 "Markets choppy at lower levels; Nifty holds 7,750")
Markets have wiped off early losses and have turned absolutely flat with Sensex and Nifty oscillating between negative and positive zone. The recovery is led by buying demand among index heavyweights like ITC ad Infosys and financial shares.
At 12:45 pm, the Sensex is up 7 points at 25,657 and the Nifty has slipped 11 points to trade at 7,801.
The top gainers from the Sensex pack are NTPC, Coal India, ITC, HDFC Bank, Vedanta and M&M, all surging between 1-2%.
On the losing side, Tata Motors, Wipro, Bajaj Auto, GAIL and ONGC have slipped between 1-2%.
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Updated at 11:30
Markets are still under pressure but have recovered from the morning lows on the back of renewed buying seen in metal stocks. Benchmark indices opened lower tracking weakness in the global peers after China’s factory output shrank to a six and half year low.
At 11:30 AM, the Sensex was at 25,586 levels, down by 66 points while Nifty was at 7776 levels, down by 35 points.
Among the broader markets, BSE Midcap and Smallcap indices are down by 0.5% and 0.03% respectively. The market breadth is weak with 1,113 declines against 1,009 advances.
On the rupee front, the currency depreciated by another 19 paise to trade at 66.07 against the dollar in early trade today on foreign funds outflows amid a lower opening in the domestic equity market.
Meanwhile, activity in China's factory sector unexpectedly shrank to a 6-1/2 year low in September, a private survey showed, and raising fears of a sharper slowdown in the world's second-largest economy that could spread across the global markets
SECTORS & STOCKS
Sectorally, BSE Metal and Auto indices are getting beaten down by 0.8% each followed by weakness in BSE IT shares, down by 0.4%
Shares of metal companies were trading lower after China’s, the world's largest consumer of metals, Caixin PMI fell to a six and a half year low citing fears about the health of China's economy. Tata Steel, NMDC, JSWSteel are all down between 1-4% each while Hindalco is marginally up.
Tata Motors has shed over 2% on fears on a slowdown in Chinese economy, which could affect its sales of JLR, luxury arm of Tata Motors.
Major telecom operators, including Bharti Airtel, and Idea Cellular have opposed the compensation to mobile users for call drops as proposed by the Telecom Regulatory Authority of India (Trai). Bharti Airtel is down 0.5% while Idea Cellular has lost
On the flip side, NTPC, ITC, M&M, Vedanta, HDFC Bank have all gained between 0.2-1.3% on the Sensex.
Among other shares, Mindree has gained over 1% at Rs 1,487 in an otherwise weak market after the company launched Global Learning and Software Delivery Center in Bhubaneshwar.
Ujaas Energy has gained around 2% at Rs 15.85 on the BSE after receiving a letter of intent for 10 megawatts of Teesta Canal Fall Hydroelectric Power Plant, Haptiagachh, Uttar Dinajpur, West Bengal.
