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Benchmark share indices came off their day's highs in morning trades on Wednesday as investors booked profits at higher levels after Nifty touched fresh record highs in early trades. At 11.15 AM, the Sensex is up 62 points at 26,088 and Nifty is up 10 points at 7,778 levels
BSE midcap is marginally up 0.2% and BSE Smallcap is trading flat with a negative bias.
Foreign investors bought Indian shares worth 4.12 billion rupees on Tuesday, marking inflows of $620.86 million over five consecutive days
Meanwhile, the rupee is trading at 60.14/15, after hitting 60.1225, its highest since July 17 and versus previous close of 60.24/25.
Sectors & Stocks
On the sectoral front, BSE IT is leading the rally up 1.7% followed by BSE Teck, Consumer Durables and Capital goods indices. BSE Bankex is up 0.7%. In contrast, BSE FMCG, Healthcare, Power and Oil and Gas indices have lost 0.2%. BSE Realty is trading flat with a negative bias.
IT Stocks are witnessing fresh buying during the morning trades with Infosys, TCS and Wipro contributing nearly 80 points to the rise on the 30-share index.
Tata Consultancy Services (TCS) has become the first company to enter into the Rs 5,00,000-crore market cap club fuelled by the surge in its share price after reported a strong earnings during the recently concluded quarter.
The banking space has gained momentum. ICICI Bank, HDFC Bank and SBI are up between 0.3-1.5%. However, Aix Bank has inched down after the bank reported lower-than-expected accretion of non-performing loans
Shares of Pharma companies including Cipla and Dr Reddy’s lab are trading marginally in green, whereas its peer Sun Pharma is down by 1% on profit taking
Among other notable gainers are L&T, Hindalco, M&M, HUL and Bajaj Auto
On the flip side, Bharti Airtel which zoomed yesterday after the telecom regulator authority of India (TRAI) recommended allowing sharing of all categories of airwaves held by operators, the move could help companies to reduce cost of mobile services has lost nearly 1% on the account of profit taking.
Index heavyweights, RIL and ITC, which zoomed during the yeaterday trades are down by 0.5% on profit booking.
The power space is trading in the negative territory with NTPC and Tata power down 1%
The metal pack is also experiencing heavy sell off with Coal India, Sesa Sterlite and Tata Steel down between 0.2-1%
Among other shares, Share price of Sun TV Network has plunged 10% to Rs 416 on back of heavy volumes on the bourses. The stock opened at Rs 453 on the National Stock Exchange and has seen over two-fold jump in trading volumes.
Riddhi Siddhi Gluco Biols has surged 7% to Rs 424, also its 52-week high on BSE, after the company said its board has recommended buyback of equity shares at a price of Rs 450 per share through the tender offer.
Bank of Baroda has gained nearly 4% to Rs 863 on BSE after the Reserve Bank of India (RBI) has lifted ban imposed on foreign investors to buy shares in state-owned lender as the foreign shareholding under portfolio investment scheme (PIS) in the bank has gone below the prescribed limit.
The market breadth is negative on the BSE with 1,275 shares declining and 1,091 shares advancing
