 "Markets off day lows; banks, oil&gas scrips gain")
Markets edged higher in early noon trades and broke into the green territory on account of gains in banks and oil and gas names.
At 1315 hrs, the Sensex was up 39 points at 28,483 and the Nifty gained 20 points to trade at 8,544.
The broader markets attracted investor interest in today’s trade. The mid and smallcap indices were up 1.6% each while the BSE benchmark index was up marginally by 0.1%.
The only pockets of weakness were defensive spaces like IT and FMCG. The respective indices were own 0.3% each.
The top gainers among ensex-30 were BHEL, Sesa Sterlite, Axis Bank, M&M, Maruti and BTPC up 1.2-3%.
Among the ones in red were Dr Reddys, ITC and HDFC twins down 0.5-2%.
IT majors TCS, Infosys were lower by 1% each.
The market breadth was positive on BSE. 1,587 stocks advanced while 924 stocks declined.
Global Markets
In Asia, Nikeei closed at a record high as dollar marked a fresh seven-year high against the yen, while oil prices recovered on news of a drop in US supply.
MSCI's broadest index of Asia-Pacific shares outside Japan edged down about 0.2%. But Japan's Nikkei stock average finished 0.3% higher, off its session highs but still closing at its highest level since July 2007.
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(Updated at 1315 hrs)
Benchmark indices remained marginally weak, amid range bound trade, as losses in index heavyweights ITC and Infosys capped gains in select banks and auto shares.
At 11:30AM, the 30-share Sensex was down 32 points at 28,411 and the 50-share Nifty was flat at 8,425.
In the broader market, both BSE midcap and smallcap indices with gains of 1.4% each have outperformed their larger peers. Market breadth in BSE is positive with 1,709 advances against 747 declines.
Meanwhile, activity in India's services sector expanded at its fastest rate in five months in November on new order flows, but hiring declined for the first time in four months, showed the widely-tracked HSBC purchasing managers' index (PMI) data released on Wednesday.
The index rose to 52.6 points in November against 50 in the previous month. A reading at 50 separates expansion (above 50) and contraction (below 50)
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 107 crore on Tuesday, as per provisional stock exchange data.
Buzzing Stocks
BSE Power and Capital Goods indices are the lead gainers surging more than 1% each followed by BSE Auto and Consumer Durables indices with gains of 0.8% each. BSE Bankex and Metal index have gained around 0.7% each.
BSE FMCG index, down 0.7% is the top loser followed by BSE IT index, down 0.4%.
BHEL has gained around 3.5% and is the top gainer on BSE. The company has announced the successful commissioning of India's first phase shifting transformer at Kothagudem Thermal Power station in Telangana. It is a significant breakthrough for BHEL which is the largest manufacturers of transformers in the country.
Auto shares are trading mixed. M&M has recovered from yesterday's lows and is trading with a gain of more than 1%. Tata Motors has gained around 0.8% on news that its prized acquisition Jaguar Land Rover has started to build a plant in Brazil.
Maruti Suzuki has gained around 0.6% as the depreciation of yen is likely to benefit the company.
Among Financials, ICICI Bank has gained around 0.7%. Tomorrow the stock turns ex-stock split.
SBI has gained around 0.8%. Finance Minister, Arun Jaitley informed the parliament about goverment's plans to decrease its stake in public sector banks to 52% in a phased manner.
Axis Bank has gained more than 1% while HDFC Bank and finance major HDFC are trading with losses of 0.6% and 1.2% each.
Index heavyweights, Infosys and ITC have lost 1.1% and 1.5% each.
Among other shares,Patel Airtemp has zoomed 14% after the company said it has bagged export orders worth Rs 56 crore.
At 1315 hrs, the Sensex was up 39 points at 28,483 and the Nifty gained 20 points to trade at 8,544.
The broader markets attracted investor interest in today’s trade. The mid and smallcap indices were up 1.6% each while the BSE benchmark index was up marginally by 0.1%.
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Auto, Capital Goods, Power and Realty indices up over a percent each were the top sectoral gainers.
The only pockets of weakness were defensive spaces like IT and FMCG. The respective indices were own 0.3% each.
The top gainers among ensex-30 were BHEL, Sesa Sterlite, Axis Bank, M&M, Maruti and BTPC up 1.2-3%.
Among the ones in red were Dr Reddys, ITC and HDFC twins down 0.5-2%.
IT majors TCS, Infosys were lower by 1% each.
The market breadth was positive on BSE. 1,587 stocks advanced while 924 stocks declined.
Global Markets
In Asia, Nikeei closed at a record high as dollar marked a fresh seven-year high against the yen, while oil prices recovered on news of a drop in US supply.
MSCI's broadest index of Asia-Pacific shares outside Japan edged down about 0.2%. But Japan's Nikkei stock average finished 0.3% higher, off its session highs but still closing at its highest level since July 2007.
__________________________
(Updated at 1315 hrs)
Benchmark indices remained marginally weak, amid range bound trade, as losses in index heavyweights ITC and Infosys capped gains in select banks and auto shares.
At 11:30AM, the 30-share Sensex was down 32 points at 28,411 and the 50-share Nifty was flat at 8,425.
In the broader market, both BSE midcap and smallcap indices with gains of 1.4% each have outperformed their larger peers. Market breadth in BSE is positive with 1,709 advances against 747 declines.
Meanwhile, activity in India's services sector expanded at its fastest rate in five months in November on new order flows, but hiring declined for the first time in four months, showed the widely-tracked HSBC purchasing managers' index (PMI) data released on Wednesday.
The index rose to 52.6 points in November against 50 in the previous month. A reading at 50 separates expansion (above 50) and contraction (below 50)
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 107 crore on Tuesday, as per provisional stock exchange data.
Buzzing Stocks
BSE Power and Capital Goods indices are the lead gainers surging more than 1% each followed by BSE Auto and Consumer Durables indices with gains of 0.8% each. BSE Bankex and Metal index have gained around 0.7% each.
BSE FMCG index, down 0.7% is the top loser followed by BSE IT index, down 0.4%.
BHEL has gained around 3.5% and is the top gainer on BSE. The company has announced the successful commissioning of India's first phase shifting transformer at Kothagudem Thermal Power station in Telangana. It is a significant breakthrough for BHEL which is the largest manufacturers of transformers in the country.
Auto shares are trading mixed. M&M has recovered from yesterday's lows and is trading with a gain of more than 1%. Tata Motors has gained around 0.8% on news that its prized acquisition Jaguar Land Rover has started to build a plant in Brazil.
Maruti Suzuki has gained around 0.6% as the depreciation of yen is likely to benefit the company.
Among Financials, ICICI Bank has gained around 0.7%. Tomorrow the stock turns ex-stock split.
SBI has gained around 0.8%. Finance Minister, Arun Jaitley informed the parliament about goverment's plans to decrease its stake in public sector banks to 52% in a phased manner.
Axis Bank has gained more than 1% while HDFC Bank and finance major HDFC are trading with losses of 0.6% and 1.2% each.
Index heavyweights, Infosys and ITC have lost 1.1% and 1.5% each.
Among other shares,Patel Airtemp has zoomed 14% after the company said it has bagged export orders worth Rs 56 crore.