)
Benchmark indices are trading marginally lower after trimming early losses as weakness in oil and auto shares have limited the gains in FMCG, capital goods and select banks stocks.
Caution ahead of the release of October IIP data and December CPI data due later today has weighed on the indices.
At 10:10AM, the 30-share Sensex was down 53 points at 27,404 and the 50-share Nifty was down 9 points at 8,275.
In the broader market, both the BSE Midcap and Smallcap indices have performed better than the front-liners with gains of 0.4% and 0.6% each. Market breadth in BSE is positive with 1,197 advances against 672 declines.
Meanwhile, foreign institutional investors were net sellers in Indian equities to the tune of Rs 298 crore on Friday, as per provisional stock exchange data.
Buzzing Stocks
BSE FMCG index, up 1.1% is the lead gainer followed by BSE Capital Goods index, up 0.9%. BSE Oil & Gas and Metal indices, down 1% each have lost the most.
HUL has gained over 2% on sustained buying after a couple of foreign brokerages upgraded the stock.
Financials have gained in early morning trade. SBI, Axis Bank and ICICI Bank have gained close to 1% each.
Infosys has gained around 0.7% after reporting strong Q3 results. Wipro and TCS are however trading 0.7% and 0.9% down each.
Oil shares are under pressure on further decline in crude prices. RIL has lost over 1% while ONGC and GAIL have declined around 0.5% and 1.1% each. Reliance Industries Chairman Mukesh Ambani announced Rs 100,000 crore investments across businesses in the next 12-18 months and said India was on the path to become the world's fastest growing economy.
Among pharma shares, Sun Pharma has gained around 0.5% while Cipla and Dr Reddys Lab have lost around 0.6% each.
Auto stocks are under pressure with Tata Motors losing around 1.1%, M&M down 0.8%, Bajaj Auto and Hero Motocorp losing around 0.4% each and Maruti Suzuki down around 0.1%.
Metal stocks too have weighed on the indices. Sesa Sterlitem Tata Steel and Hindalco have declined around 0.8% each.
Coal India has declined over 4%. Media reports suggest that the government is planning to reduce its stake in Coal India by 10%.
Among other shares, Bajaj Corp has rallied 6% also its record high on BSE in early morning trade, after reported a strong 44% year-on-year increase in standalone net profit at Rs 41.84 crore for the third quarter ended December 31, 2014 (Q3FY15).
