 "Sensex hovers around 26,100; metal & auto shares weigh")
Benchmark indices are trading in a narrow range with negative bias weighed down by IT, metal and auto shares.
Meanwhile, Railway Minister Sadananda Gowda will present the Railway Budget for 2014-15 in the Lok Sabha today.
By 11:10, the Sensex was lower by 32 points at 26,037 mark and the Nifty slipped by 7 points at 7,772 levels.
The market breadth in BSE remains weak with 1,481 shares declining and 972 shares advancing.
EXPERT VIEW
Ranak Merchant, Technical Analyst - Strategies at Sushil Financial Services says, “Markets have been hitting fresh all time highs through last week and the start of this week and a minor correction ahead of the Railway Budget today and upcoming Union Budget on July 10th is not a surprise. We have been advising traders to reduce leverage and trade light in the wake of these two events as any negatives could lead to a test of 7441 on the NSe NIFTy spot. The upside appears to be capped near 8005 in the event of any positive surprises. In the day's session Nifty has take resistance at our indicated level of 7825 as of now. Investors to continue to hold quality portfolio.”
GLOBAL MARKETS
Asian stocks were subdued on Tuesday as Wall Street turned cautious ahead of the corporate reporting season and earnings guidance from regional tech heavyweight Samsung came in well short of forecasts.
Investors could also be forgiven for feeling a touch of altitude sickness after many indexes recently hit all-time or multi-year peaks.
MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower in thin trade. It briefly struck a three-year high at 502.00 but shied away from tough resistance at the 2011 top of 512.12.
INDIAN CURRENCY
The rupee is trading at 59.91/92 compared with its Monday close of 60.0125/0225, tracking gains in other Asian currencies versus the dollar and on expectations of continued foreign fund inflows into local shares.
SECTORS & STOCKS
BSE Metal, Realty, Power, Auto, Oil & Gas and IT indices have slumped between 0.6-1.2%. However, BSE Healthcare index has surged by 1%.
IT stocks have fallen due to profit-taking after a sharp gain in the previous session.
The main losers on the Sensex are Sesa Sterlite, Coal India, RIL, TCS, M&M, Wipro and ONGC.
On the gaining side, Sun Pharma, HDFC, Cipla, GAIL and HUL have gained between 1-2.5%.
Pharmaceutical stocks are continued at their upward march with most of the frontline companies trading at multi-year highs on the bourses.
Sun Pharmaceutical Industries, Ranbaxy Laboratories, Cipla, Aurobindo Pharma and Biocon are trading higher in the range of 1-3% on the Bombay Stock Exchange (BSE).
Meanwhile, railway-related stocks fall on profit-taking ahead of railway budget later in the day. Shares in the sector have surged on hopes of reforms including opening of the sector to foreign investments under newly-elected Modi government, traders say.
Titagarh Wagons, Texmaco Rail & Engineering and BEML have slumped between 1-4%.
ITI has soared nearly 11% to Rs 43.30, extending its past one week rally, after the company said it has bagged two advance purchase orders from BSNL amounting to Rs 2,984 crore. The stock is trading at its highest level since December 2010.
Meanwhile, Railway Minister Sadananda Gowda will present the Railway Budget for 2014-15 in the Lok Sabha today.
By 11:10, the Sensex was lower by 32 points at 26,037 mark and the Nifty slipped by 7 points at 7,772 levels.
More From This Section
The broader markets are witnessing selling pressure today- BSE Midcap index has slipped by 0.2% whereas BSE Smallcap index has declined by 0.6%.
The market breadth in BSE remains weak with 1,481 shares declining and 972 shares advancing.
EXPERT VIEW
Ranak Merchant, Technical Analyst - Strategies at Sushil Financial Services says, “Markets have been hitting fresh all time highs through last week and the start of this week and a minor correction ahead of the Railway Budget today and upcoming Union Budget on July 10th is not a surprise. We have been advising traders to reduce leverage and trade light in the wake of these two events as any negatives could lead to a test of 7441 on the NSe NIFTy spot. The upside appears to be capped near 8005 in the event of any positive surprises. In the day's session Nifty has take resistance at our indicated level of 7825 as of now. Investors to continue to hold quality portfolio.”
GLOBAL MARKETS
Asian stocks were subdued on Tuesday as Wall Street turned cautious ahead of the corporate reporting season and earnings guidance from regional tech heavyweight Samsung came in well short of forecasts.
Investors could also be forgiven for feeling a touch of altitude sickness after many indexes recently hit all-time or multi-year peaks.
MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower in thin trade. It briefly struck a three-year high at 502.00 but shied away from tough resistance at the 2011 top of 512.12.
INDIAN CURRENCY
The rupee is trading at 59.91/92 compared with its Monday close of 60.0125/0225, tracking gains in other Asian currencies versus the dollar and on expectations of continued foreign fund inflows into local shares.
SECTORS & STOCKS
BSE Metal, Realty, Power, Auto, Oil & Gas and IT indices have slumped between 0.6-1.2%. However, BSE Healthcare index has surged by 1%.
IT stocks have fallen due to profit-taking after a sharp gain in the previous session.
The main losers on the Sensex are Sesa Sterlite, Coal India, RIL, TCS, M&M, Wipro and ONGC.
On the gaining side, Sun Pharma, HDFC, Cipla, GAIL and HUL have gained between 1-2.5%.
Pharmaceutical stocks are continued at their upward march with most of the frontline companies trading at multi-year highs on the bourses.
Sun Pharmaceutical Industries, Ranbaxy Laboratories, Cipla, Aurobindo Pharma and Biocon are trading higher in the range of 1-3% on the Bombay Stock Exchange (BSE).
Meanwhile, railway-related stocks fall on profit-taking ahead of railway budget later in the day. Shares in the sector have surged on hopes of reforms including opening of the sector to foreign investments under newly-elected Modi government, traders say.
Titagarh Wagons, Texmaco Rail & Engineering and BEML have slumped between 1-4%.
ITI has soared nearly 11% to Rs 43.30, extending its past one week rally, after the company said it has bagged two advance purchase orders from BSNL amounting to Rs 2,984 crore. The stock is trading at its highest level since December 2010.