 "Stock market: A roller coaster ride for Indian equities")
Benchmark indices continue to trade with weakness as participants remain wary ahead of the earnings season due to begin next week with IT giant Infosys slating its numbers on Friday on April 15.
Meanwhile, minutes from the Fed's March 15-16 policy meeting suggest that the Federal Reserve remains apprehensive about an interest rate hike before June as fears of a global economic slowdown resurfaced.
At 1:55 pm, the S&P BSE Sensex was down 107 points at 24,794 and the Nifty50 was down 28 points at 7,586.
STOCK ACTION
Car maker Maruti Suzuki India lost 3% and emerged as the top loser after Yen hits fresh 17-month high against dollar on Thursday.
Infosys has dipped nearly 2% after nearly six million equity shares changed hands via multiple block deals. Infosys will announce its fourth quarter numbers on Friday on April 15.
Shares of HDFC shed 2.4% after it said that it is planning to make an additional one-time special provision of Rs 450 crore in the fourth quarter ended March 31, 2016, to further strengthen its balance sheet.
The Union Cabinet yesterday approved the modifications in the policy for liberalisation of administratively allotted spectrum where market determined prices are not available. Shares of telecom companies like Bharti Airtel and Idea Cellular are down 1%-2%.
Another stock that faced heat is Tata Steel down 0.3% after Macquarie maintains underperform on Tata Steel for target price of Rs 229 per share. It says investors should book profits in Tata Steel and current valuations capture all the positives. Macquarie sees it difficult for Tata Steel to find a buyer in Europe and pension liability will still remain leaving it open to downside risks.
On the flip side, Bharat Heavy Electricals Ltd (Bhel) has gained 1.5%. The company will announce its provision earning numbers later today for fiscal year 2016.
Energy companies gain ground as benchmark US crude rises $1.86, or 5.2%, to close at $37.75 a barrel in New York. Brent crude, a benchmark for international oils, adds $1.97, or 5.2%, to close at $39.84 a barrel in London. RIL and ONGC soared 1% each.
Pharma stocks are trading firm on fresh buying interest at attractive prices. Sun Pharma, Dr Reddy's Labs, Lupin and Cipla surged between 1%-2%.
The country’s largest automobile company Tata Motors, which has been badly hit by the Supreme Court ban on selling high-end diesel vehicles in the NCR, is planning to down-size its diesel engines to skirt the issue. The stock is up 0.3%.
