 "Markets rebound in opening trades; Nifty reclaims 7,000")
Markets have recovered from day’s low and are trading choppy led by strong rebound in Tata Motors and Axis Bank shares.
At 15:10 pm, the S&P BSE Sensex was up by 9 points at 22,960 and the Nifty50 is down 2 points at 6,976.
Top gainers from the Sensex pack are Tata Motors, Axis Bank, M&M, Bharti Airtel and NTPC, all up between 2%-9%.
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Markets continue to remain choppy in the early trades with Nifty hovering around 6,950 levels as investors keenly await the key macro data, Index of Industrial Production (IIP) and Consumer Price Inflation (CPI) later today.
On Thursday, markets attained fresh 52-week closing lows with Sensex and Nifty breaching 23,000 and 7,000 levels respectively mirroring slump in the global equities after Fed chair Janet Yellen in a testimony to Congress stated that global economic turmoil and massive sell-off in global equity markets could spook the US economy.
At 10:12 am, the S&P BSE Sensex was down by 80 points at 22,872 and the Nifty50 is down 11 points at 6,946.
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“Till the market doesn’t stabilize by negating its weak structure of making lower top - lower bottom formation and remains below 7050-7100 zones then selling pressure may continue towards next support of 6870 levels. Traders are suggested to remain cautious as FIIs are turning as net sellers, volatility started to move higher with concern on Global markets,” adds Anand Rathi in its morning note.
Further, foreign portfolio investors (FPIs) sold shares worth a net Rs 1112.66 crore yesterday as per provisional data released by the stock exchanges.
In the currency front, the rupee weakened by 7 paise to quote at an over 29-month low of 68.37 against the dollar in early trade at the Interbank Foreign Exchange market today on sustained demand for the American currency from importers and banks.
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GLOBAL MARKETS
Asian shares slid on Friday as mounting concerns about the health of European banks further threatened a global economic outlook already under strain from falling oil prices and slowdown in China and other emerging markets.
The prices of yen, gold and liquid government bonds of favoured countries soared as investors rushed to traditional safe-haven assets.
Shares in Australia and South Korea fell about 0.5% though MSCI's dollar-denominated index of Asia-Pacific shares outside Japan was little changed due to the fall in the dollar. Japan's Nikkei fell 3.3% to a fresh 15-month low as the yen soared to a 15-month high.
On Wall Street, the US benchmark S&P 500 fell 1.23% to 1,829.08, its lowest close in almost two years and down 10.5% for the year.
KEY STOCKS
Top gainers from the Sensex pack are Axis Bank, Infosys, Coal India, HDFC and Wipro.
Coal India has gained 1.5% after reporting a higher-than-expected 14% rise in its consolidated quarterly net profit on higher sales.
Wipro has signed a definitive agreement to acquire Florida-based health care technology solutions provider, HealthPlan Services, for $460 million (Rs 3,144 crore). Shares of Wipro are up 2%.
BHEL slumped nearly 10% after the company reported a net loss of Rs 1,102 crore in the December 2015 quarter compared to a net profit of Rs 213.
Shares of ONGC are down over 4% after posting a 64% decline in net profit for the December quarter, on the crude oil price slump and provisioning for impairment of assets.
State Bank of India on Thursday reported a massive 67% fall in consolidated net profit at Rs 1,259.49 crore in the quarter to December. The stock has slipped over 3.5%.
With Reuters input
