 "Markets slip in early trades, IT weighs")
Markets slipped in early morning trades weighed down by selling pressure in IT majors on profit booking after recent gains. Meanwhile, the appreciating rupee against the US dollar also dampened sentiment.
At 9:55AM, the Sensex was down 96 points at 20,769 and the 50-share Nifty was down 32 points at 6,171.
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Markets were trading flat on Wednesday shrugging off a rally in global markets on hopes that the US Fed may delay its monetary stimulus programme because of weak US jobs data during September.
US stocks ended higher on Tuesday as weaker-than-expected September jobs data raised hopes that the Fed would delay winding down its monetary stimulus measures until next year.
About 148,000 jobs were added in September against economists expectation of 180,000.
The Dow Jones ended up 75 points at 15,468, the S&P 500 rose 10 points to 1,755 and the Nasdaq Composite ended 9 points higher at 3,930.
European shares also ended higher on Tuesday on the back of weak US jobs data that the Fed may continue its monetary stimulus measures. The CAC-40, DAX and FTSE-100 ended up 0.4-0.9% each.
At 9:35AM, the 30-share Sensex was up 17 points at 20,882 and the 50-share Nifty was up 1 point at 6,204.
The rupee appreciated against the US dollar and was up at Rs 61.21 against the previous close of Rs 61.65
Among the sectoral indices Metal was the top gainer along with Consumer Durables and Realty up 1% each. IT index was the top loser down 0.5%.
Index heavyweights Reliance Ind and ITC contributed the most to Sensex gains in early trades.
Other gainers include, SBI, ICICI Bank and Bharti Airtel among others.
Wipro was down 3.6% on profit taking after recent gains in the run up to its second quarter earnings. The IT major late Tuesday announced its highest growth in the last seven quarters, backed by an improved demand environment and favorable currency movement. The company, which has been struggling to put its house in order for several quarters, recorded a consolidated net profit of Rs 1,932 crore for the quarter ended September, a year-on-year rise of 28.6 per cent.
Cairn India which has been rising from Rs 290 levels since early August was down over 1% on profit taking. The oil explorer later Tuesday reported a 46% jump in its September quarter profit on the back of record oil and gas production and high oil prices.
ING Vysya Bank was up 1% after the bank reported a 17.4-per cent rise in net profit at Rs 176.3 crore for the second quarter, compared to Rs 150.2 crore in the year-ago period. This is the 16th sequential quarter of growth in profit after tax for the bank.
Gujarat Pipavav Port was up 3% after the company late Tuesday reported an over five-fold growth in post tax profit at Rs 44.1 crore for the third quarter ended September 30. The Nikhil Gandhi-promoted company, which operates by calendar year, had recorded a net profit of Rs 8.2 crore in the corresponding July-September period last year.
PSU banks firmed up after the Finance Ministry Tuesday finalised the Rs 14,000-crore capital infusion plan for PSU banks to augment their capital base and promised another tranche in the fourth quarter of the current fiscal. PNB and Bank of Baroda were up over 1% each.
At 9:55AM, the Sensex was down 96 points at 20,769 and the 50-share Nifty was down 32 points at 6,171.
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(Updated at 9:35AM)
Markets were trading flat on Wednesday shrugging off a rally in global markets on hopes that the US Fed may delay its monetary stimulus programme because of weak US jobs data during September.
US stocks ended higher on Tuesday as weaker-than-expected September jobs data raised hopes that the Fed would delay winding down its monetary stimulus measures until next year.
About 148,000 jobs were added in September against economists expectation of 180,000.
The Dow Jones ended up 75 points at 15,468, the S&P 500 rose 10 points to 1,755 and the Nasdaq Composite ended 9 points higher at 3,930.
European shares also ended higher on Tuesday on the back of weak US jobs data that the Fed may continue its monetary stimulus measures. The CAC-40, DAX and FTSE-100 ended up 0.4-0.9% each.
At 9:35AM, the 30-share Sensex was up 17 points at 20,882 and the 50-share Nifty was up 1 point at 6,204.
The rupee appreciated against the US dollar and was up at Rs 61.21 against the previous close of Rs 61.65
Among the sectoral indices Metal was the top gainer along with Consumer Durables and Realty up 1% each. IT index was the top loser down 0.5%.
Index heavyweights Reliance Ind and ITC contributed the most to Sensex gains in early trades.
Other gainers include, SBI, ICICI Bank and Bharti Airtel among others.
Wipro was down 3.6% on profit taking after recent gains in the run up to its second quarter earnings. The IT major late Tuesday announced its highest growth in the last seven quarters, backed by an improved demand environment and favorable currency movement. The company, which has been struggling to put its house in order for several quarters, recorded a consolidated net profit of Rs 1,932 crore for the quarter ended September, a year-on-year rise of 28.6 per cent.
Cairn India which has been rising from Rs 290 levels since early August was down over 1% on profit taking. The oil explorer later Tuesday reported a 46% jump in its September quarter profit on the back of record oil and gas production and high oil prices.
ING Vysya Bank was up 1% after the bank reported a 17.4-per cent rise in net profit at Rs 176.3 crore for the second quarter, compared to Rs 150.2 crore in the year-ago period. This is the 16th sequential quarter of growth in profit after tax for the bank.
Gujarat Pipavav Port was up 3% after the company late Tuesday reported an over five-fold growth in post tax profit at Rs 44.1 crore for the third quarter ended September 30. The Nikhil Gandhi-promoted company, which operates by calendar year, had recorded a net profit of Rs 8.2 crore in the corresponding July-September period last year.
PSU banks firmed up after the Finance Ministry Tuesday finalised the Rs 14,000-crore capital infusion plan for PSU banks to augment their capital base and promised another tranche in the fourth quarter of the current fiscal. PNB and Bank of Baroda were up over 1% each.