 "Markets trading in a tight range, auto stocks gain")
Benchmark indices are trading higher amid volatility led by buying among realty, auto and consumer durables shares.
Markets slipped during early trades after services PMI contracted for the third time in a row in September and stood at 46.1 points from 47.6 points in August, according to the widely-tracked HSBC Purchasing Managers' Index (PMI) released today. The services PMI has been deteriorating since July this year.
At 12:55 PM, the 30-share Sensex rose 76 points to trade at 19,977 and the 50-share Nifty gained 18 at 5,928 levels.
The Planning Commission today said it will revisit annual average GDP growth target of 8% for the 12th Plan (2012-17) in view of dismal performance in first two years of policy period, while saying the economy is likely to expand by over 5% this fiscal.
On the global front, Asian stocks were pegged back on Friday, with Japanese shares hitting a four-week low and the dollar languishing around an eight-month trough as the U.S. budget standoff dragged on, building fears of increasingly serious economic consequences.
Tokyo's Nikkei fell 0.7% after shedding as much as 1.5% to its lowest since Sept 6, taking its cue from the U.S. S&P 500, which suffered its ninth loss in 11 sessions overnight.
Back home, rupee rises to a seven-week high of 61.33. Stops got triggered when the pair hit 61.64, which marked the lowest level for dollar since the Federal Reserve's surprise decision to continue its bond stimulus last month.
On the sectoral front, BSE Realty, Auto and Consumer Durables indices have surged by 2% each followed by counters like FMCG, Oil & Gas, Metal and Healthcare, all gaining by nearly 1%.
Shares of automobiles companies are in demand on expectations of higher demand during the upcoming festive season and upbeat September sales figure. In the auto segment gainers include, Tata Motors, M&M, Maruti Suzuki and Bajaj Auto have gained between 0.5-4%.
Tata Motors is the top Sensex gainer, up nearly 4%. The company's British luxury car unit Jaguar Land Rover (JLR) on Wednesday, 2 October 2013, said it has appointed John Edwards into the role of Managing Director of the newly created Individual Products Division with immediate effect.
Other notable gainers are Hindalco, Coal India, TCS, HDFC Bank, Sun Pharma and Cipla.
On the losing side, JSPL, Dr Reddy’s, GAIL, Tata Power and ICICI Bank have declined between 1-2%.
Wockhardt is locked in lower circuit for fifth day in a row, down 5% at Rs 448 on BSE on reports that the US regulator had issued a Form 483 accompanied with some harsh observations about its Chikalthana plant in Maharashtra.
Lupin has moved higher by 3% at Rs 885, extending its previous day’s 1% gain, after the pharmaceutical company said it has launched the generic version of Allergan Inc's Zymaxid Ophthalmic Solution in the US market with 180 days of marketing exclusivity.
The market breadth in BSE remains marginally positive with 1,026 shares advancing and 997 shares declining.
Markets slipped during early trades after services PMI contracted for the third time in a row in September and stood at 46.1 points from 47.6 points in August, according to the widely-tracked HSBC Purchasing Managers' Index (PMI) released today. The services PMI has been deteriorating since July this year.
At 12:55 PM, the 30-share Sensex rose 76 points to trade at 19,977 and the 50-share Nifty gained 18 at 5,928 levels.
The Planning Commission today said it will revisit annual average GDP growth target of 8% for the 12th Plan (2012-17) in view of dismal performance in first two years of policy period, while saying the economy is likely to expand by over 5% this fiscal.
On the global front, Asian stocks were pegged back on Friday, with Japanese shares hitting a four-week low and the dollar languishing around an eight-month trough as the U.S. budget standoff dragged on, building fears of increasingly serious economic consequences.
Tokyo's Nikkei fell 0.7% after shedding as much as 1.5% to its lowest since Sept 6, taking its cue from the U.S. S&P 500, which suffered its ninth loss in 11 sessions overnight.
Back home, rupee rises to a seven-week high of 61.33. Stops got triggered when the pair hit 61.64, which marked the lowest level for dollar since the Federal Reserve's surprise decision to continue its bond stimulus last month.
On the sectoral front, BSE Realty, Auto and Consumer Durables indices have surged by 2% each followed by counters like FMCG, Oil & Gas, Metal and Healthcare, all gaining by nearly 1%.
Shares of automobiles companies are in demand on expectations of higher demand during the upcoming festive season and upbeat September sales figure. In the auto segment gainers include, Tata Motors, M&M, Maruti Suzuki and Bajaj Auto have gained between 0.5-4%.
Tata Motors is the top Sensex gainer, up nearly 4%. The company's British luxury car unit Jaguar Land Rover (JLR) on Wednesday, 2 October 2013, said it has appointed John Edwards into the role of Managing Director of the newly created Individual Products Division with immediate effect.
Other notable gainers are Hindalco, Coal India, TCS, HDFC Bank, Sun Pharma and Cipla.
Shares of real estate companies are in focus, surging up to 10% after Sobha Developers have recorded good set of sales numbers for the month of September.
Sobha Developers, Peninsula Land, Presitge Estates, Housing Development and Infrastructure Limited (HDIL), Anant Raj Industries, Indiabulls Real Estate, Godrej Properties, D B Realty, Unitech and DLF are up 2-9% on the Bombay Stock Exchange (BSE).On the losing side, JSPL, Dr Reddy’s, GAIL, Tata Power and ICICI Bank have declined between 1-2%.
Wockhardt is locked in lower circuit for fifth day in a row, down 5% at Rs 448 on BSE on reports that the US regulator had issued a Form 483 accompanied with some harsh observations about its Chikalthana plant in Maharashtra.
Lupin has moved higher by 3% at Rs 885, extending its previous day’s 1% gain, after the pharmaceutical company said it has launched the generic version of Allergan Inc's Zymaxid Ophthalmic Solution in the US market with 180 days of marketing exclusivity.
The market breadth in BSE remains marginally positive with 1,026 shares advancing and 997 shares declining.