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Benchmark indices have consolidated and are trading in the positive zone on the back of a rally in the pharma shares. However, the market participants are on the edge ahead of the Q1 GDP data, which is set to be unveiled post market hours today.
At 1:25 PM, the Sensex was at 26,436, up 43 points and the Nifty was at 8,019 up 16 points. In the broader markets, the midcap index has gained 0.3% while the smallcap index is trading higher by 0.1%. The market breadth is weak. The market breadth is positive on the BSE with 1,152 advances versus 1,279 declines.
Meanwhile, the US Federal Reserve has signalled an interest rate hike in September on the back of robust US economic data.
RUPEE
The Indian rupee has slipped 21 paise to quote at 66.35 against the US dollar on the back of consistent demand for the dollar by importers.
SECTORS & STOCKS
On the sectoral front, BSE Healthcare index is leading the rally with 1.5% gains followed by the BSE Oil and Gas index, up by 1.1%
After a rally in the crude oil prices in the previous session, the oil prices dropped in the Asian markets as traders booked profits from the gains. The oil marketing companies BPCL (2.2%), IOC (2%) HPCL (0.2%) advanced on the Sensex.
Oil and Natural Gas Corp (ONGC) and its partners plans to invest about $24 billion in producing natural gas from a giant field off Mozambique and converting it into liquefied natural gas (LNG) for export to consumers like India. The stock is up 1.7%
Bharti Airtel and Idea Cellular have hiked charges for their post-paid users by around 20% in various circles including the national capital. Bharti Airtel is down by 2.4% while Idea Cellular is up by 0.4%
Tata Motors launched a new model of its small pick-up truck Ace and said it expects the LCV segment to pick up in six months from now. The stock has edged higher by 1%.
Sun Pharma initiated voluntary recall of multiple lots of Bupropion Hydrochloride Extended-release Tablets USP (SR), 200 mg, 60-count bottle, for "failed dissolution specification” from the US market. The stock has however rallied more than 2%
The water & effluent treatment strategic business group of L&T Construction has won turnkey orders worth Rs 1,489 crore in August 2015, in three packages, from Public Health Engineering Department, Ajmer, under the Rajasthan Rural Water Supply and Fluorosis Mitigation Project (Nagaur). The stock is up with marginal gains.
Other notable gainers on the Sensex are Vedanta (2%), Lupin (2.6%), Cipla(2.4%)Axis Bank (1.3%). Notable losers on the Sensex are Reliance( 0.7%) , Infosys (1.2%) , ITC (0.2%)
Among other shares, Aurobindo Pharma is trading higher by 2% on the BSE after the drug maker received approval from the US Food and Drug Administration (USFDA) to manufacture and market Raloxifene Hydrochloride tablets USP 60 mg.
Shares of IDBI Bank were up over 2% on the BSE after the board approved foreign currency borrowing limit upto $7.5 billion including borrowing under IDBI Bank's $5 billion MTN Programme listed on the Singapore Stock Exchange.
