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Benchmark indices are trading flat in a narrow range on the back of mixed macroeconomic data.
India’s wholesale price index-based inflation for November is down to 0% compared to its October level of 1.7% while the index IIP data for October released post market hours on Friday, contracted to -4.2%, lowest in three years as compared to (-) 1.2% in the same month last year. Meanwhile, retail inflation as measured by the Consumer Price Index (CPI) eased sharply by 114bp to 4.38% during November 2014 as compared to 5.52% in October 2014.
At 1.05 PM, the 30-share Sensex has shed 56 points at 27,295 and the 50-share Nifty has dropped 13 points to trade at 8,211.
In the broader market, the BSE Mid-cap and Small-cap indices are down 0.3% each.
Foreign institutional investors were net sellers in Indian equities worth Rs 864.96 crore on Friday, as per provisional stock exchange data.
The rupee is trading weaker at 62.70, its lowest since February, 2014, compared with Friday's close of 62.29 as Asian currencies are mostly weaker versus dollar.
Key Stocks:
On the sectoral front, BSE IT index is the top loser down by 1.9% followed by BSE Consumer Durables, Teck and Realty indices trading lower between 1-1.5%. On the other hand, BSE Bankex is the only index trading in the positive territory up 0.3%.
Shares in Tata Consultancy Services (TCS) has dipped over 3% on the BSE after the company in an investor update has communicated for a weak revenue growth for the December quarter, arising from seasonality and pressure in its banking, financial services and insurance (BFSI) business. Following the tandem, Wipro and Infosys are down 0.6% and 1% each.
Oil and gas shares are reeling under pressure as oil prices tumbled to a new 5-1/2 year low, hitting Wall Street shares and stoking fears of weak global growth. RIL and GAIL are down between 0.8-1%.
However, ONGC is up 1% after it announced three new oil and gas discoveries in Krishna Godavari Basin and Mumbai offshore and said it will pay its shareholders an interim dividend of 100%.
HDFC is the top Sensex gainer up 4% on reports that Standard Life plans to increase its stake in joint venture HDFC Standard Life Insurance Company to 33% from 26%. HDFC holds 72.4% in the Joint-Venture. HDFC Bank has gained 0.7%.
Coal India surged 2.8%. The Lok Sabha on Friday cleared changes in law to allow private companies to produce coal, after about four decades of these firms being left out of this segment. However, Sesa Sterlite and Tata Steel are down between 1-1.6%.
FMCG majors HUL and ITC are witnessing fresh selling and have lost between 0.4-0.7%.
Market breadth is weak with 1,554 losers and 1,019 gainers on the BSE.
