 "Markets turn flat; ONGC, RIL drag")
Markets have erased half of its gains and are trading flat with positive bias weighed down by index heavyweights such as ITC, Reliance Industries, and HDFC.
At 11:45 am, the S&P BSE Sensex has advanced 16 points to quote at 25,285 and the Nifty50 has gained 9 points to trade at 7,722.
Meanwhile, investors are cautious as they patiently wait for the RBI monetary policy review due tomorrow.
KEY STOCKS
ITC said that it has been compelled to shut its cigarette factories with effect from 1 April 2016 until clarity emerges in the current uncertain state of the rules on health warning. The stock has taken a hit and is trading nearly 2% down.
Owing to the slump in oil prices, ONGC, Reliance Industries, Cairn India have tanked 1-2% each.
However, on the brighter side, auto stocks are rallying on account of robust sales in March. In the auto pack, Tata Motors, Hero Motocorp, TVS Motors, Maruti Suzuki, Bajaj Auto and M&M up between 0.5%-1.5%.
HCL Technologie will acquire Mumbai- based engineering services company Geometric for Rs 1,283 crore ($188 million) in a share-swap deal. HCL Tech has gained 0.5% while Geometric has zoomed 15%.
Meanwhile, IT major Infosys co-founder NS Raghavan along with wife Jamuna Raghavan has acquired shares worth Rs 94.56 crore of the company via an open market transaction. The stock is trading 1.5% higher.
Another stock that is witnessing buying is MOIL up 7% after the company raised prices of ores and fines by 10%-50%. From the same family, JSW Steel has gained 0.4% on recording highest ever monthly crude steel production in March 2016.
SAIL and Tata Steel are up 1.5% each. Fitch Ratings downgraded SAIL’s major's long-term foreign currency issuer default rating (IDR) to 'BB'from 'BBB-'. Fitch Ratings on Friday downgraded Tata Steel and its long-term foreign currency issuer default rating to 'BB' from 'BB+/stable'. The downgrade was on Tata Steel and Tata Steel UK, the rating agency said in a late evening note.
Among other shares, Wabco India has lost 7% on the back on increase in royalty payment by the parent. The company entered into an agreement with M/s WABCO Europe BVBA, a related party for payment of royalty at the rate of 4% on the net sales for using the licensed intangibles and technical knowhow.
Infibeam Incorporation has listed at Rs 458, a 6% premium compared with its issue price of Rs 432 per equity share, on the Bombay Stock Exchange (BSE).
At 11:45 am, the S&P BSE Sensex has advanced 16 points to quote at 25,285 and the Nifty50 has gained 9 points to trade at 7,722.
Meanwhile, investors are cautious as they patiently wait for the RBI monetary policy review due tomorrow.
Also Read
In the commodity space, crude prices extended losses in Asia on Monday after comments by Saudi Arabia cast doubt whether key producers meeting next month would reach an agreement to freeze output to address a global supply glut.
KEY STOCKS
ITC said that it has been compelled to shut its cigarette factories with effect from 1 April 2016 until clarity emerges in the current uncertain state of the rules on health warning. The stock has taken a hit and is trading nearly 2% down.
Owing to the slump in oil prices, ONGC, Reliance Industries, Cairn India have tanked 1-2% each.
However, on the brighter side, auto stocks are rallying on account of robust sales in March. In the auto pack, Tata Motors, Hero Motocorp, TVS Motors, Maruti Suzuki, Bajaj Auto and M&M up between 0.5%-1.5%.
HCL Technologie will acquire Mumbai- based engineering services company Geometric for Rs 1,283 crore ($188 million) in a share-swap deal. HCL Tech has gained 0.5% while Geometric has zoomed 15%.
Meanwhile, IT major Infosys co-founder NS Raghavan along with wife Jamuna Raghavan has acquired shares worth Rs 94.56 crore of the company via an open market transaction. The stock is trading 1.5% higher.
Another stock that is witnessing buying is MOIL up 7% after the company raised prices of ores and fines by 10%-50%. From the same family, JSW Steel has gained 0.4% on recording highest ever monthly crude steel production in March 2016.
SAIL and Tata Steel are up 1.5% each. Fitch Ratings downgraded SAIL’s major's long-term foreign currency issuer default rating (IDR) to 'BB'from 'BBB-'. Fitch Ratings on Friday downgraded Tata Steel and its long-term foreign currency issuer default rating to 'BB' from 'BB+/stable'. The downgrade was on Tata Steel and Tata Steel UK, the rating agency said in a late evening note.
Among other shares, Wabco India has lost 7% on the back on increase in royalty payment by the parent. The company entered into an agreement with M/s WABCO Europe BVBA, a related party for payment of royalty at the rate of 4% on the net sales for using the licensed intangibles and technical knowhow.
Infibeam Incorporation has listed at Rs 458, a 6% premium compared with its issue price of Rs 432 per equity share, on the Bombay Stock Exchange (BSE).