 "Sensex facing resistance above 28,000")
At 2pm, the S&P BSE Sensex was down 5 points at 27,985 and the Nifty50 slipped 6 points at 8,627. Broader markets trimmed early gains with both the BSE Midcap and Smallcap indices up 0.5% each. Market breadth was firm with 1437 gainers and 1150 losers on the BSE.
TCS was down nearly 1%. Tata Consultancy Services and its US affiliate have paid Orange County, California, $26 million to settle a lawsuit over what the latter termed as a "failed replacement" to the county's automated property tax system.
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(updated at 12:25pm)
Benchmark indices are trading in a narrow range with Sensex and Nifty swinging between negative and positive zone.
At 12:25 pm, the S&P BSE Sensex was down 20 points at 27,971 and the Nifty50 slipped 5 points at 8,628. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up almost 1% each.
Asian stocks edged lower on Wednesday as strong US housing data overnight increased the chances of an interest rate increase in coming months, prompting some investors to take profits, while oil prices slipped after a surprise jump in US inventories.
Back home, top gainers from the Sensex pack are Maruti Suzuki, Cipla, NTPC, Infosys and Sun Pharma. On the losing side, Lupin, HUL, Tata Steel, Tata Motors and TCS are down 1% each.
Among other shares, Indian Oil Corporation (IOC) has moved higher by nearly 5% to Rs 568 on the BSE after the company announced that its board will meet on Monday, August 29 to consider issue of bonus shares.
Engineers India has rallied 6% to Rs 245 on the BSE after the company reported 50% year-on-year (YoY) jump in net profit at Rs 80 crore for the quarter ended June 30, 2016 (Q1FY17), despite fall in operational income.
Majesco has surged 12% to Rs 544 on the BSE on back of heavy volumes after the company announced that Elafris has joined the Majesco Partner EcoSystem to enhance insurers’ customer communication and payment experience.
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Updated at 11:50 am
The movement for the two key benchmark indices remained confined to a narrow range in mid-morning trade. At 11:50 AM, the barometer index, the S&P BSE Sensex, was up 38.80 points or 0.14% at 28,029.01.
The Nifty 50 index was currently up 8.70 points or 0.1% at 8,641.30. The Sensex was currently trading above the psychologically important 28,000 level. It had settled a tad below that level during the previous trading session.
The market breadth indicating the overall health of the market was strong. On BSE, 1,368 shares rose and 860 shares declined. A total of 137 shares were unchanged. The BSE Mid-Cap index was currently up 0.63%. The BSE Small-Cap index was currently up 0.54%. Both these indices outperformed the Sensex.
Bank stocks edged lower. Among public sector banks, Union Bank of India (down 0.66%), State Bank of India (down 0.33%), Bank of India (down 0.35%), Bank of Baroda (down 0.3%), IDBI Bank (down 0.14%), Punjab National Bank (down 0.28%) and Indian Bank (down 0.04%) edged lower. Vijaya Bank (up 0.51%), Oriental Bank of Commerce (up 0.38%) and Canara Bank (up 0.11%) edged higher.
Among private sector banks, Yes Bank (down 0.16%), Axis Bank (down 0.01%), IndusInd Bank (down 0.13%) and Kotak Mahindra Bank (down 0.05%) edged lower. ICICI Bank (up 0.08%) edged higher.
Index heavyweight HDFC Bank was down 0.14% at Rs 1,250. The stock hit a high of Rs 1,251.95 and a low of Rs 1,248 so far during the day.
Auto stocks witnessed a mixed trend. Hero MotoCorp (down 0.17%), Bajaj Auto (down 0.02%) and Tata Motors (down 0.15%) edged lower. Eicher Motors (up 0.35%), Ashok Leyland (up 0.34%), Mahindra & Mahindra (up 0.55%) and TVS Motor Company (up 0.03%) edged higher.
Maruti Suzuki India rose 2.73% at Rs 4,965 as the Japanese yen weakened against the dollar. A weak yen lifts Maruti's operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. Maruti has reportedly started paying royalty to its Japanese parent in rupee terms on all new models from 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.
Jubilant Life Sciences gained 0.94% at Rs 509.35 after the company announced that it has received final approval for abbreviated new drug application (ANDA) for Telmisartan Tablets, USP 20, 40 and 80mg, from United States Food & Drug Administration (USFDA). The drug is a generic version of Micardis Tablets of Boehringer Ingelheim Pharmaceuticals Inc., which is used for the treatment of hypertension. The announcement was made during market hours today, 24 August 2016.
eClerx Services rose 2.85% at Rs 1,607.50 after the company's announcement that its board of director will consider a proposal for buyback of equity shares along with Q1 June 2016 results on 29 August 2016. The announcement was made after market hours yesterday, 23 August 2016.
In overseas stock markets, Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech later this week, which could provide hints about the timing of the next rate hike from the Fed. US stocks registered small gains yesterday, 23 August 2016, after upbeat data on US new-home sales.
Yellen is due to speak on Friday 26 August 2016, at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
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