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The benchmark indices are trading in a sideways manner in mid-morning trades after being butchered in the previous session.
At 10.30am, the Sensex was virtually unchanged at 27,687 and the Nifty was at 8,361, down 2 points.
The midcap and smallcap indices had edged up marginally by 0.2% at 10,891 and 11,389 respectively.
Among the index heavyweights, TCS has shed 2.2% at Rs 2,536 and Bajaj Auto has skid by 0.5% at Rs 2,534 ahead of their Q1 numbers to be announced during the day. Tata Motors has extended its previous day's losses by another 1.7% at Rs 398 on lingering concerns over China's meltdown.
Manpasand Beverages listed at Rs 300, a discount of 6% to its issue price of Rs 320 a share on the National Stock Exchange.
On the other hand, the capital goods stocks are in fine fettle this morning, with BHEL and L&T gaining around 2% each. The metal counters have bounced back post the battering received in the previous session; Hindalco and Tata Steel have gained around 1% each.
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(Updated at 9.40am)
At 10.30am, the Sensex was virtually unchanged at 27,687 and the Nifty was at 8,361, down 2 points.
The midcap and smallcap indices had edged up marginally by 0.2% at 10,891 and 11,389 respectively.
Among the index heavyweights, TCS has shed 2.2% at Rs 2,536 and Bajaj Auto has skid by 0.5% at Rs 2,534 ahead of their Q1 numbers to be announced during the day. Tata Motors has extended its previous day's losses by another 1.7% at Rs 398 on lingering concerns over China's meltdown.
Manpasand Beverages listed at Rs 300, a discount of 6% to its issue price of Rs 320 a share on the National Stock Exchange.
On the other hand, the capital goods stocks are in fine fettle this morning, with BHEL and L&T gaining around 2% each. The metal counters have bounced back post the battering received in the previous session; Hindalco and Tata Steel have gained around 1% each.
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(Updated at 9.40am)
The benchmark indices have stemmed their decline atleast for the time-being due to the return of calm in the Chinese markets.
At 9.35am, the Sensex had gained 8 points at 27,696 and the Nifty had added 4 points at 8,367 in what has been a choppy session of trade thus far.
The broader markets are also in the green, with the midcap and smallcap indices adding 0.3% each at 10905 and 11397 respectively.
On Wednesday, the Sensex had plunged by 484 points or 1.7% at 27,687 and the Nifty settled below the 8,400 mark at 8,363, down 147 points or 1.7%.
Post the worldwide market carnage on Wednesday, the market participants would be keeping a close watch on the developments in China and Greece. Further, there would also be caution ahead of the corporate results season that starts today. The first quarter results season will kick off today with TCS announcing its Q1 results. The progress in monsoons would also be another factor to watch out for.
On the results front, TCS, Bajaj Auto and RS Software would be announcing their numbers today.
EXPERT VIEW
"In China, the bubble was waiting to happen – first 50% rise in SCI accompanied $180 billion margin lending from the brokers. It tempted the public to open around 10 million new trading accounts which finally led to a bubble of 150% yoy jump in the index as on June 12, 2015. Metal business was so badly hit in China due to economic slowdown, still many metal stocks rose 100% during this bubble which was not sustainable," said G.Chokkalingam, Founder & Managing Director, Equinomics Research & Advisory.
"Wednesday's fall in the domestic equities was due to the fear factor – our markets will continue to remain least correlated with the Chinese markets unless any major global recession sets in – which we believe unlikely at least for the next 2 to 3 years," he adds.
GLOBAL MARKETS
Asian markets extended losses this morning due to heightening concerns over China's market turmoil. Japan's Nikkei declined by 1.8%, while the benchmark indices in Singapore, Taiwan, Indonesia and South Korea shed 0.5-1% each.
The Hang Seng and Shanghai indices however, bounced back 3% and 0.5% respectively post the losses witnessed on Wednesday.
Overnight, the U.S. shares had slid sharply on fears of turmoil in the Chinese stock markets. The Dow Jones shed 261 points, or 1.4% to end at 17,515 and Nasdaq Composite lost 87 points or 1.7% at 4,909.
CURRENCY WATCH
The rupee opened higher at 63.54 a dollar against the previous day's close of 63.59.
COMMODITIES WATCH
Commodities remained subdued after the battering received in the previous session. The US crude nudged up 0.4% to $51.86 early on Thursday but has shed nearly 9% so far this week. Copper received a reprieve overnight thanks to the dollar's plunge, but the metal still remained within reach of a six-year low. Copper on the London Metal Exchange was down 0.4% at $5,495 a tonne after hitting the six-year trough of $5,240 a tonne on Wednesday.
LEADERS AND LAGGARDS
The capital goods and pharma stocks are among the main gainers this morning.
In the capital goods space, the heavyweight L&T has gained 1%, while Alstom, BEL and BEML are among the other major gainers.
The pharma space is also in good health, with Sun Pharma, Lupin and Dr Reddy's gaining around 1% each.
On the other hand, Tata Motors has extended its pervious day's losses by another 2% on lingering concerns that the slowdown in China would affect the auto major. TCS and Bajaj Auto have softened by 1% each ahead of their Q1 numbers to be announced during the day.
Manpasand Beverages will debut on the secondary equity markets today. The company had priced the initial public offer (IPO) at the top end of the Rs 290 to Rs 320 price band.
The market breadth is strong. Out of 1578 stocks traded on the BSE, there are 1056 advancing stocks as against 462 declines.
