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Benchmark indices remain volatile in a narrow range with Sensex and Nifty making wild swings.
By 13:05 PM, the Sensex was up 52 points at 20,333 and the Nifty was down 16 points at 6,034.
Adds Chandan Taparia, Derivative Analyst at Anand Rathi Fin Service, “Nifty has been making lower lows from last six trading sessions and till it doesn’t negate the trend of lower lows, weakness may persist in the market. Nifty future has to cross and hold above 6120 levels to see some bounce back move.”
On the global front, emerging Asian currencies skidded and regional shares tumbled to six-week lows on Wednesday as mixed signals from Federal Reserve officials raised fresh concerns about an imminent rollback of the U.S. central bank's asset-buying stimulus.
The Indonesian rupiah hit its weakest in more than four-and-a-half years as foreign banks sold the currency despite the central bank's surprise rate hike in the previous session, falling as much as 0.7 percent to 11,670 per dollar.
Back home, continuing its slide for the sixth straight day, the rupee was at 63.56 on strong dollar demand from importers amid weak local equities.
On the sectoral front, BSE Consumer Durables, Auto, Power, PSU, Healthcare and Metal indices have gained by nearly 1% each. Apart from Capital Goods, all the major BSE sectoral indices are trading in green zone.
State Bank of India (SBI) has moved higher by 3%, recovering nearly 5% from intra-day low, after reporting 35% year-on-year (y-o-y) drop in standalone net profit at Rs 2,375 crore for the second quarter ended September 30, 2013 (Q2) due to higher provisioning for bad loans. The country’s largest public sector lender had profit of Rs 3,658 crore in a year ago quarter.
Other notable gainers are Sun Pharma, Hindalco, Tata Motors, HUL, BHEL, Tata Steel and Bajaj Auto.
On the losing side, Cipla, GAIL, Sesa Sterlite, Hero Moto and L&T have declined between 1-2%.
Among other shares, Aban Offshore has moved higher by 5% at Rs 251 on reporting a strong 58% year-on-year (yoy) jump in consolidated net profit at Rs 77.68 crore for the second quarter ended September 30, 2013(Q2).
Symphony has rallied 10% to Rs 415, also its 52-week high on NSE, after the consumer durables firm has tied up with Carrefour in Indonesia for selling Symphony air coolers.
The market breadth in BSE remains almost neutral with 1,096 shares declining and 1,031 shares advancing.
