Markets remain subdued; auto & capital goods weigh

BSE Auto, Capital Goods, Realty, Metal and PSU indices have dropped by 1% each

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SI Reporter Mumbai
Last Updated : Oct 25 2013 | 10:13 AM IST
Benchmark indices are trading volatile in a narrow range with Sensex and Nifty swinging between negative and positive zone.

By 10:10, the Sensex was lower by 51 points at 20,674 levels and the Nifty declined by 23 points at 6,142 mark.

On the global front, a stronger yen depressed Japanese stocks on Friday, while the dollar was hemmed in near a two-year low against the euro by expectations the U.S. Federal Reserve will continue its monetary stimulus well into 2014.

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Those expectations were tempered, however, by continued worries over tighter cash markets in China, leading to a lopsided and selective rally in Asian markets.

The Indonesian rupiah rallied more than 1.5 percent against the weak dollar, but the Aussie was on the backfoot.

Korean stock markets fell as investors braced for some profit-taking in a market that has seen record foreign buying for 40 consecutive sessions and has pushed the won to a two-year high this week.

Back home, the rupee was trading marginally weak in early trades due to month-end dollar demand from importers.

At 9:35 am, the rupee was trading at Rs 61.49 compared with previous close of Rs 61.47 per dollar.

GAIL (India), ICICI Bank, ITC, Essar Oil, IDBI Bank will unveil the second quarter earnings today.

On the sectoral front, BSE Auto, Capital Goods, Realty, Metal and PSU indices have dropped by 1% each. However, BSE IT index has surged by 1%.

The main losers on the Sensex at this hour include Hindalco, M&M, Sun Pharma, Bharti Airtel, GAIL, L&T, Bajaj Auto and Tata Motors, all declining between 1-3%.

On the gaining side, Wipro, TCS, Sesa Sterlite, ICICI Bank and Infosys have gained between 1-2%,

Among other shares, Mastek is trading higher by 3% at Rs 165 on the BSE after reporting more than double net profit at Rs 15.1 crore for the quarter ended September (Q2) on sequential basis.

Deepak Fertilisers and Petrochemicals Corporation is trading higher by 4% at Rs 110 after reporting 12% year on year (yoy) jump in net profit at Rs 45.44 crore for the second quarter ended September 2013 (Q2)on back of strong performance from chemicals segment.

Shares of Just Dial have rallied over 10% to Rs 1,169 ahead of July-September (Q2) earnings today.

The market breadth in BSE remains positive with 733 shares advancing and 552 shares declining.

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First Published: Oct 25 2013 | 10:10 AM IST

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