 "Markets trade in red as bank shares weigh")
Markets continued to trade in red this morning with the Sensex down 22 points at 20,139. Nifty was down 13 points at 6,096.
Asian shares and the Australian dollar eased on Wednesday as strong economic data rallied US stocks to record highs, throwing market focus back on to the possibility of reduced Federal Reserve monetary stimulus in the future.
Broader markets, however, outperformed the benchmark. The mid-cap index is up 10 points at 6,508. Small-cap index is up 21 points at 6,089.
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(Updated at 0939 hrs)
The markets opened marginally in the green this morning but has thereafter slipped into the red. The Sensex is down 64 points at 20,097. Nifty is down 21 points at 6,089.
However, stock specific action will continue given the results season. The markets are likely to continue the volatile trades ahead of teh F&O expiry due on Thursday.
US stocks rose on Tuesday, after central banks reassured investors that they will keep policies designed to foster global growth.
The Dow Jones industrial average gained 0.7 per cent, to a record 15,409 at close. The Standard & Poor's 500 Index added 0.6 per cent, to finish at 1,660 levels.
Asian shares were steady and the dollar remained firm on Wednesday.
MSCI's broadest index of Asia-Pacific shares outside Japan was steady, staying above Friday's five-week low of 464.99. Australian shares were up 0.2 per cent, while South Korean shares opened 0.4 per cent higher.
BSE IT index is up 0.8% at 6,109. Healthcare index is up 0.6%. On the other hand, weakness can be noticed in bankex - down 0.7% at 14,691. Power, capital goods and oil & gas indices are also down around 0.3% each.
Sun Pharma has jumped 3% at Rs 1025, also its record high on BSE, after reporting a better-than-expected 23% year-on-year (yoy) growth in its consolidated net profit at Rs 1,012 crore for the quarter ended March 31, 2013 (Q4) on back of higher operational income. The company had profit of Rs 820 crore in a year ago quarter.
Coal India has surged 1.1% at Rs 327 on reports that the company has hiked low grade coal prices by up to 11 per cent.
IT shares are in green with Infosys, TCS and Wipro gaining 0.5-1% each.
On the other hand, Hindalco has slipped 1.5% at Rs 108 as the company reported a standalone net profit of Rs 482 crore for the quarter ended March 31, a drop of 25 per cent from the Rs 640 crore reported a year ago. Higher interest burden contributed to the drop in profit, the company said. Finance costs shot up to Rs 158 crore in the quarter versus Rs 80 crore in the corresponding period last year.
Dr Reddy's has shed 1.2%, followed by HDFC Bank, Reliance and HDFC.
RCom has corrected 1.8% at Rs 111 after Former corporate lobbyist, Niira Radia, deposed before a court in the 2G spectrum allocation case and stated that an ineligible Swan Telecom, said to be owned by ADAG Reliance Communications, was granted the radiowaves.
Asian shares and the Australian dollar eased on Wednesday as strong economic data rallied US stocks to record highs, throwing market focus back on to the possibility of reduced Federal Reserve monetary stimulus in the future.
Broader markets, however, outperformed the benchmark. The mid-cap index is up 10 points at 6,508. Small-cap index is up 21 points at 6,089.
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BSE healthcare index added 1.7%, followed by FMCG, auto and IT. However, bankex slipped 0.6% at 14,699. Power, realty and capital goods indices are in the red.
_______________________________________
(Updated at 0939 hrs)
The markets opened marginally in the green this morning but has thereafter slipped into the red. The Sensex is down 64 points at 20,097. Nifty is down 21 points at 6,089.
However, stock specific action will continue given the results season. The markets are likely to continue the volatile trades ahead of teh F&O expiry due on Thursday.
US stocks rose on Tuesday, after central banks reassured investors that they will keep policies designed to foster global growth.
The Dow Jones industrial average gained 0.7 per cent, to a record 15,409 at close. The Standard & Poor's 500 Index added 0.6 per cent, to finish at 1,660 levels.
Asian shares were steady and the dollar remained firm on Wednesday.
MSCI's broadest index of Asia-Pacific shares outside Japan was steady, staying above Friday's five-week low of 464.99. Australian shares were up 0.2 per cent, while South Korean shares opened 0.4 per cent higher.
BSE IT index is up 0.8% at 6,109. Healthcare index is up 0.6%. On the other hand, weakness can be noticed in bankex - down 0.7% at 14,691. Power, capital goods and oil & gas indices are also down around 0.3% each.
Sun Pharma has jumped 3% at Rs 1025, also its record high on BSE, after reporting a better-than-expected 23% year-on-year (yoy) growth in its consolidated net profit at Rs 1,012 crore for the quarter ended March 31, 2013 (Q4) on back of higher operational income. The company had profit of Rs 820 crore in a year ago quarter.
Coal India has surged 1.1% at Rs 327 on reports that the company has hiked low grade coal prices by up to 11 per cent.
IT shares are in green with Infosys, TCS and Wipro gaining 0.5-1% each.
On the other hand, Hindalco has slipped 1.5% at Rs 108 as the company reported a standalone net profit of Rs 482 crore for the quarter ended March 31, a drop of 25 per cent from the Rs 640 crore reported a year ago. Higher interest burden contributed to the drop in profit, the company said. Finance costs shot up to Rs 158 crore in the quarter versus Rs 80 crore in the corresponding period last year.
Dr Reddy's has shed 1.2%, followed by HDFC Bank, Reliance and HDFC.
RCom has corrected 1.8% at Rs 111 after Former corporate lobbyist, Niira Radia, deposed before a court in the 2G spectrum allocation case and stated that an ineligible Swan Telecom, said to be owned by ADAG Reliance Communications, was granted the radiowaves.