)
Benchmark indices remain flat as gains in defensives are being limited by losses in the shares of select index heavyweight like ITC and HDFC.
At 10:18AM, the 30-share Sensex and the 50-share Nifty were flat at the mark of 28,385 and 8,476 respectively.
In the broader market, both BSE midcap and smallcap indices are outperforming their larger peers with gains of 0.3% and 0.5% each. Market breadth in BSE is positive with 1,293 advances against 802 declines.
On the macro-economic front, a Reuters survey has estimated the GDP growth rate for the July-September quarter to come around 5.1% down from 5.7% in the previous quarter. The official figures will be released tomorrow by the government.
Today, the 12-nation Organization of the Petroleum Exporting Countries will hold one of its toughest and most significant meetings in recent years in Vienna, with members under pressure to address falling prices, which have sunk 30% since June.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 181.46 crore on Wednesday, as per provisional stock exchange data.
The rupee is trading at 61.82 versus Wednesday's close of 61.84. Dollar demand from importers is likely to meet month-end commitments while movement in shares will be key for cues on foreign fund flows.
Buzzing Stocks
BSE IT index up 0.4% is the lead gainer followed by BSE Power and Healthcare indices with gains of 03% each.
BSE FMCG index, down 0.3% is the leading the losses on account of profit-booking followed by BSE Realty index down 0.2%.
In a defensive market, HUL has gained more than 2%.
Information technology shares have seen fresh buying on back of positive macro-economic data from US, the primary markets for Indian IT majors. Infosys has gained over 1% while TCS and Wipro are marginally up 0.1% each.
Oil & gas shares are trading mixed ahead of the OPEC meeting. ONGC down 0.4% is in the red and GAIL is trading flat while Reliance has gained around 0.3%.
Metal stocks are under pressure though Hindalco is an exception with a gain of over 1%.
Currency devaluation in Nigeria continues to weigh of stocks of Bharti Airtel and Bajaj Auto losing 1.5% and 0.8% respectively.
ITC, down 1.3% is back in red after yesterday’s gains and is the primary drag on the markets in the opening deals.
Among other shares, Crompton Greaves has dipped 5% after Avantha Holdings Ltd, the promoter group company, sold part of its stake through multiple block deals on NSE and BSE
Shares of Texmaco Rail and Engineering are trading higher by 3% after the company said it has raised Rs 300 crore by issuing shares of qualified institutional buyers (QIB).
------------------------------------------------------------------------------------------------------------------------
(updated at 9:35 AM)
Benchmark indices are trading flat with a negative bias as losses in the shares of ITC and Tata Motors are capping the gains in information technology shares.
Trading is expected to be volatile with traders rolling over positions in the futures & options (F&O) segment from November to December 2014 series today and data on second quarter Current Account Deficit and official second quarter GDP figures due tomorrow.
At 9:35AM, the 30-share Sensex was up 28 points at 28,415 and the 50-share Nifty was flat at 8,482.
In the broader market, both BSE midcap and smallcap indices are outperforming their larger peers with gains of 0.3% each. Market breadth in BSE is positive with 975 advances against 505 declines.
Today, the 12-nation Organization of the Petroleum Exporting Countries will hold one of its toughest and most significant meetings in recent years in Vienna, with members under pressure to address falling prices, which have sunk 30% since June.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 181.46 crore on Wednesday, as per provisional stock exchange data.
Buzzing Stocks
BSE FMCG index, down 0.7% is leading the losses on account of profit-booking followed by BSE Realty index down 0.1%.
BSE Power index, up 0.4% is the lead gainer followed by BSE IT and Oil & Gas indices with gains of 0.3% and 0.2% each.
Information technology shares have gained in opening deals on back of positive macro-economic data from US, the primary markets for Indian IT majors. Infosys has gained 0.6% while TCS and Wipro are up 0.2% and 0.3% each.
Oil & gas shares too have gained ahead of the OPEC meeting. GAIL has gained close to 1% while Reliance is up 0.5%.
M&M, BHEL and NTPC are other lead gainers in the opening deals.
Currency devaluation in Nigeria continues to weigh of stocks of Bharti Airtel and Bajaj Auto losing 1.2% and 0.5% respectively.
ITC, down 1.5% is back in red after yesterday’s gains and is the primary drag on the markets in the opening deals.
Global Markets
Japanese shares have edged lower as yen is gaining strength against US Dollar and investors are holding positions ahead of the holiday season in US. Nikkei is trading with a loss of 0.3%. Meanwhile, Chinese shares are trading higher on hopes of further stimulus measures from central banks of China and Europe. Shaghai Composite index has gained around 0.5% while Hang Seng is marginally down by 0.2%.
Overnight, in the Wall Street, Dow Jones and S&P 500 ended at record closing highs boosted by information technology shares. Losses in energy stocks weighed as crude prices remain subdued.
The Dow Jones industrial average rose 12.81 points, or 0.07%, to 17,827.75, the S&P 500 gained 5.8 points, or 0.28%, to 2,072.83 and the Nasdaq Composite added 29.07 points, or 0.61%, to 4,787.32.
On account of Thanksgiving, the US stock market will be closed on Thursday, while Friday will be a half-day session with the close at 1 pm (1800 GMT).
