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The markets have slipped further in the negative territory during the noon trades weighed down by Index heavyweights ICICI Bank and ITC.
By 12.15 PM, the Sensex is lower by 109 points at 25,799 mark and the Nifty has slipped by 34 points at 7,712 levels.
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(updated at 12.15 PM)
Markerts are trading in the tight range with a negative bias as gains in Index heavyweights Infosys and L&T cap losses.
By 10.10 AM, the Sensex is lower by 45 points at 25,863 mark and the Nifty has slipped by 18 points at 7,728 levels.
By 12.15 PM, the Sensex is lower by 109 points at 25,799 mark and the Nifty has slipped by 34 points at 7,712 levels.
_____________________________________________
(updated at 12.15 PM)
Markerts are trading in the tight range with a negative bias as gains in Index heavyweights Infosys and L&T cap losses.
By 10.10 AM, the Sensex is lower by 45 points at 25,863 mark and the Nifty has slipped by 18 points at 7,728 levels.
The broader markets are outperforming the benchmark indices. BSE Midcap index is up 0.4% whereas BSE Smallcap index is up by 0.8%.
J B Chemicals and Pharmaceuticals has surged 14% to Rs 194 on National Stock Exchange (NSE) after reporting a strong 56% year-on-year (yoy) jump in standalone net profit at Rs 31.79 crore for the first quarter ended June 30, 2014 (Q1). The drug maker had profit of Rs 20.32 crore in the same quarter last fiscal.
IL&FS Engineering and Construction Company has rallied 5% to Rs 62.80 after the company said it has bagged Rs 105 crore contract from Lodha Group for civil construction work of proposed residential buildings in Mumbai.
The market breadth on BSE remains marginally positive with 1252 shares advancing and 659 shares declining.
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(updated at 10.10 AM))
Markets have started the trading session on a flat note with a negative bias tracking weakness in the global markets.
By 9:20, the Sensex is lower by 26 points at 25,872 mark and the Nifty has slipped by 12 points at 7,735 levels.
In broader markets, BSE Midcap index is flat with a negative bias whereas BSE Smallcap index is up by 0.2%.
The market breadth on BSE remains marginally positive with 551 shares advancing and 358 shares declining.
Global Markets:
Asian stocks slipped on Wednesday while the U.S. dollar held firm after a slump on Wall Street and tensions over Ukraine instilled a mood of risk aversion across markets.
Geopolitical concerns overshadowed upbeat U.S. economic data which included a spike in service-sector activity to a nine-year peak and a surprisingly large increase in factory orders.
For now, the drag from Wall Street was too much for regional markets and MSCI's broadest index of Asia-Pacific shares outside Japan’s Nikkei slipped 1 percent. SGX Nifty is quoting at 7,746 down by 27.50 points. Furthermore, Japan's Topix was off 0.6 percent.
The Dow Jones had dropped 0.84 percent, while the S&P 500 lost 0.97 percent and the Nasdaq 0.71 percent. All 10 S&P 500 sectors ended lower, led by energy stocks, which shed 2.1 percent .SPNY as ample supply pressured oil prices.
Sectors and Stocks:
On the sectoral front, Bankex is the biggest loser, down 0.6%, followed by Auto and Metal indices. However, BSE It is the top gaining index up 0.85, followed by Teck and Consumer Durables indices. Healthcare, Capital Goods, Power and Realty indices are trading flat.
The banking shares are trading in red post the RBI kept the rate unchanged in the monetary policy announcement yesterday. HDFC Bank, Axis Bank, SBI and ICICI bank are down between 0.1-0.5%.
Hero Motocorp has shed 1.7% after reporting 2.58% increase in net profit at Rs 562.76 crore for the first quarter ended June 30, 2014. The company had posted a net profit of Rs 548.58 crore during the corresponding period of the previous financial year. Maruti Suzuki is down 1%. Tata Motors is down 0.5%.
BHEL and L&T have lost nearly 0.5%.
Cigarette maker and Index heavyweight ITC is down 1%.
Cigarette maker and Index heavyweight ITC is down 1%.
GAIL,Tata Power and ONGC are some of the prominent names in red.
On the flip side, HUL, BHEL, Coal India and Tata Steel are some of the notable names in green, up nearly 1%.
Infosys is up nearly 2%. Three former senior employees of Infosys -former chief financial officers T V Mohandas Pai and V Balakrishnan and former senior vice-president D N Prahlad - have written to the company's board to "immediately" consider a buyback of shares. They believe the company must do so because there is a "dramatic valuation disconnect" between the shares of Infosys and its peers, and this needs correction.
