 "Aviation stocks fly in a weak market; Jet Airways up 4%")
Markets are trading lower for the fifth straight session on persistent fund outflow amid losses in the global peers after oil tanked to a seven-year low as OPEC decided to maintain production at current levels.
Meanwhile, on the global front, China Nov exports came out to be weaker than expected dampening hopes for Q4 stabilisation which further hurt the sentiments.
At 1:40 pm, the BSE Sensex was at 25,410, down by 120 while the Nifty50 was at 7,738, down by 27 points.
CRUDE OIL
Brent and US crude futures fell as much five per cent in belated reaction to the Organization of the Petroleum Exporting Countries' (Opec) policy meeting on Friday which ended without an agreement to lower production, the Reuters report suggests.
Oil exploration majors and commodity based stocks are the biggest laggards on the back of decline in crude oil prices. Oil India, Cairn India, ONGC and RIL dropped between 0.5%-4%. In the metal pack, Vedanta, Hindalco and Tata Steel slipped between 2%-3.5%.
However, sectors which benefitted from the decline in oil prices are the Aviation sector with Jet Airways India, SpiceJet and IndiGo gained between 1%-3.5% and the Oil Marketing companies with HPCL and BPCL are trading flat with a positive bias.
Meanwhile, ITC which cracked nearly 7% yesterday after Arvind Subramanian-led GST panel suggested that tobacco products including cigarettes will see a 40% tax has rebounded as investors bought on attractive valuations.
KEY STOCKS
The biggest gainer of the hour is Tata Motors gaining 1.7% after the total Jaguar Land Rover (JLR) retail sales rose 27% to 46,547 versus 36,621 units a year ago, while month-on-month, total JLR retail sales were up by 12%.
Select IT majors are fuelling rally with Infosys and TCS adding 0.7% each. A weak rupee is supporting the sentiments. Infosys will expand operations in Ireland, doubling the number of staff to 500 in three years and establish its first product-centric R&D centre outside India. The stock is up 0.7%.
On the flip side, healthcare stocks are trading under pressure in today’s trade. Sun Pharma, Dr Reddy’s Lab and Cipla have lost between 0.3%-2.5%.
Another notable loser in today’s session is Coal India losing 2.5% as the company is likely to miss output target for 2015-16 by 10 likely to miss output target for 2015-16 by 10 mt.
Other prominent losers include GAIL, BHEL, HDFC twins, Lupin and SBI trading lower between 1%-2.5%.
