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Benchmark indices are trading with marginal gains amid firm global cues led by auto, power and healthcare shares. However, selling in metal and IT stocks have capped upside gains.
By 11.30 AM, the Sensex is up 24 points at 28,285 and the Nifty has climbed 3 points at 8,574.
However, the broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices have slipped between 0.2-0.6%.
Market breadth is negative with 1,537 declines and 843 advances on the BSE.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 354.59 crore on Friday, 20 March 2015, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 219.20 crore on Friday, 20 March 2015, as per provisional data.
The rupee strengthened by 12 paise at 62.34 against the US dollar in early trade at the Interbank Foreign Exchange market today on increased selling of the American currency by exporters.
Key Stocks
On the sectoral front, BSE Auto, Healthcare and Power indices are trading higher by 0.5% each. However, BSE Consumer Durables, Metal and IT indices continue to lose sheen and are down up to 1%.
Telecom major Bharti Airtel has announced partnership with Amazon Web Services to offer its cloud computing services to customers in India. The stock is up 0.3%.
Tata Motors has gained over 1% after the company said its board will meet on 25 March to consider and approve the detailed terms of the proposed rights issue aggregating up to Rs.7,500 crore including the issue price and rights entitlement ratio. The board will also consider buy-back of secured non-convertible debentures of face value of Rs.1,250 crore issued by the company in May 2009, which are to mature on 31 March 2016.
Sun Pharmaceutical Industries Ltd has climbed 1.5% while Ranbaxy Laboratories is up 1% after US anti-trust regulator FTC has passed its final order settling charges that Sun Pharma’s $4 billion deal to acquire Ranbaxy Laboratories could result in unfair business practices.
Wipro is trading with marginal losses. The company named Rajan Kohli, currently head of banking and financial services business at the company, as the head of Wipro Digital.
Coal India has dropped nearly 1% after HSBC downgraded the miner to "neutral" from "overweight" and cuts target to 369 rupees from 390 rupees.
An appreciating rupee has casted its shadow over the technology pack. Infosys is down 0.5%, Wipro has lost 0.3% while TCS is trading with marginal gains.
Shares of Tech Mahindra were trading lower by 3.4% at Rs 655, extending its past three day’s fall on the National Stock Exchange (NSE) after the stock turned ex-stock split and ex-bonus on March 19, 2015.
Shares of Compuage Infocom has surged 15% to Rs 146 on the BSE after the company announced that its board will consider issue of free shares to existing shareholders.
