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Markets have erased gains and ended lower on account of profit booking in banks and RIL shares.
The 30-share Sensex provisionally ended lower by 152 points at 28,470 and the 50-share Nifty plunged by 51 points at 8,635.
____________________________(updated at 3.30 PM)
Markets have erased gains and are trading near day's low on account of selling pressure in banks and RIL shares.
At 15:10PM, the 30-share Sensex was down 206 points at 28,416 and the 50-share Nifty was lower by 66 points at 8,616.
The top losers on the Sensex are Axis Bank, SBI, HDFC Bank, RIL, Sesa Sterlite and ICICI Bank.
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Updated at 15:00
Markets have erased gains and are trading lower on account of profit booking in banks and RIL shares.
At 15:00PM, the 30-share Sensex was down 58 points at 28,564 and the 50-share Nifty was lower by 20 points at 8,666.
The top losers on the Sensex are Axis Bank, SBI, HDFC Bank, RIL, Sesa Sterlite and ICICI Bank.
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Updated at 14:36
Benchmark indices have erased gains and are trading in a tight range as investors have booked profit in banks and index heavyweight Reliance Inds.
Investors cheered the Federal Reserve's outcome that it will wait for more reassuring cues from the economy before any hike in key rates.
However, the US central bank removed a reference to being "patient" on rates from its policy statement, opening the door wider for a hike in the next couple of months while sounding a cautious note on the health of the economic recovery.
At 14:36PM, the 30-share Sensex was up 26 points at 28,648 and the 50-share Nifty was up 4 points at 8,690.
Among broader markets, BSE Midcap and Smallcap indices are up 0.5-0.6%. Market breadth in BSE is marginally positive with 1,384 advances against 1,246 declines.
Meanwhile, foreign institutional investors were net sellers in equities to the tune of Rs 457.43 crore on Wednesday, as per provisional stock exchange data.
On the currency front, the rupee strengthened to its highest level in two weeks on Thursday after a dovish statement by the US Federal Reserve.
Reserve Bank of India (RBI) governor Raghuram Rajan's statement yesterday also helped the currency market. Rajan said yesterday in New Delhi that the country is fully prepared to deal with the situation arising out of US Fed’s moves on interest rates.
Further, India is poised to grow 7.7% this year and 8% in 2016 to become the "fastest growing major economy", according to think-tank OECD.
The coal auction will resume by end of April or early May with 15-20 more mines, provided the Coal Mines bill is passed in Rajya Sabha or a new ordinance is promulgated.
GLOBAL MARKETS
Asian equities ended higher today taking cues from a strong rebound on Wall Street overnight as investors reacted to a dovish statement from the Federal Reserve.
Key indices in China, Hong Kong, Taiwan, Singapore, South Korea, and Indonesia were up 0.32% to 1.16%. In Japan, the Nikkei 225 index was off 0.67%.
US stock markets closed sharply higher yesterday, 18 March 2015, as investors cheered the Federal Reserve's statement that indicated a rate hike would come later rather than sooner.
SECTORS & STOCKS
BSE Consumer Durables index has surged over 2% followed by counters like Healthcare, Capital Goods, Auto, Metal and Power, all gaining between 1-1.9%. Infact, all the major BSE sectoral indices are trading in positive zone.
Tata Steel is the top Sensex gainer, up over 3.5%. Hindalco has risen 1.4%. The metal pack is gaining limelight in today’s trade on prospect of further stimulus measures from China which may raise hopes of a boost in demand in the biggest consumer.
Other notable gainers are GAIL, Sun Pharma, L&T, TCS, NTPC, Wipro and Cipla.
On the losing side, Axis Bank, HDFC, RIL, SBI and M&M are trading lower by almsot 1%.
Shares of HCL Technologies are trading lower by 1% at Rs 990 on the National Stock Exchange (NSE), after the stock turned ex-bonus today in the ratio of 1:1.
Shares of Tech Mahindra have fallen over 1% on the National Stock Exchange (NSE) after the stock turned ex-bonus and ex-stock split today.
As markets watchdog Sebi plans a capacity augmentation of its fraud detection system, IT majors, including Wipro, HCL, Tech Mahindra and L&T Infotech, have evinced interest in bagging the contract.
SMART MOVERS
Jewellery stocks are in limelight today and trading higher in the range of 4% - 12% on the bourses on back of heavy volumes.
Rajesh Exports surged 6% to Rs 218. PC Jeweller has soared 12% to Rs 360 on the BSE on back of an over two-fold jump in trading volumes.
Among the other individual stocks, C Mahendra Exports rallied 14% to Rs 12.70, followed by Tribhovandas Bhimji Zaveri (6% to Rs 165), Thangamayil Jewellery (5% at Rs 212), Gitanjali Gems (4% at Rs 48.35) and Titan Company (3% at Rs 412).
Shares of Ortel Communications are trading at Rs 165, a 9% below its issue price of Rs 181 on the NSE.
Mumbai-based Wockhardt has hit a fresh 52-week high of Rs 1,980 after it said the US health regulator didnot find any issues with its Chikalthana plant in a recent inspection.
