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Benchmark indices ended on a flat note subdued particularly by the losses in metal and oil stocks though the late gains in financials helped the markets to erase the losses.
Provisionally. the 30-share Sensex and the 50-share Nifty were flat at the mark of 27,403 and 8,248 respectively
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(updated at 2:20 PM)
Benchmark indices are trading marginally lower, amid weak global cues, subdued by the sustained selling in oil and metal stocks.
At 2:21PM the 30-share Sensex was down 36 points at 27,359 and the 50-share Nifty was down 11 points at 8,235.
In the broader market, both the BSE midcap and smallcap indices have performed better than the front-liners with gains of around 0.4% and 0.1% each. Market breadth in BSE is slightly negative with 1,362 declines against 1,337 advances.
Meanwhile, 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 around 1% each, are the lead gainers among sectoral indices followed by BSE Power index, up 0.7% and BSE Healthcare index, up 0.4%. BSE Oil & Gas index, down 1.3% has lost the most followed by BSE Metal index which is down 1.1%.
Axis Bank has gained around 0.8%. According to media reports, the private bank sector is looking for a partnership to launch a payment bank as per the final guidelines of RBI.
BHEL has gained over 1%. BHEL has joined hands with Hidustan Shipyards Limited and Mishra Dhatu Nigam Limited to form a consortium for building submarines indigenously. The consortium will bid for the P-75 (I) project of Indian Navy for building six submarines at an Indian shipyard.
L&T has gained around 0.4%. The Building & Factories business of L&T Construction, a brand of L&T, has bagged orders worth Rs 2521 crores in the month of December’14 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 after trimming some of their early gains. Sun Pharma and Cipla have gained around 0.2% and 0.4% each while and Dr Reddys Lab has gained close to 1%.
IT stocks too have trimmed gains. Infosys and TCS have gained around 0.3% each while Wipro is trading flat.
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 over 2%.
Metal shares which had gained on Monday on hopes of ordinance for mines sector reforms witnessed profit taking. Sesa Sterlite is down 1.1%, and Hindalco has lost 0.5%.
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.
Global Markets
Nikkei ended lower by 1.6% as investors closed positions beofre the extended New Year holidays. Worries over political uncertainty in Greece also weighed on the sentiments. Hong Kong shares too finished lower on Tuesday as growing uncertainties at home and abroad dampened investor sentiment. Hang Seng index ended 1.1% lower while Shanghai Composite index ended flat.
European markets have opened on a weak note dragged by the losses in energy shares as as Brent oil fell to a fresh 5-1/2-year low on persistent worries about a global supply glut. FTSE 100, CAC 40 and DAX indices have lost around 0.7% each.
