 "Markets turn choppy; Nifty hovers around 8,700")
Markets turned choppy in late morning trades and profit booking in rate sensitive shares capped upside gains. Further, selling by foreign funds in the past few sessions also weighed on market sentiment.
At 11:50AM, the Sensex was lower by 7 points at 28,844 mark and the Nifty has slipped 7 points at 8,702.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 27.43 crore yesterday, 5 February 2015, as per provisional data.
On the sectoral front, BSE Auto, Bankex, Healthcare, Metal and Realty indices have slipped between 1-3%. However, BSE FMCG and IT indices are up 1% each.
Shares of Tata Motors are trading lower by 6% after India’s biggest automobile manufacturer missed estimates by a huge margin. Net profit fell 25.5 per cent to Rs 3,581 crore from Rs 4,804 crore in the year-ago period. Bloomberg had estimated net profit at Rs 4,972 crore. Among other auto majors, Hero MotoCorp, Bajaj Auto, Maruti Suzuki were down 0.3-1.8% each.
Capital goods majors L&T and BHEL were down 0.5-2% each on the back of weak core sector growth in December.
Banking stocks are in focus after the Reserve Bank of India (RBI) yesterday said in its guidelines for implementation of Countercyclical Capital Buffer (CCCB) that the CCCB may be maintained in the form of Common Equity Tier 1 (CET 1) capital or other fully loss absorbing capital only, and that the amount of the CCCB may vary from 0 to 2.5% of total risk weighted assets (RWA) of the banks.
HDFC Bank was down 1.5% on profit booking. Axis Bank and ICICI Bank were down 0.3-1.5% each.
GAIL, Tata Steel and NMDC are due to post its Q3 results later during the day. GAIL and Tata Steel have slipped between 1-3%.
Other notable losers are BHEL, Tata Power, Coal India and Sun Pharma.
On the gaining side, HDFC, Cipla, Infosys, Wipro and Bharti Airtel have risen between 1-2%.
Shares of Infosys are trading higher by 1.6% to Rs 2,229 on the BSE after Infosys BPO secured an IT services deal with Dutch insurance services firm a.S.R. for supporting back-office operations.
Shares of Cipla are trading higher by 2% to Rs 675 on the BSE on reports stating that the pharmaceutical major, Cipla and Pune-based unlisted Serum Institute will plan a marketing tie up under which Cipla will sell Serum's products in selected markets abroad.
Orange SA has explored various acquisitions in Africa, including assets owned by Bharti Airtel Ltd, as the French company seeks to bolster its business in the region, according to people. Bharti Airtel was up 1%.
Among other shares, Shares of Godfrey Phillips were down nearly 10% at Rs 526 after the company reported 85% drop in net profit to Rs 11 crore in the quarter ended December 31, 2014 because of sharp fall in operating profits.
In the broader market, BSE Mid-cap and Small-cap indices were down 0.7-1.3% each.
Market breadth was weak with 1,724 losers and 714 gainers on the BSE.
At 11:50AM, the Sensex was lower by 7 points at 28,844 mark and the Nifty has slipped 7 points at 8,702.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 27.43 crore yesterday, 5 February 2015, as per provisional data.
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The Indian rupee was trading unchanged at Rs 61.73 to the US dollar.
On the sectoral front, BSE Auto, Bankex, Healthcare, Metal and Realty indices have slipped between 1-3%. However, BSE FMCG and IT indices are up 1% each.
Shares of Tata Motors are trading lower by 6% after India’s biggest automobile manufacturer missed estimates by a huge margin. Net profit fell 25.5 per cent to Rs 3,581 crore from Rs 4,804 crore in the year-ago period. Bloomberg had estimated net profit at Rs 4,972 crore. Among other auto majors, Hero MotoCorp, Bajaj Auto, Maruti Suzuki were down 0.3-1.8% each.
Capital goods majors L&T and BHEL were down 0.5-2% each on the back of weak core sector growth in December.
Banking stocks are in focus after the Reserve Bank of India (RBI) yesterday said in its guidelines for implementation of Countercyclical Capital Buffer (CCCB) that the CCCB may be maintained in the form of Common Equity Tier 1 (CET 1) capital or other fully loss absorbing capital only, and that the amount of the CCCB may vary from 0 to 2.5% of total risk weighted assets (RWA) of the banks.
HDFC Bank was down 1.5% on profit booking. Axis Bank and ICICI Bank were down 0.3-1.5% each.
GAIL, Tata Steel and NMDC are due to post its Q3 results later during the day. GAIL and Tata Steel have slipped between 1-3%.
Other notable losers are BHEL, Tata Power, Coal India and Sun Pharma.
On the gaining side, HDFC, Cipla, Infosys, Wipro and Bharti Airtel have risen between 1-2%.
Shares of Infosys are trading higher by 1.6% to Rs 2,229 on the BSE after Infosys BPO secured an IT services deal with Dutch insurance services firm a.S.R. for supporting back-office operations.
Shares of Cipla are trading higher by 2% to Rs 675 on the BSE on reports stating that the pharmaceutical major, Cipla and Pune-based unlisted Serum Institute will plan a marketing tie up under which Cipla will sell Serum's products in selected markets abroad.
Orange SA has explored various acquisitions in Africa, including assets owned by Bharti Airtel Ltd, as the French company seeks to bolster its business in the region, according to people. Bharti Airtel was up 1%.
Among other shares, Shares of Godfrey Phillips were down nearly 10% at Rs 526 after the company reported 85% drop in net profit to Rs 11 crore in the quarter ended December 31, 2014 because of sharp fall in operating profits.
In the broader market, BSE Mid-cap and Small-cap indices were down 0.7-1.3% each.
Market breadth was weak with 1,724 losers and 714 gainers on the BSE.