 "Weakness in heavyweights drag markets lower; Nifty at 7,890")
Key benchmark indices surrendered their gains in noon trades as profit taking in ONGC, ITC, Infosys and HDFC weighed on the indices. Briefly the Sensex and Nifty had slipped into the negative territory but quickly recovered to trade in the green.
At 1300 hrs, the Sensex was up 29 points at 26,459 and the Nifty added 14 points to trade at 7,893.
However, the strength in the broader markets continued with teh midcap index up 0.5% and the smallcap index added 0.3% in noon trades.
Oil & Gas index which was the top gainer in yesterday’s trade fell nearly 1% on profit taking.
Defensive trio of IT, Health Care and FMCG indices dropped 0.1-0.4%.
Consumer Durables, Metal, Power and Realty indices were the notable sectoral gainers.
Metal and Power scrips gained after the government on Monday said it would promulgate an ordinance to resolve issues arising out of the cancellation of coal blocks. Further, China's economy growth at 7.3% between July and September from a year earlier, slightly above expectations has influenced the trading sentiments.
Sesa Sterlite, Hindalco, NTPC, Tata Power and Tata Steel gained 1-4%.
In the Capital Goods space, BHEL gained 3.3% on renewed buying while L&T turned flat with a 0.1% gain.
Auto stocks which firmed up yesterday on expectations that lower diesel prices would lead to higher demand continue to trade higher in today’s trade. Maruti Suzuki, Tata Motors and Hero MotoCorp are up between 0.2-1%.
Oil & Gas majors like ONGC and RIL were among teh top losers with the scrips down 2.2% and 0.3% respectively.
IT space was mixed with Infosys down 1% and TCS and Wipro up 0.07% and 2.5%.
The market breadth was positive owing to teh strength in broader markets. 1,327 stocks advanced while 1,172 stocks declined on BSE.
Global Markets
Asian shares languished after giving up small gains on Tuesday, as modest relief on data showing the Chinese economy grew slightly more than expected was replaced by lingering concerns of weakening momentum in the world's second-biggest economy.
China's gross national product expanded 7.3% between July and September from a year earlier, slightly above expectations but slower than the 7.5% clocked in the second quarter.
MSCI's broadest index of Asia-Pacific shares outside Japan erased modest gains made after the Chinese figures, and bobbed around the previous session's close. The Shanghai Composite index slipped 0.4%.
Japan's Nikkei stock average extended losses and closed down 2% as the yen strengthened and investors locked in profits after the previous session's 4% rally.
At 1300 hrs, the Sensex was up 29 points at 26,459 and the Nifty added 14 points to trade at 7,893.
However, the strength in the broader markets continued with teh midcap index up 0.5% and the smallcap index added 0.3% in noon trades.
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Sectors & Stocks
Oil & Gas index which was the top gainer in yesterday’s trade fell nearly 1% on profit taking.
Defensive trio of IT, Health Care and FMCG indices dropped 0.1-0.4%.
Consumer Durables, Metal, Power and Realty indices were the notable sectoral gainers.
Metal and Power scrips gained after the government on Monday said it would promulgate an ordinance to resolve issues arising out of the cancellation of coal blocks. Further, China's economy growth at 7.3% between July and September from a year earlier, slightly above expectations has influenced the trading sentiments.
Sesa Sterlite, Hindalco, NTPC, Tata Power and Tata Steel gained 1-4%.
In the Capital Goods space, BHEL gained 3.3% on renewed buying while L&T turned flat with a 0.1% gain.
Auto stocks which firmed up yesterday on expectations that lower diesel prices would lead to higher demand continue to trade higher in today’s trade. Maruti Suzuki, Tata Motors and Hero MotoCorp are up between 0.2-1%.
Oil & Gas majors like ONGC and RIL were among teh top losers with the scrips down 2.2% and 0.3% respectively.
IT space was mixed with Infosys down 1% and TCS and Wipro up 0.07% and 2.5%.
The market breadth was positive owing to teh strength in broader markets. 1,327 stocks advanced while 1,172 stocks declined on BSE.
Global Markets
Asian shares languished after giving up small gains on Tuesday, as modest relief on data showing the Chinese economy grew slightly more than expected was replaced by lingering concerns of weakening momentum in the world's second-biggest economy.
China's gross national product expanded 7.3% between July and September from a year earlier, slightly above expectations but slower than the 7.5% clocked in the second quarter.
MSCI's broadest index of Asia-Pacific shares outside Japan erased modest gains made after the Chinese figures, and bobbed around the previous session's close. The Shanghai Composite index slipped 0.4%.
Japan's Nikkei stock average extended losses and closed down 2% as the yen strengthened and investors locked in profits after the previous session's 4% rally.