Nifty hovers around 8,300; Oil shares drag

Benchmark indices continue to remain under pressure as investors turn cautious ahead of the IIP and CPI numbers due tomorrow. Further, decline in Chinese shares and international oil prices along with political uncertainty in Greece dampened the sentiments of the market participants.

By 1 PM, the Sensex is lower by 173 points at 27,658 mark and the Nifty slipped by 46 points to trade at 8,310 mark.

The broader markets are in line with the benchmark indices- BSE Midcap and Smallcap indices are trading lower by 0.3% and 0.6% each.

On the global front, Asian stocks fell early on Thursday as falling oil prices continued to feed into global growth concerns, while the dollar lost more ground against peers such as the yen and euro after a further drop in US bond yields.

Japan’s Nikkei Stock Average is down 1%, Hong Kong’s Hang Seng is down 1.%, while China’s Shanghai Composite has lost 0.5%.

Key Stocks:

On the sectoral front, barring BSE Healthcare index, all other indices are losing sheen on the BSE.BSE Oil & Gas index is the top loser down 1.7% followed by Realty, Metal indices down around 1%. BSE Bankex is down 0.9%. 

Mahindra and Mahindra has gained around 0.7%. According to media reports, the company is close to acquiring a stake in the company that owns Swedish auto maker, Saab Automotive.

Among other auto stocks, Maruti Suzuki and Bajaj Auto are up 0.3% each.

Fresh buying is evident in the healthcare space. Dr Reddy’s Lab and Sun Pharma are up 0.5% each.

Oil and gas shares are trading weak after global crude prices fell by another 5% on Wednesday. Reliance and ONGC have lost 2% and 1.6% each. GAIL shed more than 2%.

Financials are under pressure in today’s trade. ICICI Bank, Axis Bank and SBI have lost between 0.4-1%.

Metal shares are weak amid concerns over economic growth of China. Sesa Sterlite has lost close to 1% while Coal India and Tata Steel have lost around 0.4% and 2% respectively.

IT shares remain subdued tracking weakness in their peers on Nasdaq. Infosys has lost close to 2%. TCS and Wipro are trading with marginal gains.

R Systems International has surged 15% to Rs 79.35 on the National Stock Exchange (NSE) in otherwise weak market after the company announced share buyback plan.

Shares of Speciality Restaurants are up over 1% at Rs 184, in an otherwise weak market, after the company's completed acquisition of majority stake in Love Sugar and Dough Pvt Ltd which was approved by the board earlier.

The market breadth is weak on the BSE with 1,635 shares declining and 943 shares advancing.