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Markets have slipped in the negative territory weighed down by Index heavyweight RIL after oil prices fell more than $1 on Friday, after the governemnt lowers the domestic gas price to $5.02.
The new domestic natural gas price to be applicable from April 1, 2015 is likely to be set at $5.02 a million British thermal unit.
The new domestic natural gas price to be applicable from April 1, 2015 is likely to be set at $5.02 a million British thermal unit.
By 12.15 PM, the 30-share Sensex is lower by 19 points at 27,439 and the 50-share Nifty has lost 16 points to trade at 8,326.
Bharti Airtel, Dr Reddy’s, BHEL, M&M and Hero Motocorp are the top 5 losers on the Sensex and are trading lower between 1-3%.
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(updated at 12.25PM)Markets are trading with gains in the noon trades on renewed buying interest in banking stocks coupled with a smart rally in the IT stocks after Accenture Plc raised its full-year revenue growth forecast.
Further, worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased which boosted the sentiments of the traders.
By 11.45 AM, the 30-share Sensex is higher by 43 points at 27,501 and the 50-share Nifty has gained 5 points at 8,347.
RUPEE
The rupee declined by 12 paise to 62.79 against the dollar on Friday at the Interbank Foreign Exchange market due to appreciation of the U.S. currency overseas.
CRUDE OIL
Oil prices fell more than $1 on Friday, after sharp gains in the previous session, as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased.
Oil jumped around 5 percent on Thursday, the biggest daily gain in a month, as air strikes inYemen by Saudi Arabia and its Gulf Arab allies sparked fears that escalation of the Middle East battle could disrupt world crude supplies.
SECTORS & STOCKS
On the sectoral front, BSE IT index is leading the rally up 2% followed by Capital Goods, Metal and Teck indices trading higher up to 1%. However, BSE Oil & Gas, FMCG, Realty indices are losing sheen and are down up to 1%. Infosys, TCS, Wipro are trading higher between 1.5-3%.
Further, offshore Infosys employees would get an average pay rise of around 6.5% this year, while high performers could get as much as 9%, according to sources.
Shares of Larsen and Toubro (L&T) are trading higher by 2% after the company said it has won orders worth of Rs 1,711 crore across various business segments in March 2015.
Iron ore production in FY16 estimated to grow 10% to 140 mn tones. Sesa Sterlite is trading higher by nearly 2%.
Tata Motors, India’s biggest automobile maker, has secured its board of directors’ approval for a Rs 7,500-crore rights issue, to fund ongoing and future activities. The stock is up 1.8%.
On the losing side, Dr Reddy’s Labs, Hero Moto, Bharti Airtel, ITC and Sun Pharma are down 1-2%.
Index heavyweight and oil major RIl is trading lower up to 2% on further decline in crude oil prices.
Index heavyweight and oil major RIl is trading lower up to 2% on further decline in crude oil prices.
Bajaj Auto has slipped by 1%. The company has launched the Pulsar RS 200 bike, priced at Rs 1,18,500 and Rs 1,30,268 for the non ABS and ABS versions respectively, ex-showroom Maharashtra.
Mahindra & Mahindra has expressed an interest in buying car designer Pininfarina but no deal has been reached yet, the Italian company confirmed on Thursday. The stock is down over 1.5%.
Telecom shares are in focus following the end of the spectrum auction. Idea Cellular won back crucial 900MHz spectrum across 9 service areas which contribute 73% to the revenue.
Further, Idea Cellular and YES Bank will replace DLF and Jindal Steel & Power as constituents in the 50-unit CNX Nifty index today.
Idea Cellular and Bharti Airtel are down over 1.5% after making a higher opening.
DLF has slumped over 2%. YES Bank has slipped marginally. However, Jindal Steel has surged over 5%.
Among broader markets, BSE Midcap index is down marginally and and Smallcap index is up 0.3%. Market breadth is weak with 1,009 gainers and 1,310 losers on the BSE.
