 "Sensex hovers near 29,000; ITC, banks lead")
Markets recovered from intra-day lows after lower-than-expected March WPI raised hopes that the central bank would ease key policy rates.
At 1:10PM, the 30-share Sensex was down 42 points at 29,002 after hitting a low of 28,919 and the 50-share Nifty was down 17 points at 8,817 after touching a low of 8,795.
However, bargain hunting in the broader markets lifted the BSE Mid-cap index to a record high of 11,194 while the Small-cap index touched a fresh 7-year high of 12,027.
ECONOMY
India's wholesale price index-based inflation (WPI) dropped for the fifth straight month in March to -2.33%, government data showed on Wednesday. WPI for February stood at -2.06%.
CURRENCY
The rupee was trading higher at 62.40 compared to Monday's close of 62.50 against the US dollar after the US currency depreciated overseas on discouraging US retail sales data.
SECTORS & STOCKS
Banks, FMCG and Consumer Durables were among the top sectoral gainers on the BSE while IT and Auto were the top losers.
Bharti Airtel was down nearly 3% after e-commerce major Flipkart has announced that it has pulled out of its partnership with Bharti Airtel on its open marketing platform, Airtel Zero.
IT majors were trading lower ahead of fourth quarter earnings from TCS tomorrow. Infosys, TCS and Wipro were down 0.6-1.5% each.
Reliance Industries was down over 1% on profit taking after gains in the past few sessions.
In the auto segment Tata Motors was down 2.1% while M&M lost 2.6%.
FMCG shares were trading mixed despite lower-than-expected consumer price inflation. ITC was up 1.5% while HUL was down 0.9%.
Bank shares firmed after lower-than-expected March WPI and CPI raised expectations that the central bank would ease key policy rates. ICICI Bank, SBI, HDFC Bank and Axis Bank were up 0.5-2% each.
Among other shares, Suzlon Energy was up nearly 3%. The open offer by Dilip Shanghvi & Associates to acquire 26% stake in the wind-energy major at Rs 18 per equity share begins today. The total investment to acquire 26% stake works out to Rs 2,837 crore.
Gujarat Gas, DCB Bank, BASF India were among the top Mid-cap gainers while KNR Constructions, Gammon Infra and Force Motors were among the top Small-cap gainers on the BSE.
The market breadth was strong with 1,505 gainers and 1121 losers on the BSE.
At 1:10PM, the 30-share Sensex was down 42 points at 29,002 after hitting a low of 28,919 and the 50-share Nifty was down 17 points at 8,817 after touching a low of 8,795.
However, bargain hunting in the broader markets lifted the BSE Mid-cap index to a record high of 11,194 while the Small-cap index touched a fresh 7-year high of 12,027.
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Further, foreign institutional investors were net buyers to the tune of Rs 417 crore on Monday.
ECONOMY
India's wholesale price index-based inflation (WPI) dropped for the fifth straight month in March to -2.33%, government data showed on Wednesday. WPI for February stood at -2.06%.
CURRENCY
The rupee was trading higher at 62.40 compared to Monday's close of 62.50 against the US dollar after the US currency depreciated overseas on discouraging US retail sales data.
SECTORS & STOCKS
Banks, FMCG and Consumer Durables were among the top sectoral gainers on the BSE while IT and Auto were the top losers.
Bharti Airtel was down nearly 3% after e-commerce major Flipkart has announced that it has pulled out of its partnership with Bharti Airtel on its open marketing platform, Airtel Zero.
IT majors were trading lower ahead of fourth quarter earnings from TCS tomorrow. Infosys, TCS and Wipro were down 0.6-1.5% each.
Reliance Industries was down over 1% on profit taking after gains in the past few sessions.
In the auto segment Tata Motors was down 2.1% while M&M lost 2.6%.
FMCG shares were trading mixed despite lower-than-expected consumer price inflation. ITC was up 1.5% while HUL was down 0.9%.
Bank shares firmed after lower-than-expected March WPI and CPI raised expectations that the central bank would ease key policy rates. ICICI Bank, SBI, HDFC Bank and Axis Bank were up 0.5-2% each.
Among other shares, Suzlon Energy was up nearly 3%. The open offer by Dilip Shanghvi & Associates to acquire 26% stake in the wind-energy major at Rs 18 per equity share begins today. The total investment to acquire 26% stake works out to Rs 2,837 crore.
Gujarat Gas, DCB Bank, BASF India were among the top Mid-cap gainers while KNR Constructions, Gammon Infra and Force Motors were among the top Small-cap gainers on the BSE.
The market breadth was strong with 1,505 gainers and 1121 losers on the BSE.