Markets have trimmed gains and are trading in a tight range with positive weighed down by selling pressure among banking shares.
By 10:20 a.m., the Sensex was lower by 66 points at the 28,934 mark while the Nifty slipped 20 points to 8,739.
The BSE Bankex has slipped by over 1% with Axis Bank, ICICI Bank and SBI plunging between 1-3%.
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Updated at 9:30 a.m.
Markets have started the trading session on a positive note tracking global cues and buying among select metal and oil shares.
At 9:30 a.m., the Sensex was higher by 62 points at 29,062 mark and the Nifty gained by 15 points at 8,772 levels.
"The Nifty needs to hold above 8,750 levels to witness buying interest towards 8,800 and higher levels. On the downside, immediate support exists at 8,720 zones and below that it may drift down towards 8,680 and 8,626 levels. Traders are suggested to trade cautiously as market is expected to be volatile ahead of upcoming corporate result and Union Budget 2015," said a technical analyst from Anand Rathi in a note.
Among broader markets, BSE Midcap and Smallcap indices are up 0.3-0.5%. Markets breadth in BSE is positive with 746 shares advancing and 347 shares declining. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 264.35 crore yesterday, as per provisional data.
On the global front, oil prices were holding hefty gains in Asia on Wednesday having rallied 19% in just four sessions, while the US dollar nursed big losses as a revival in risk appetite swept through crowded trading positions.
Global markets:
Nikkei futures pointed to an early gain of over 100 points while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%.
China's services sector grew at the slowest pace in six months in January as growth in new business weakened, a private survey showed, raising expectations that policymakers may unveil more stimulus steps to avert a sharper slowdown in the world's second-largest economy.
The HSBC/Markit Services Purchasing Managers' Index (PMI) slowed to 51.8 last month - the weakest since July 2014 - from December's 53.4, but remained above the 50-point level that separates growth from contraction in activity on a monthly basis.
Winners and laggards:
Back home, BSE Metal, Healthcare and Oil & gas indices have gained by 1% each. Apart from Auto ad Realty, all the sectoral indices are trading in positive zone.
ONGC is the top Sensex gainer, up over 3%. Meanwhile, oil marketing companies, on Tuesday, slashed petrol prices by Rs 2.42 a litre and diesel price by Rs 2.25 a litre in line with the decline in global oil prices.
Tata Power and Bharti Airtel are trading firm ahead of corporate earnings. Other notable gainers are Sesa Sterlite, Hindalco, GAIL, Tata Steel, M&M, Sun Pharma and Infosys.
On the losing side, Hero Moto is the top Sensex loser, down nearly 2%. The company announced an 11% on-year (y-o-y) increase in net profit to Rs 583 crore for the quarter ended December — sharply missing Street estimates. While analysts had estimated a profit of about Rs 680 crore, the earnings were lower due to marketing expenses at home and overseas, and investments in capacity expansion, the company said.
Other prominent losers are ICICI Bank, Bajaj Auto, HUL, Cipla, Axis Bank and RIL.
In other news, for a second time in less than two weeks, Reliance Industries Ltd (RIL) is planning to hit the overseas debt market. The company today announced that it will raise $ 750 mn through unsecured notes due 2045.
By 10:20 a.m., the Sensex was lower by 66 points at the 28,934 mark while the Nifty slipped 20 points to 8,739.
The BSE Bankex has slipped by over 1% with Axis Bank, ICICI Bank and SBI plunging between 1-3%.
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On Tuesday, the Reserve Bank of India (RBI) kept its key interest rates unchanged. The repo rate was unchanged at 7.75% and the reverse repo rate at 6.75%. However, the central bank cut Statutory Liquidity Ratio (SLR) by 50 basis points to 21.5%, effective February 7, a move that is expected to release about Rs 45,000 crore into the system.
*********************************
Updated at 9:30 a.m.
Markets have started the trading session on a positive note tracking global cues and buying among select metal and oil shares.
At 9:30 a.m., the Sensex was higher by 62 points at 29,062 mark and the Nifty gained by 15 points at 8,772 levels.
"The Nifty needs to hold above 8,750 levels to witness buying interest towards 8,800 and higher levels. On the downside, immediate support exists at 8,720 zones and below that it may drift down towards 8,680 and 8,626 levels. Traders are suggested to trade cautiously as market is expected to be volatile ahead of upcoming corporate result and Union Budget 2015," said a technical analyst from Anand Rathi in a note.
Among broader markets, BSE Midcap and Smallcap indices are up 0.3-0.5%. Markets breadth in BSE is positive with 746 shares advancing and 347 shares declining. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 264.35 crore yesterday, as per provisional data.
On the global front, oil prices were holding hefty gains in Asia on Wednesday having rallied 19% in just four sessions, while the US dollar nursed big losses as a revival in risk appetite swept through crowded trading positions.
Global markets:
Nikkei futures pointed to an early gain of over 100 points while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%.
China's services sector grew at the slowest pace in six months in January as growth in new business weakened, a private survey showed, raising expectations that policymakers may unveil more stimulus steps to avert a sharper slowdown in the world's second-largest economy.
The HSBC/Markit Services Purchasing Managers' Index (PMI) slowed to 51.8 last month - the weakest since July 2014 - from December's 53.4, but remained above the 50-point level that separates growth from contraction in activity on a monthly basis.
Winners and laggards:
Back home, BSE Metal, Healthcare and Oil & gas indices have gained by 1% each. Apart from Auto ad Realty, all the sectoral indices are trading in positive zone.
ONGC is the top Sensex gainer, up over 3%. Meanwhile, oil marketing companies, on Tuesday, slashed petrol prices by Rs 2.42 a litre and diesel price by Rs 2.25 a litre in line with the decline in global oil prices.
Tata Power and Bharti Airtel are trading firm ahead of corporate earnings. Other notable gainers are Sesa Sterlite, Hindalco, GAIL, Tata Steel, M&M, Sun Pharma and Infosys.
On the losing side, Hero Moto is the top Sensex loser, down nearly 2%. The company announced an 11% on-year (y-o-y) increase in net profit to Rs 583 crore for the quarter ended December — sharply missing Street estimates. While analysts had estimated a profit of about Rs 680 crore, the earnings were lower due to marketing expenses at home and overseas, and investments in capacity expansion, the company said.
Other prominent losers are ICICI Bank, Bajaj Auto, HUL, Cipla, Axis Bank and RIL.
In other news, for a second time in less than two weeks, Reliance Industries Ltd (RIL) is planning to hit the overseas debt market. The company today announced that it will raise $ 750 mn through unsecured notes due 2045.