Nifty holds 8,600; IT stocks gain ground in a weak market

Markets continue to trade in the negative territory weighed down by Index heavyweights including ICICI Bank and Tata Motors coupled with weakness in NTPC after the stock turned ex-scheme of arrangement today. However, gains in technology stocks capped losses.

By 11.45 AM, the Sensex is lower by 64 points at 28,406 and the Nifty has slipped 27 points at 8,609.

RUPEE

The rupee depreciated by five paise at 62.57 against the US dollar today on fresh demand for the American currency from importers.

OIL

Oil trading near the lowest price in six years is headed for a fifth weekly drop amid signs the global supply glut is worsening

KEY STOCKS

On the sectoral front, BSE Consumer Durables, Power, Realty indices are trading lower up to 1.5%. However, BSE IT index is trading with gains and is up nearly 1%.

NTPC is the top Sensex loser, down 6.7% at Rs 145 after the stock turned ex-scheme of arrangement today.

As per scheme of arrangement, the existing shareholders will get bonus debentures of face value of Rs 12.50 each against each equity shares of Rs 10 held by its members.

The state-owned electric utilities company had fixed March 23, 2015, as the record date for determining the members /shareholders to whom the Debentures will be allotted in terms of this Scheme.

Other notable losers are GAIL,M&M, Hero Motocorp, ICICI Bank down between 1-2.6%.

Axis Bank has cut retail deposit rates by 15-25 basis points (bps) in select maturities. The bank has cut rates by 25 bps for deposits of 18 to 36 months and by 15 bps for deposits up to 18 months. The stock is down 0.5%.

Tata Motors loses 1.3% on reports of Land Rover recalls in China; China is the largest market for JLR.

Bharat Heavy Electricals falls 1.5% on worries FY15 "flash" results may disappoint.

Oil and Gas major ONGC is trading nearly 1% lower. Oil trading near the lowest price in six years is headed for a fifth weekly drop amid signs the global supply glut is worsening.

Wipro has won a 5-year deal from US-based utility company, Greater Cincinnati Water Works. The stock is up nearly 3%.

Infosys, India’s second-largest information technology (IT) services company, has said Ritika Suri will be responsible for managing the $500-million Innovation Fund. She presently heads its mergers and acquisitions (M&A) initiatives. The stock climbed 1%.

Other notables gainers include HDFC, L&T, TCS, Tata Power trading higher up to 1%.

The broader markets are under performing the large caps. BSE Midcap and Smallcap indices are trading lower by 0.6% and 1% each. Market breadth in BSE is weak with 1,680 declines against 658 advances.