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Market erased early gains in early afternoon deals as banks & financials stocks trimmed early gains amidst weakness in Information Technology stocks.
At 1310 hrs, the 30-share BSE Sensex index was down almost 100 points at 22,391 and the NSE Nifty was down by 30 points at 6,704.
Infosys and BHEL are down 2.3%, TCS, HDFC, Larsen & Toubro and Wipro are down 1.4-1.6%
Bank of India, Canara Bank Yes Bank and Kotak Mahindra Bank are down trading 1.6-3% lower at the BSE
(Updated at 1300hrs)
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Key indices turned flat with weakness witnessed in information technology shares ahead of software maker Tata Consultancy Services's (TCS’s) fourth quarter earnings results.
IT bellwethers Infosys & TCS, which are down 2% at this hour, collectively pulled the benchmark Sensex 60 points lower while gains in ITC, ICICI Bank and Reliance offset losses.
At 1145 hrs, the Sensex was up 29 points at 22,514 and the Nifty was up by 13 points at 6,746.
Broader markets outperformed the benchmarks with both BSE mid-cap and small-cap indices trading 0.2-0.4% higher, outperforming the benchmark Sensex's flat performance at this hour.
IT index is the top loser among BSE sectors that track stocks of different industrial sectors; it is down nearly 1.7%, while Health Care and capital goods losing 0.3% each. BSE Metal, banks and consumer durables are down almost 1% at this hour.
In individual names, Jubilant FoodWorks was up 2% at Rs 1,050 after the RBI said that foreign institutional investors would be able to purchase up to 55% of the paid-up capital in the company.
Crompton Greaves has rallied nearly 6% to Rs 188, its highest level since July 2011 on the BSE, on media reports that Hitachi, the Japanese maker of industrial power equipment and electronic goods, has emerged as the front-runner to buy the promoter's stake in the power transmission and distribution company promoted by Gautam Thapar.
HDFC, L&T, Cipla and Bajaj Auto down 0.2-0.8% were the only other scrips in the red among Sensex-30.
Among stocks in the green, Tata Steel, SBI, Maruti Suzuki and Gail India up 1% each were the top gainers in opening deals.
HUL, Axis Bank, RIL, Sesa Sterlite, ITC and Sun Pharma up 0.8-0.9% were the other notable movers.
Index movers ICICI Bank, ONGC and Tata Motors added 0.5% each.
The market breadth was positive on BSE; 1240 stocks advanced while 983 stocks declined.
Globally,Asian share markets made broad gains on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. That was welcome news to many given there had been foreboding whispers that growth would be nearer 7.0 percent following a string of soft numbers recently.
Other data for March were mixed with industrial output a shade under estimates, but retail sales picking up
Oil prices were mixed in Asia today after data showed Chinese economic growth slowed further in the first quarter of the year, while investors await the latest US supply report, analysts said.
New York's main contract, West Texas Intermediate for May delivery, rose four cents to $103.79, while Brent North Sea crude for June eased 16 cents to $109.20 on its first day of trading. Brent's May contract expired yesterday.
