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Benchmark indices are trading in narrow range with negative bias weighed down by Infosys, ITC and financials. Markets trimmed their yearly gains this Wednesday after three consecutive days of declines as oversees investors started selling index futures and turned net sellers in cash segment.
Indian services activity expanded last month at its fastest pace since February as burgeoning new orders drove optimism to a five-month high, a business survey showed on Wednesday.
The HSBC Markit Services Purchasing Managers' Index, based on a survey of around 400 companies, rose to 53.6 last month from 50.7 in April. The April reading was the weakest since October 2011.
By 10:30, Sensex down by 9 points at 19,537, and the Nifty down 4 points at 5,915 levels.
The rupee today rose by 12 paise to 56.32 against the dollar in early trade at the Interbank Foreign Exchange market on continued selling of the US currency by exporters.
On the sectoral front, BSE Realty index has declined by almost 1%. However, BSE Oil & Gas and Capital Goods indices are trading higher by nearly 1% each.
Shares of real estate companies were down in early trade on stringent penalities in the Realty Bill aimed at organising and monitoring the sector.
The Union Cabinet late Tuesday cleared the Real Estate (Regulation and Development) Bill. The Bill is aimed to protect buyers from scheming developers and usher transparency in the sector, unregulated until now.
Shares of Just Dial, which made their stock market debut today, surged over 15% to Rs 610 after the company received huge response for its initial public offering.
ITC, Coal India, Cipla, ICICI Bank and Bajaj Auto have declined by 1% each.
On the gaining side, Hindalco, Maruti Suzuki, Tata Steel, M&M and RIL have gained between 1-2%.
The market breadth in BSE turns positive with 938 shares advancing and 726 shares declining.
Hanung Toys & Textiles surged 7% after the company said it will consider splitting equity share.
