 "Markets open marginally lower ahead of September F&O expiry")
Benchmark indices are trading in a narrow range with negative bias as investors have turned cautious ahead of September F&O expiry.
By 10:45 am, the Sensex was lower by 76 points at 25,747 and the Nifty dipped 13 points at 7,833.
The top losers from the Sensex pack are ONGC, Coal India, Vedanta, Reliance Inds and L&T.
On the gaining side, Lupin, Infosys, Cipla, Maruti Suzuki and Bajaj Auto are up 1-3%.
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Updated at 10:10
Markets have started the session on a lower note ahead of the expiry of the September F&O series.
By 10:10 am, the Sensex was lower by 100 points at 25,723 and the Nifty dipped 25 points at 7,821.
The broader markets are however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.4% each.
The market breadth remains positive with 518 gainers and 317 losers on the BSE.
According to Angel Broking's report, "The trend deciding level for the day is 25,714 / 7,817 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,043 – 26,262 / 7,911 – 7977 levels. However, if NIFTY trades below 25,714 / 7,817 levels for the first half-an-hour of trade then it may correct towards 25,495 – 25,167 / 7,752 – 7,658 levels."
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 1330.12 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 891.36 crore yesterday, as per provisional data.
In the currency, the rupee fell further 24 paise to 66.22 against the US dollar in early trade on sustained month-end demand for the American currency overseas amid foreign fund outflows.
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GLOBAL MARKETS
Asian shares got off to a cautious start on Thursday after more dour economic news in China and the United States prompted a bruising selloff the previous day.
Worries that an eventual tightening in US monetary policy and slower growth in China could knock the global economy have scared off investors, particularly those invested in stocks and commodities.
MSCI's broadest index of Asia-Pacific shares outside Japan was up a touch in early trade after having posted their biggest single-day fall in almost a month the previous day.
Japan's Nikkei average, opening for the first time since Friday after national holidays, tumbled 1.6%, edging near its seven-month low touched earlier this year.
Wall Street also lost ground on Wednesday, dragged down by economic reports portraying US factory growth as tepid and China in its worst manufacturing contraction since the global financial crisis.
SECTORS & STOCKS
Sectors like Consumer Durables, Healthcare and Realty are trading higher between 0.8-1%. However, BSE Capital Goods, Metal, Oil & Gas and Power are down 0.1-1%.
The top losers from the Sensex pack are ONGC, L&T, Reliance Inds, M&M and GAIL, all slumping between 0.8-1.1%.
ICRA has downgraded outstanding rating of L&T Halol Shamlaji Tollways Limited from ICRA BB ++ to ICRA D indicating junk category. L&T Halol Shamlaji Tollway is a 100% special purpose vehicle promoted by L&T Infrastructure Development Project.
The Supreme Court on Tuesday dismissed the petition of the central government, seeking removal of arbitrator Peter Lever in its dispute with Reliance Industries Ltd in the Panna-Mukta-Tapti basin.
On the gaining side, Lupin, Dr Reddy’s Labs, Maruti Suzuki, Axis Bank and Tata Motors are up 1-3%.
Maruti Suzuki India has announced that the sales of its vehicles equipped with auto gear shift (AGS) have crossed 50,000 units. AGS vehicles are popular across the country particularly in markets like Delhi NCR, Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad and Kochi.
Metals and mining conglomerate Vedanta Resources, which has a sizable presence in India in oil and gas, aluminium, iron ore and zinc sectors, has slashed nearly 4,000 direct and indirect jobs in the country since January this year. Shares of Vedanta are down over 1%.
With Reuters input
