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Benchmark indices have recovered from the day’s low and are trading higher in the noon trades led by rate sensitive stocks including HDFC twins, Maruti Suzuki and L&T contributing nearly 100 points to the rise on the 30-share Sensex post the RBI monetary policy.
At 12.20 PM, the 30-share Sensex is up 100 points at 26,704 and 50-share Nifty is up 30 points at 7,989.
In the broader market, the BSE Mid-cap and Small-cap indices are outperforming the large counterparts and are up by 0.7% each.
The market breadth is positive on the BSE with 1,482 shares advancing and 1,017 shares declining.
Buzzing Stocks:
HDFC, Sun Pharma, Maruti Suzuki, L&T and Cipla are the top five stocks on the BSE trading higher between 1.5-3%.
Larsen and Toubro (L&T) has moved higher by 2% to Rs 1,490 after the company said it has won new orders worth Rs 1,423 crore across various business segments in September 2014, including order from Lucknow Metro Rail Corporation.
Shares of interest-rate sensitive such as realty, auto and bank stocks are trading higher after the Reserve Bank of India (RBI) left rates unchanged for the fourth straight time while reviewing the Monetary Policy today. HDFC twins, Maruti Suzuki, Bajaj Auto, Hero Motocorp, L&T and BHEL have gained between 1-3%.
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(updated at 11.25 AM)Markets are swinging between the positive and negative territory after the RBI kept the repo rate and CRR unchanged at its monetary policy review today.
At 11:25AM, the 30-share Sensex is up 28 points at 26,625 and 50-share Nifty is up 6 points at 7,965.
In the broader market, the BSE Mid-cap and Small-cap indices are outperforming the large counterparts and are up by 0.4% each.
The market breadth is positive on the BSE with 1,340 shares advancing and 1,014 shares declining.
Rupee:
The rupee has weakened by nine paise to trade at a fresh seven-month low of 61.6 against the dollar in early trade at the Interbank Foreign Exchange market today following increased demand for the US currency from importers post the RBI monetary policy.
Global Markets:
Asian markets were in hesitant mood on Tuesday as investors wondered what China's response would be to civil unrest in Hong Kong, while the U.S. dollar was on track to post its biggest monthly gain in well over a year.
The unrest was an added complication for investors amid long-standing concerns about the health of China's economy.
An HSBC survey of manufacturing (PMI) for September disappointed slightly by showing a final reading of 50.2, steady on August but down from its preliminary 50.5.
Hong Kong's Hang Seng Index shed another 0.9% to its lowest in three months. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.5% having already fallen sharply on Monday.
US stocks ended lower on Monday following protests in Hong Kong that added to worries about Chinese growth. The Dow Jones Industrial average fell 0.25%, to 17,071; the S&P 500 lost 0.25%, to 1,978; and the Nasdaq Composite dropped 0.14%, to 4,506.
Sectors & Stocks:
On the sectoral front, BSE Consumer Durables is the top gaining index up 1.5% followed by Capital Goods, Healthcare and Auto indices trading higher up to 1%. However, BSE IT, Metal, Oil & Gas and Power indices are losing sheen. Bankex and Realty index are trading flat.
Shares of metal companies are trading lower up to 2% on the NSE after China's factory sector posted lower than expected HSBC/Markit Manufacturing Purchasing Managers' Index(PMI) quoting at 50.2 in September, unchanged from the August reading which was a three-month low.
Tata Steel, Jindal Steel, Hindalco, Jindal Steel, JSW Steel and Coal India are down 1-2% on the National Stock Exchange(NSE).
Oil and Gas majors RIL and GAIL are trading lower between 0.5-1%. However, ONGC is trading flat with a negative bias.
Financial stocks are trading lower after the RBI kept the interest rates steady at its policy review. ICICI Bank, SBI and Axis Bank are down between 0.5-1%.
The technology pack which zoomed yesterday on the back of firm US GDP growth is down in today’s trade on account of profit taking. TCS, Wipro and Infosys have lost between 0.3-1%.
M&M and ITC are some of the notable losers on the BSE.
On the flip side, pharma shares which generate most of their revenues from exports are trading higher on the back of a weakening rupee against the US dollar are trading higher today. Sun Pharma, Cipla and Dr Reddy’s Lab are trading higher between 0.5-1.5%.
Fresh buying is evident in the auto space. Bajaj Auto, Hero Motocorp, Maruti Suzuki and Tata Motors have gained between 0.5-1.5%.
Engineering conglomerate L&T has surged nearly 1%.
Tata Power, NTPC and Sesa Sterlite are some of the prominent names in green among others.
Among other shares, Sterlite Technologies has surged 2% following the announcement of a Joint-Venture agreement with VISCAS Corporation, a leading Japanese company on September, 29 2014.
Shares of PC Jeweller are trading nearly 5% higher at Rs 235 on the BSE after e-commerce portal Flipkart joined hands with the company in order to create a platform for online jewellery shopping.
