threshold limit" stipulated by India's foreign direct investment rules.
Maruti Suzuki's foreign ownership stood at 78.24 percent as of June 30, including Suzuki Motor’s stake.
Other notable gainers are HDFC, M&M, HDFC Bank, TCS and Bharti Airtel, all gaining between 1-2%.
On the losing side, Sun Pharma, ONGC, Wipro, Cipla, SBI and Tata Power have declined between 1-4%.
Among other shares, Bharat Forge has moved higher by nearly 13% to Rs 224 after reporting a better-than-expected net profit of Rs 91 crore for the quarter ended June 30, 2013 (Q1), due to lower raw materials and manufacturing cost. Analyst expected a profit of Rs 67 crore for the quarter.
Tilaknagar Industries has surged 16% to Rs 62.25, extending its previous day’s over 15% rally, on reports that the company is in discussions with global giants such as Suntory Holdings and Pernod Ricard to sell 15-20% stake in the company.
The broader markets are outperforming the benchmark indices. BSE Midcap and Smallcap indices are up nearly 1%.
The market breadth in BSE remains positive with 1,070 shares advancing and 737 shares declining.
At 11:25 AM, the 30-share Sensex was down 33 points at 18,698 and the 50-share Nifty was down 15 points at 5,534.
The Indian rupee advanced by 19 paise to 61.11 against the dollar in the late morning trade on selling of the US currency by banks and exporters amidst volatile equity market.
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The rupee resumed higher at 61.20 per dollar as against the yesterday's closing level of 61.30 per dollar at the Interbank Foreign Exchange (Forex) Market.
Meanwhile, FIIs sold shares worth a net Rs 350.93 crore on Wednesday, 7 August 2013, as per provisional data from the stock exchanges.
Asian stocks rebounded and investors snapped up the Australian dollar after trade data out of China far exceeded expectations on Thursday, helping cheer markets worried about slower growth in Asia's economic powerhouse.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1%, recovering more than half of Wednesday's losses.
Tokyo's Nikkei .N225 climbed 1.4%, clawing back some of its 4% drop in the previous session.
Back home, Indian factory production in June probably fell for a second straight month, hurt by waning investor confidence and tepid demand, a Reuters poll showed, reflecting further weakness in the economy.
Production at factories, mines and utilities was estimated to have fallen 1.2% on a year ago, after shrinking 1.6% in May, according to the median consensus of 20 economists. Forecasts ranged from a rise of 0.5% to a fall of 2.7%.
On the sectoral front, BSE Realty, Auto and Metal indices have surged between 1-2%. However, BSE Healthcare and Oil & Gas indices have slumped by 1% each.
Metal shares have risen after China reported much better than expected trade results for July. China is the world's largest consumer of copper and aluminum. Coal India, Hindalco, Tata Steel and Jindal Steel have gained between 1-2%.
Among auto shares, Tata Motors has gained over 1% on hopes that higher sales at its Jaguar Land River unit, especially in China, would help offset declining sales in its home market.
Nomura has upgraded the stock to "buy" from "neutral" saying that JLR's China volumes should improve as the company resolves production issues, while an improving U.S. outlook was a positive for the luxury auto market.
Maruti Suzuki is the top Sensex gainer, up nearly 3% after the RBI removes restrictions on shareholdings from FIIs.
The removal of the cap comes after foreign shareholdings fell below the "prescribed threshold limit" stipulated by India's foreign direct investment rules.
Maruti Suzuki's foreign ownership stood at 78.24 percent as of June 30, including Suzuki Motor’s stake.
Other notable gainers are HDFC, M&M, HDFC Bank, TCS and Bharti Airtel, all gaining between 1-2%.
On the losing side, Sun Pharma, ONGC, Wipro, Cipla, SBI and Tata Power have declined between 1-4%.
Among other shares, Bharat Forge has moved higher by nearly 13% to Rs 224 after reporting a better-than-expected net profit of Rs 91 crore for the quarter ended June 30, 2013 (Q1), due to lower raw materials and manufacturing cost. Analyst expected a profit of Rs 67 crore for the quarter.
Tilaknagar Industries has surged 16% to Rs 62.25, extending its previous day’s over 15% rally, on reports that the company is in discussions with global giants such as Suntory Holdings and Pernod Ricard to sell 15-20% stake in the company.
The broader markets are outperforming the benchmark indices. BSE Midcap and Smallcap indices are up nearly 1%.
The market breadth in BSE remains positive with 1,070 shares advancing and 737 shares declining.