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Benchmark indices have trimmed early losses and are trading on a flat note with Sensex and Nifty oscillating between negative and positive zone. .
At 1300 hrs, the Sensex was down 48 points at 20,843 and the Nifty slipped 13 points to trade at 6,190.
According to Chandan Taparia, Derivative Analyst at Anand Rathi Fin Service, “Nifty future if sustains above 6240 levels then only this momentum may continue in the market. On downside it has support around 6180 then 6120 levels.”
On the global front, Asian shares mostly tracked Wall Street stocks lower on Wednesday but dovish comments from Federal Reserve Chairman Ben Bernanke helped to limit their losses, lifting commodity prices, and putting pressure on the dollar.
Chinese policymakers set the yuan's midpoint at the highest level since the 2005 revaluation, a day after China's central bank said it would gradually withdraw from regular intervention in the foreign exchange market.
Back home, the rupee weakened today due to dollar buying by banks. At 12:50 pm, the rupee was trading at Rs 62.46 compared with previous close of Rs 62.38 per dollar.
On the sectoral front, BSE Realty, Power, PSU and Metal indices gained between 1-2%. However, BSE Bankex has declined by 0.5%.
The main gainers on the Sensex at this hour include Tata Power, Sesa Sterlite, BHEL, ONGC, Coal India and NTPC.
On the losing side, Cipla, ICICI Bank, Bajaj Auto, Bharti Airtel and L&T have declined between 1-2%.
Shares of companies engaged in online retail portals and e-commerce business such as Just Dial and Info Edge (India) are in focus and has rallied up to 14% in an otherwise subdued market on the Bombay Stock Exchange (BSE).
Info Edge (India), the owners of Naukri.com which operates as an on-line classifieds company, has surged 14% to Rs 477 on back of heavy volumes on BSE.
The stock has rallied 25% over past two weeks, after the company said it has made additional investments in Zomato Media Private Limited. Zomato Media owns and operates an online food guide portal Zomato.com.
Ceat has rallied 9% to Rs 257 in early noon deals, extending it’s month long rally on BSE, after reporting a strong set of numbers for the quarter ended September 30, 2013.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up by nearly 1%.
The market breadth in BSE remains positive with 1,209 shares advancing and 995 shares declining.
