 "Markets open flt on mixed Asian cues")
Markets have trimmed losses with Sensex reclaiming the crucial 23,000 mark led by buying in Index heavyweights. However, volatility in the crude oil prices and losses in financials and etended weakness in the Asian peers continue to weigh on the indices.
At 10:55 am, the Sensex is down 135 points down at 23,056 and the Nifty is down 43 points to quote at 7,005.
Top 5 gainers in the Sensex pack include Tata Motors, RIL, Dr Reddy's Lab, Adani Ports and Sun Pharma up between 0.2%-2%.
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(updated at 10:00 am)
After a flat opening mirroring a mixed trend in the Asian peers, volatility in the crude oil prices and losses in financials and etended weakness in the Asian peers dragged the Indices lower.
Volatility in crude prices continue after Russia and Saudi Arabia dampened prospects of a supply cut by deciding to freeze the output if other big exporters joined them.
At 10:55 am, the Sensex is down 135 points down at 23,056 and the Nifty is down 43 points to quote at 7,005.
Top 5 gainers in the Sensex pack include Tata Motors, RIL, Dr Reddy's Lab, Adani Ports and Sun Pharma up between 0.2%-2%.
__________________
(updated at 10:00 am)
After a flat opening mirroring a mixed trend in the Asian peers, volatility in the crude oil prices and losses in financials and etended weakness in the Asian peers dragged the Indices lower.
Volatility in crude prices continue after Russia and Saudi Arabia dampened prospects of a supply cut by deciding to freeze the output if other big exporters joined them.
At 10:00 am, the Sensex is down 226 points down at 22,965 and the Nifty is down 75 points to quote at 6,973.
The broader markets are underperforming the benchmarks with BSE Midcap and Smallcap indices cracking over 2% each. The market breadth remains dismal with 1,633 declines versus 323 advances on the BSE.
GLOBAL MARKET
Asian shares are trading mixed amid volatility in oil prices after Russia and Saudi Arabia dampened prospects of a supply cut by deciding to freeze the output if other big exporters joined them. Japan’s Nikkei down 1%, Hong Kong’s Hang Seng is down 0.4% while Singapore’s SGX Nifty and China’s Shanghai Composite have gained 0.2%.
Meanwhile, a positive closing was witnessed on the Wall Street led by gains in consumer discretionary and financials and a decline was seen in the European peers on the back of slip in the commodity prices.
KEY STOCKS
Defensive stocks continue to hog limelight after misery of public sector banks and lower-than-expected profits of select private sector banks during the October-December quarter continue to haunt the investors.Dr Reddy’s Lab, Sun Pharma, Infosys, Lupin, Wipro and TCS have gained up to 2%.
State Bank of India said bad loans are expected to increase in the last quarter of this financial year and affect its profitability. The Stock has slumped over 2%.
Drug major Cipla on Tuesday said the government has approved an investment by Mauritius-based FIL Capital Investments in its subsidiary Cipla Health. The stock is trading marginally lower.
HCL Tech is planning to sell shares in the US this year which would be the first listing there by a large Indian company in more than eight years. The stock is up 1%.
Infosys is confident of achieving its ambitious target of hitting $20 billion in sales by 2020 despite the pall of economic gloom hanging over the Indian information technology (IT) industry. The stock is up nearly 1%.
Bank of India has slumped 5% after Standard & Poor's Ratings Services revised its outlook on Bank of India to negative from stable.
BPCL received clearance from the Environment Ministry for a Rs 337-crore project at its Kochi Refinery in Kerala. The stock is up 1%.
Kesoram Industries plans to raise Rs 180 crore through preferential issue of equity shares to a promoter entity and issue of optionally convertible preference shares to IndusInd Bank . The stock has cracked 4%.
Rural Electrification Corporation (REC) has fallen to its 52-week low at Rs 155, down by Rs 14 or 8% on the BSE, after the stock turn ex-dividend for Rs 12 per share.
The most disturbing feature of the world steel industry, which gives a good insight into the state of global economy, in 2015 was prices falling to their lowest in a decade. That hot-rolled coil prices have risen by about a 10th so far this year brings little relief to steelmakers. Hindalco and Tata Steel are slumped 4%.
Tata Motors, Bharat Forge and General Dynamics have forged an alliance to bid for the $11 billion (Rs 78,000 crore) project of making combat infantry vehicles for the Indian Army under the Future Infantry Combat Vehicle (FICV) Programme. The stock has gained 1%.
