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Benchmark indices continue to remain volatile in a narrow range with Sensex and Nifty swinging between negative and positive zone.
By 10:15, the Sensex was lower by 10 points at 19,308 points whereas the Nifty slipped by 13 points at 5,715 mark.
Mohit Gaba, Independent technical analyst & trader says, ‘We are consolidating after a fall of 400 odd points in 6 sessions, trading between a range of 5675 - 5810. I am waiting for a break down or a rally to initiate shorts on the market. Bank also are consolidating, they still look weak, having said that we could get a small bump up, a reaction to the down move. But on the whole they still are weak and we should wait for lower levels before we buy”.
On the global front, Japan's Nikkei share average rose to a one-week high on Friday morning, spurred by Wall Street's record-close overnight on strong US economic data and the commitment by major central banks to keep monetary stimulus in place. A stronger dollar versus the yen also buoyed sentiment, lifting exporters like auto makers and electronics manufactures.
The Nikkei jumped 1.9% to 14,266.31, after rising as high as 14,284.00, the highest level since July 26 and surpassed its 25-day moving average of 14,277.48.
Back home, market erased gains on account of profit booking after making a higher opening tracking firm global cues. Moreover, Indian government has further relaxed foreign direct investment norms in the retail sector to attract overseas investments.
The rupee today lost 27 paise to 60.70 against the dollar in early trade on the Interbank Foreign Exchange market on higher demand for the US currency from importers, even as RBI took more measures to curb the domestic unit's fall.
On the sectoral front, BSE Consumer Durables, IT and Oil & Gas indices have gained between 1-3.5%. However, BSE Metal, Power and PSU indices have dropped between 1-2%.
The main gainers on the Sensex at this hour include Wipro, RIL, Infosys, TCS, Maruti Suzuki, BHEL, ITC and Hero Moto, all gaining between 1-3%.
On the losing side, JSPL is the top Sensex loser, down over 7%. Coal India, Hindalco, Tata steel and M&M have declined between 2-3%.
Shares of financial technologies group, Financial Technologies (India) (FT) and Multi Commodity Exchange of India (MCX) continue to be under hammer second day in a row, falling over 20% each today, after FT-promoted National Spot Exchange (NSEL) suspended trading in all contracts except "e-series" until further notice because of poor volumes on the exchange following a government order.
FT has tanked 45% to Rs 106, its lowest level since November 2004, on BSE. The stock has plunged 80% from Rs 542 in past two trading sessions.
Power Grid has slumped by nearly 10% on equity dilution concerns after the company's board of directors on 1 August 2013 approved a Follow on Public Offer (FPO) of 15% of existing paid up share capital.
Telecom major Idea Cellular hit record high on strong Q1 numbers.
Strides Arcolab has rallied 7.5% to Rs 669, extending its previous day’s 6% surge, after the pharmaceutical company said it has received tentative approval from the US health regulator for anti-AIDS combination drug.
The broader markets continue to underperform the benchmark- BSE Midcap and Smallcap indices are down by nearly 1%.
The market breadth in BSE remains weak with 749 shares declining and 447 shares advancing.
