 "Markets remain volatile in a narrow range; Pharma gains")
Benchmark indices are maintaining the weak trend, amid volatility, weighed down by capital goods and auto shares.
At 12:40 PM, the 30-share benchmark Sensex was 32 points lower at 22,655 and the 50-stock Nifty hovered around 6,768, down 15 points. The Sensex and the 50-unit CNX Nifty, both, have hit their lowest levels in 1-1/2 weeks.
Adds Navneet Daga, Derivative Analyst, KR Choksey Securities, “Nifty is likely to be in consolidation phase till the May election verdict is out. We believe next 10 trading session is most likely to be in range of 6700-6900 on futures. While PCR is indicating lot of put protection is getting bought ahead of big election event.”
Pro-Russian rebels paraded European monitors they are holding in eastern Ukraine on Sunday, freeing one but saying they had no plans to release another seven as the United States and Europe prepared new sanctions against Moscow.
Back home, foreign institutional investors (FIIs) bought shares worth a net Rs 295.01 crore on Friday, 25 April 2014, as per provisional data from the stock exchanges.
The rupee has risen to as high as 60.51, its highest since April 21, after a large infrastructure development company was spotted selling dollars.
On the sectoral front, BSE Capital Goods, Auto and FMCG indices have declined by nearly 1% each. However, BSE Healthcare index has gained by over 1.5%.
The main losers on the Sensex at this hour include GAIL, BHEL, Coal India, HUL, Tata Motors, L&T, HDFC and ITC.
On the gaining side, Cipla, Dr Reddy’s Labs, Sun Pharma, Wipro, Sesa Sterlite and Tata Power have gained between 1-2%.
Lupin is trading higher by 1.5% at Rs 1,007, extending its 4% gain in the past three trading sessions, after the company said it had entered into a strategic joint venture with Japanese pharmaceuticals company Yoshindo Inc.
Among other shares, Wockhardt has surged by 10% to Rs 711, erasing its entire 2% decline on Friday, after the pharmaceutical company said the regulator in Himachal Pradesh has revoked the suspension of the manufacture and sale of three drugs.
Jain Irrigation Systems has rallied 11% to Rs 79.85 in an otherwise subdued market on the back of heavy volumes on the bourses. The stock opened at Rs 72.10 and touched a 52-week high of Rs 80.55 on the National Stock Exchange (NSE).
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained between 0.3-1%.
The market breadth in BSE remains marginally negative with 1,255 shares declining and 1,197 shares advancing.
At 12:40 PM, the 30-share benchmark Sensex was 32 points lower at 22,655 and the 50-stock Nifty hovered around 6,768, down 15 points. The Sensex and the 50-unit CNX Nifty, both, have hit their lowest levels in 1-1/2 weeks.
Adds Navneet Daga, Derivative Analyst, KR Choksey Securities, “Nifty is likely to be in consolidation phase till the May election verdict is out. We believe next 10 trading session is most likely to be in range of 6700-6900 on futures. While PCR is indicating lot of put protection is getting bought ahead of big election event.”
More From This Section
On the global front, Japanese and Chinese stocks tumbled on Monday in a cautious session for Asian equities amid increasing tension in Ukraine, which kept risk appetite in check and helped bolster the safe-haven yen.
Pro-Russian rebels paraded European monitors they are holding in eastern Ukraine on Sunday, freeing one but saying they had no plans to release another seven as the United States and Europe prepared new sanctions against Moscow.
Back home, foreign institutional investors (FIIs) bought shares worth a net Rs 295.01 crore on Friday, 25 April 2014, as per provisional data from the stock exchanges.
The rupee has risen to as high as 60.51, its highest since April 21, after a large infrastructure development company was spotted selling dollars.
On the sectoral front, BSE Capital Goods, Auto and FMCG indices have declined by nearly 1% each. However, BSE Healthcare index has gained by over 1.5%.
The main losers on the Sensex at this hour include GAIL, BHEL, Coal India, HUL, Tata Motors, L&T, HDFC and ITC.
On the gaining side, Cipla, Dr Reddy’s Labs, Sun Pharma, Wipro, Sesa Sterlite and Tata Power have gained between 1-2%.
Lupin is trading higher by 1.5% at Rs 1,007, extending its 4% gain in the past three trading sessions, after the company said it had entered into a strategic joint venture with Japanese pharmaceuticals company Yoshindo Inc.
Among other shares, Wockhardt has surged by 10% to Rs 711, erasing its entire 2% decline on Friday, after the pharmaceutical company said the regulator in Himachal Pradesh has revoked the suspension of the manufacture and sale of three drugs.
Jain Irrigation Systems has rallied 11% to Rs 79.85 in an otherwise subdued market on the back of heavy volumes on the bourses. The stock opened at Rs 72.10 and touched a 52-week high of Rs 80.55 on the National Stock Exchange (NSE).
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained between 0.3-1%.
The market breadth in BSE remains marginally negative with 1,255 shares declining and 1,197 shares advancing.