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Benchmark indices are largely trading flat in a narrow range reflecting the mixed trends of the global markets. Further, losses in heavyweights, ITC and Reliance have capped gains in IT majors including Wipro,Infosys and TCS.
At 11.40Hrs, Sensex is trading at 26,606 with a loss of 24 points, while Nifty is at 7,954 with a loss of 11 points.
In the broader markets, both BSE Mid cap and Small Cap indices are outperforming the large counterparts with gains of 0.13% and 0.18%, each.
Market breadth is marginally positive on the BSE with 1186 advances against 1125 declines.
On Monday, September 3, 2014 FIIS were the net buyers with net sales of around 232 crores.
Local Currency:
Rupee is trading at 61.75. The rupee fell as low as 61.95 per dollar on Wednesday, its weakest level since March 4, as traders unwound positions ahead of holidays and at a time when the US Dollar is gaining globally.
Asian Markets:
Worries about Hong Kong protests weighs heavily on Asian markets. Hong Kong's Chief Executive Leung Chun-ying faces a deadline to respond to demands for his resignation and for free elections in the city as pro-democracy protests entered a sixth day.
On account on National Day Chinese markets are closed today. On September, 30 2014, Shanghai Composite closed with a gain of 0.2% while Hang Seng registered a decilne of 1.2%
On a positive note, as per official release, China official PMI data is around 51.1 suggesting steady domestic demand benefiting large factories.
Choppy trade at Nikkei, trading flat at 16,166, comes on back of a weak yen supporting sentiment while mixed data from the Bank Of Japan's tankan survey- improved business confidence among manufacturers diluted by he lingering impact of hike in slaes tax on services sector- dragging te market. Meanwhile, Strait Times Index has lost 0.3% and is trading at 1,592.
Sectors and Hot stocks:
BSE IT and Teck indices are the biggest gainers with advances of 1.5% and 1.2% respectively.
Fall in global crude prices, with Brent tumbling to its lowest since July 2012, result of excessive supply has brought oil companies shares in focus. However, BSE Oil and Gas index is trading with a loss of 0.7%.
Among other indices, BSE Power and Healthcare indices are trading in the positive territory with gains in the range of 0.3% to 0.6%.
On profit booking, Sensex heavyweight HDFC group shares have declined by 0.7%. Other major players like ITC and Reliance are also down by 1.4% pulling down the overall market.
However, depreciating rupee has firmed up the IT stocks. Wipro has gained 2.5% on the back getting approval to set up SEZs in Andhra Pradesh while TCS has gained 1.7%
Furtherance of tie-up between Infosys and Oracle in addition to the news of Infosys collaboration with Stanford University to Accelerate Education and Research in Data Science and Analytics has advanced its stocks by around 1.2%.
SBI which gained after increasing the retail term deposit rates to 6% for amounts below Rs 1 Crore during morning trades is presently trading with a loss of 0.1%.
Hero MotoCorp has risen 1.1% after the company said that the company has clocked sales of 6 lakh units of two-wheelers in the month of September 2014.
With the core sector growth getting around 5.6% and growth in coal output rising by 13% in the month of August, stocks of Coal India are back in demand. It is trading with a gain of 0.5%
Among other shares, aviation stocks have rallied by up to 6% on the bourse today as state-owned oil companies reduced the price of aviation turbine fuel (ATF) or jet fuel by a steep 3% on the back of falling international oil rates.
Shares of Spicejet has surged 6% to Rs 13.01, while Kingfisher Airlines locked in upper circuit of 5% at Rs 2.15 on the Bombay Stock Exchange (BSE). Similarly, Jet Airways up nearly 5% to Rs 218
