 "Markets trade flat, Nifty hovers around 7,050; Adani Ports up 5%")
Benchmark indices have turned flat with Sensex and Nifty swinging between negative and positive zone.
At 14:22 pm, the S&P BSE Sensex was up 8 points at 23,200 and the Nifty50 was trading 2 points higher at 7,051.
The top losers from the Sensex pack are GAIL, ICICI Bank, Coal India, Lupin and Bajaj Auto, all slumping between 3%-4%.
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Updated at 12 pm
Benchmark share indices have turned choppy in late morning trades weighed down by financials even as gains in select index heavyweights Reliance Industries and Infosys helped cap further downside.
At 12pm, the S&P BSE Sensex was down 72 points at 23,119 and the Nifty50 was trading 24 points lower at 7,024.
The broader markets are underperforming the benchmarks with BSE Midcap and Smallcap indices down over 1% each. Market breadth continues to remain weak with 1,667 declines versus 574 advances on the BSE.
Global crude oil prices continue to remain volatile after the world's largest oil producers Russia and Saudi Arabia dampened prospects of a supply cut by deciding to freeze oil output.
The Indian rupee continued to trade 23 paise lower at 68.61 to the US dollar amid strong gains in the US currency.
SECTORS & STOCKS
BSE Consumer Durables index was down 3% followed by Metal, Bankex, Healthcare and FMCG among others.
In the financial space, profit taking was now seen in the private sector even as state-owned banks witnessed marginal rebound. ICICI Bank, HDFC Bank, HDFC, Yes Bank and Axis Bank were down 0.4%-3% each.
State Bank of India was trading nearly 1% higher. The stock had corrected in the previous session after the management said non-performing assets are expected to increase in the fourth quarter of this financial year and impact its profitability.
Pharma shares were trading mixed with Sun Pharma and Dr Reddy's Labs up 0.8%-1.4% each while Lupin was down 1.8%.
Cipla eased nearly 1%. The pharma major said the government has approved an investment by Mauritius-based FIL Capital Investments in its subsidiary Cipla Health.
HCL Tech trimmed early gains and was marginally down. The tech firm is planning to sell shares in the US this year which would be the first listing there by a large Indian company in more than eight years.
Infosys is up 0.4%. The IT major is confident of achieving its ambitious target of hitting $20 billion in sales by 2020 despite the pall of economic gloom hanging over the Indian information technology (IT) industry.
Bank of India eased 3% after Standard & Poor's Ratings Services revised its outlook on Bank of India to negative from stable.
BPCL is up 3.3%. The state-owned oil marketing major received clearance from the Environment Ministry for a Rs 337-crore project at its Kochi Refinery in Kerala.
Tata Motors was up 1%. Tata Motors, Bharat Forge and General Dynamics have forged an alliance to bid for the $11 billion (Rs 78,000 crore) project of making combat infantry vehicles for the Indian Army under the Future Infantry Combat Vehicle (FICV) Programme.
Among other shares, Keosram Industries were down 4% at Rs 78 after the company's board of directors approved plan to raise up to Rs 180 crore through issue of equity shares and convertible preference shares.
Valecha Engineering was up nearly 8% at Rs 32.70 on the Bombay Stock Exchange after the company announced that it has received fresh orders worth Rs 398.03 crore.
At 14:22 pm, the S&P BSE Sensex was up 8 points at 23,200 and the Nifty50 was trading 2 points higher at 7,051.
The top losers from the Sensex pack are GAIL, ICICI Bank, Coal India, Lupin and Bajaj Auto, all slumping between 3%-4%.
********************************
Updated at 12 pm
Benchmark share indices have turned choppy in late morning trades weighed down by financials even as gains in select index heavyweights Reliance Industries and Infosys helped cap further downside.
At 12pm, the S&P BSE Sensex was down 72 points at 23,119 and the Nifty50 was trading 24 points lower at 7,024.
The broader markets are underperforming the benchmarks with BSE Midcap and Smallcap indices down over 1% each. Market breadth continues to remain weak with 1,667 declines versus 574 advances on the BSE.
Global crude oil prices continue to remain volatile after the world's largest oil producers Russia and Saudi Arabia dampened prospects of a supply cut by deciding to freeze oil output.
The Indian rupee continued to trade 23 paise lower at 68.61 to the US dollar amid strong gains in the US currency.
SECTORS & STOCKS
BSE Consumer Durables index was down 3% followed by Metal, Bankex, Healthcare and FMCG among others.
In the financial space, profit taking was now seen in the private sector even as state-owned banks witnessed marginal rebound. ICICI Bank, HDFC Bank, HDFC, Yes Bank and Axis Bank were down 0.4%-3% each.
State Bank of India was trading nearly 1% higher. The stock had corrected in the previous session after the management said non-performing assets are expected to increase in the fourth quarter of this financial year and impact its profitability.
Pharma shares were trading mixed with Sun Pharma and Dr Reddy's Labs up 0.8%-1.4% each while Lupin was down 1.8%.
Cipla eased nearly 1%. The pharma major said the government has approved an investment by Mauritius-based FIL Capital Investments in its subsidiary Cipla Health.
HCL Tech trimmed early gains and was marginally down. The tech firm is planning to sell shares in the US this year which would be the first listing there by a large Indian company in more than eight years.
Infosys is up 0.4%. The IT major is confident of achieving its ambitious target of hitting $20 billion in sales by 2020 despite the pall of economic gloom hanging over the Indian information technology (IT) industry.
Bank of India eased 3% after Standard & Poor's Ratings Services revised its outlook on Bank of India to negative from stable.
BPCL is up 3.3%. The state-owned oil marketing major received clearance from the Environment Ministry for a Rs 337-crore project at its Kochi Refinery in Kerala.
Tata Motors was up 1%. Tata Motors, Bharat Forge and General Dynamics have forged an alliance to bid for the $11 billion (Rs 78,000 crore) project of making combat infantry vehicles for the Indian Army under the Future Infantry Combat Vehicle (FICV) Programme.
Among other shares, Keosram Industries were down 4% at Rs 78 after the company's board of directors approved plan to raise up to Rs 180 crore through issue of equity shares and convertible preference shares.
Valecha Engineering was up nearly 8% at Rs 32.70 on the Bombay Stock Exchange after the company announced that it has received fresh orders worth Rs 398.03 crore.