 "Nifty holds 7,850 amid range bound trades; Bank Nifty up 1%")
Markets continue to remain range bound in late morning trades with a negative bias dragged down by index heavyweights such as Tata Motors and Infosys. Banking and Realty shares are in demand ahead of the Reserve Bank of India's fourth bi-monthly monetary policy review for the year 2015-16 which is scheduled tomorrow.
At 11:50 am, the Sensex is down 34 points at 25,830 and the Nifty has slipped 4 points at 7,864
The broader markets are however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up between 0.4-1% each.
Meanwhile, in the first ever merger of two regulators, over 60-year-old FMC (Forward Markets Commission) will merge with the younger but much bigger capital markets watchdog Sebi to create a unified regulatory body.
On the currency front, the Indian rupee has appreciated by 9 paise to quote at 66.07 against the US dollar.
SECTORS & STOCKS
Sectorally, BSE Consumer Durables, Healthcare and Banks are in focus and trading higher between 0.6-1.3% each. On the flip side, BSE Metal is down by 1.6%
Bank stocks are in focus after the Reserve Bank of India (RBI) announced measures to enhance commercial banks' ability to recover loans to borrowing entities which are under stress primarily due to operational/managerial inefficiencies of the existing promoters.
SBI, Axis bank, ICICI Bank, and HDFC Bank have gained between 0.5-1.5% each.
Two days after Maruti Suzuki raised the wages of its 13,000 permanent factory workers by Rs 16,800 a month, a few hundred unhappy temporary staff on Saturday protested outside the company’s Manesar facility, seeking a salary increase. The stock has lost 0.4%
Shares of Sun Pharmaceutical Industries has dipped over 2% each after the US Food and Drugs Administration (USFDA) withdrew an approval granted in March to SPARC’s anti-epileptic drug due to regulatory compliance issues at Sun Pharma's Halol plant.
Dr Reddy’s Laboratories has rallied over 5% otherwise subdued market after the drug maker announced the launch of Esomeprazole Magnesium Delayed-release capsules, which is the generic version of AstraZeneca's Nexium, in the US market.
Other important losers on the Sensex are Tata Motors, Infosys, Reliance Industries, all down between 0.7-2.4% each.
At 11:50 am, the Sensex is down 34 points at 25,830 and the Nifty has slipped 4 points at 7,864
The broader markets are however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up between 0.4-1% each.
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Market breadth on the BSE remains healthy with 1,290 shares advancing and 940 shares declining.
Meanwhile, in the first ever merger of two regulators, over 60-year-old FMC (Forward Markets Commission) will merge with the younger but much bigger capital markets watchdog Sebi to create a unified regulatory body.
On the currency front, the Indian rupee has appreciated by 9 paise to quote at 66.07 against the US dollar.
SECTORS & STOCKS
Sectorally, BSE Consumer Durables, Healthcare and Banks are in focus and trading higher between 0.6-1.3% each. On the flip side, BSE Metal is down by 1.6%
Bank stocks are in focus after the Reserve Bank of India (RBI) announced measures to enhance commercial banks' ability to recover loans to borrowing entities which are under stress primarily due to operational/managerial inefficiencies of the existing promoters.
SBI, Axis bank, ICICI Bank, and HDFC Bank have gained between 0.5-1.5% each.
Two days after Maruti Suzuki raised the wages of its 13,000 permanent factory workers by Rs 16,800 a month, a few hundred unhappy temporary staff on Saturday protested outside the company’s Manesar facility, seeking a salary increase. The stock has lost 0.4%
Shares of Sun Pharmaceutical Industries has dipped over 2% each after the US Food and Drugs Administration (USFDA) withdrew an approval granted in March to SPARC’s anti-epileptic drug due to regulatory compliance issues at Sun Pharma's Halol plant.
Dr Reddy’s Laboratories has rallied over 5% otherwise subdued market after the drug maker announced the launch of Esomeprazole Magnesium Delayed-release capsules, which is the generic version of AstraZeneca's Nexium, in the US market.
Other important losers on the Sensex are Tata Motors, Infosys, Reliance Industries, all down between 0.7-2.4% each.