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Markets have opened lower tracking weakness among the global peers as investors remain wary of rising bond yields coupled with weaker-than-expected US retail data.
Also, caution prevails as market participants keenly await for the wholesale price inflation (WPI) data for the month of April due later in the day today.
At 9.40 AM, the 30-share Sensex is down 137 points at 27,115 and the 50-share Nifty has shed 48 points at 8,187.
Further, foreign portfolio investors (FPIs) sold shares worth a net Rs 71 crore yesterday, as per provisional data as per provisional data released by the stock exchanges.
GLOBAL MARKET
Overnight, US stocks surrendered early gains to end the session on a flat note as some investors stood on the sidelines waiting for the next round of economic data at the end of earnings season. The Dow Jones declined by 7 points to 18,060, while the Nasdaq Composite added 5 points to 4,981.
Further, European market reversed earlier gains to end lower with investors reacting to weaker-than-expected US retail data, corporate earnings and new economic data from the Eurozone. Germany's Dax tumbled, after its economic growth figures missed expectations.
On the Asian front, Japan's Nikkei 225 index was trading 0.6% lower at 19630, Hong Kong's Hang Seng index was trading marginally lower at 27,238 and China's Shanghai index was trading 0.6% lower at 4,347 on Thursday.
BUZZING STOCKS
BUZZING STOCKS
On the sectoral front, all sectoral indices are trading lower with BSE FMCG, IT, Auto, Bankex, Realty indices leading the decline and are down up to 1.5%.
Lupin has announced the acquisition of Brazil's Medquimica Industria Farmaceutica SA, marking its foray into the Latin American nation, according to reports. The drug-maker reported a net profit of Rs 547 crore for the March quarter compared to Rs 553 crore in the corresponding quarter of last financial year. The stock is down over 3%.
Ashoka Buildcon reported a over two-fold increase in consolidated net profit at Rs 37.80 crore for the quarter ended March 31, 2015. The stock is up over 8%.
Emami posted a 24.5% year-on-year growth in its net profit for the quarter ended March at Rs 138 crore on the back of a similar growth in sales and increased market share. The stock is nearly 1% lower.
Reliance Industries-BP joint venture, Excelerate Energy of US and Japan's Mitsui are in the race to establish a Rs 2,740 crore floating LNG import terminal at Mumbai. RIL is trading nearly 1% lower.
Rate sensitive stocks which rose yesterday on hopes of rate-cut have slipped in red on account of profit booking. HDFC twins, Tata Motors, Axis Bank, Maruti Suzuki, Hero Motocorp down up to 2%.
The Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, on Wednesday approved the disinvestment department’s plan to sell stakes in Indian Oil and NTPC as part of the Centre’s Rs 41,000-crore divestment target for public sector undertakings. NTPC is up over 2.5%.
GAIL (India) announced after market hours yesterday that IndianOil Corporation and GAIL (India) have signed memorandum of understanding (MoU) with Dhamra LNG Terminal (DLTPL), a company owned by Adani Enterprises. GAIL is down up to 1%.
Bharti Airtel plans to begin 4G services in Chennai. The stock is up nearly 1%.
Aditya Birla Nuvo, Amtek Auto, Arvind, Jubilant FoodWorks, Indian Bank, MCX, Oriental Bank of Commerce, P C Jeweller are some of the companies due to announce their March quarter results today.
