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Benchmark indices are trading flat after paring early gains as losses in oil and metal shares have wiped off the gains in capital goods and pharmaceutical stocks.
At 11:30AM the 30-share Sensex and the 50-share Nifty were flat at the mark of 27,407 and 8,249 respectively.
In the broader market, both the BSE midcap and smallcap indices have performed better than the front-liners with gains of around 0.4% each. Market breadth in BSE is positive with 1,237 advances against 1,084 declines.
Foreign institutional investors were net sellers in Indian equities worth Rs 204.22 crore on Monday, as per provisional stock exchange data.
Buzzing Stocks
BSE Consumer Durables and Capital Goods indices, up over 1% each, are the lead gainers among sectoral indices followed by BSE Power index, up 0.9% and BSE Healthcare index, up 0.7%. BSE Metal has declined around 1% followed BSE Bankex which is down 0.5%.
L&T has gained around 0.8%. The Building & Factories business of L&T Construction, a brand of L&T, has bagged orders worth Rs 2521 crore in the month of December 2014 in both the domestic & international markets, including the prestigious order for the construction of a new passenger terminal at Duqm Airport in Oman from Ministry of Transport & Communications, Sultanate of Oman.
Pharma shares are trading firm. Sun Pharma, Cipla and Dr Reddys Lab have gained close to 1% each.
IT stocks too are trading higher. Infosys and TCS have gained around 0.4% each while Wipro has gained around 0.6%.
BHEL has gained over 1%. According to media reports, the company has entered into an agreement with Hindustan Shipyard Limited and Mishra Dhatu Nigam Limited to bid for the Navy project to build six submarines.
Oil shares are under pressure as global crude prices declined further and analysts predicted further bearishness in the market owing to rising US production despite a global supply glut.
GAIL and ONGC have lost around 1% each while RIL has declined around 1.6%.
Metal stocks have declined failing to maintain the gains made in the last session. Hindalco and Sesa Sterlite have lost around 1% and 1.4% each.
Tata Steel has lost over 1%. Tata Steel has announced that the mining restrictions the company faced in Jharhkand are likely to adversely impact its third quarter revenues as the company was compelled to suspend operations at one of its blast furnaces in Jamshedpur for more than a month resulting in below capacity operation during the period.
