 "Markets trim gains; Auto, Oil and Gas shares lose")
Benchmark indices are trading flat as gains in select financials and capital goods majors have helped offset losses in auto, oil & gas shares.
At 11.30 AM, the Sensex was up 23 points at 26,874 and the Nifty flat at 8,020.
In the broader market, BSE Mid cap index has lost around 0.1% while BSE Small cap index is flat.
Rupee has firmed up tracking gains in its Asian peers and is trading at 61.23 against US Dollar.
Asian Markets
Asian stocks are trading mixed on Monday after better-than-expected earnings while growth in new US home sales and the stress tests for banks in the euro zone also helped improve sentiment. Japanese shares have firmed up with the benchmark Nikkei up 0.6% while Straits Times is trading flat with positive bias. However, shares in Hong Kong witnessed profit taking and the Hang Seng is down nearly 0.7% while Shanghai Composite is down 0.6%
Sectors and Stocks
BSE Bankex and Capital Goods indices have gained around 0.6-0.7% each while BSE Realty index has lost the most at around 3.6%. Other losing sectors are BSE Oil & Gas and FMCG.
HDFC is among the biggest gainer with an advance of around 1.8% while its twin HDFC Bank has gained around 1%. SBI has gained around 1.3% while ICICI Bank and Axis Bank are up 0.3-0.4% each.
Bank stocks have gained on expectations of more reforms in the gas and energy sector boosting companies which include some of the large clients of these banks. To ensure regular supply to power companies, government is considering a proposal to effect pooling of domestic and international gas prices.
IndusInd Bank has gained around 3% on reports that the government has cleared the proposal to hike FII shareholding to 74% in the private bank.
GAIL has gained around 1.5% on reports that it will be appointed as the operator of the proposed pool of domestic and international gas prices.
Among infrastructure stocks, L&T and BHEL have gained around 0.8-2.7% each on defence projects worth Rs 50,000 crore cleared by a government panel on Saturday.
Among auto stocks, TATA Motors is among the biggest loser with a decline of around 2% and Hero Motocorp and Bajaj Auto have lost around 03-0.6% each while Maruti Suzuki has gained around 0.1%. Profit taking after the surge during festive season has subdued these stocks.
ONGC has lost more than 1% while Reliance is down 0.5% amid profit taking after gains post the gas price hike and de-regulation of diesel prices announced by the government.
Among IT stocks, Infosys is trading flat while TCS has lost around 0.2%. Wipro has lost around 0.7% after Citi downgraded its stock to ‘neutral’ following tepid Q2 results.
Jindal Steel and Power Limited (JSPL) has plunged around 5% on reports about CBI registering a fresh case against the company for alleged diversion of forest land in the state of Jharkhand.
DLF has lost around 6% on reports that the Haryana government is likely to open cases relating to DLF's deals with the Congress president's son-in-law, Robert Vadra.
Ranbaxy has lost around 0.8% on reports that it might lose a key six-month exclusivity period for the generic version of Nexium - a blockbuster drug from AstraZeneca - if it fails to get regulatory clearance for the US market by the end of November. The drug maker is awaiting approval for the drug, which treats heartburn, from the US Food and Drug Administration (US FDA).
Among other stocks, Bharat Electronics and BEML have surged around 7% each after the government on Saturday cleared defence projects worth Rs 80,000 crore.
Shares of HMT has surged around 13% on back of heavy volumes on reports that the government may rethink its decision to close the loss-making HMT Watches as demand for watches is picking up.
Cairn India has lost around 3% as falling crude prices are expected to erode the profits of companies involved in exploring. Brent crude fell below $86 after Goldman Sachs cut price forecasts.
Just Dial has dipped around 8% after reporting 240 basis points (bps) declined in operating margins for the second quarter ended September 2014, primarily due to an increase in staff cost
At 11.30 AM, the Sensex was up 23 points at 26,874 and the Nifty flat at 8,020.
In the broader market, BSE Mid cap index has lost around 0.1% while BSE Small cap index is flat.
Also Read
Market breadth is slightly positive with 1,146 advances against 1,095 declines.
Rupee has firmed up tracking gains in its Asian peers and is trading at 61.23 against US Dollar.
Asian Markets
Asian stocks are trading mixed on Monday after better-than-expected earnings while growth in new US home sales and the stress tests for banks in the euro zone also helped improve sentiment. Japanese shares have firmed up with the benchmark Nikkei up 0.6% while Straits Times is trading flat with positive bias. However, shares in Hong Kong witnessed profit taking and the Hang Seng is down nearly 0.7% while Shanghai Composite is down 0.6%
Sectors and Stocks
BSE Bankex and Capital Goods indices have gained around 0.6-0.7% each while BSE Realty index has lost the most at around 3.6%. Other losing sectors are BSE Oil & Gas and FMCG.
HDFC is among the biggest gainer with an advance of around 1.8% while its twin HDFC Bank has gained around 1%. SBI has gained around 1.3% while ICICI Bank and Axis Bank are up 0.3-0.4% each.
Bank stocks have gained on expectations of more reforms in the gas and energy sector boosting companies which include some of the large clients of these banks. To ensure regular supply to power companies, government is considering a proposal to effect pooling of domestic and international gas prices.
IndusInd Bank has gained around 3% on reports that the government has cleared the proposal to hike FII shareholding to 74% in the private bank.
GAIL has gained around 1.5% on reports that it will be appointed as the operator of the proposed pool of domestic and international gas prices.
Among infrastructure stocks, L&T and BHEL have gained around 0.8-2.7% each on defence projects worth Rs 50,000 crore cleared by a government panel on Saturday.
Among auto stocks, TATA Motors is among the biggest loser with a decline of around 2% and Hero Motocorp and Bajaj Auto have lost around 03-0.6% each while Maruti Suzuki has gained around 0.1%. Profit taking after the surge during festive season has subdued these stocks.
ONGC has lost more than 1% while Reliance is down 0.5% amid profit taking after gains post the gas price hike and de-regulation of diesel prices announced by the government.
Among IT stocks, Infosys is trading flat while TCS has lost around 0.2%. Wipro has lost around 0.7% after Citi downgraded its stock to ‘neutral’ following tepid Q2 results.
Jindal Steel and Power Limited (JSPL) has plunged around 5% on reports about CBI registering a fresh case against the company for alleged diversion of forest land in the state of Jharkhand.
DLF has lost around 6% on reports that the Haryana government is likely to open cases relating to DLF's deals with the Congress president's son-in-law, Robert Vadra.
Ranbaxy has lost around 0.8% on reports that it might lose a key six-month exclusivity period for the generic version of Nexium - a blockbuster drug from AstraZeneca - if it fails to get regulatory clearance for the US market by the end of November. The drug maker is awaiting approval for the drug, which treats heartburn, from the US Food and Drug Administration (US FDA).
Among other stocks, Bharat Electronics and BEML have surged around 7% each after the government on Saturday cleared defence projects worth Rs 80,000 crore.
Shares of HMT has surged around 13% on back of heavy volumes on reports that the government may rethink its decision to close the loss-making HMT Watches as demand for watches is picking up.
Cairn India has lost around 3% as falling crude prices are expected to erode the profits of companies involved in exploring. Brent crude fell below $86 after Goldman Sachs cut price forecasts.
Just Dial has dipped around 8% after reporting 240 basis points (bps) declined in operating margins for the second quarter ended September 2014, primarily due to an increase in staff cost