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Nifty holds 7,950 mark; Hero Motocorp up 3%

The 30-share Sensex is up 60 points at 26,553 and the 50-share Nifty is up 20 points at 7,953.

SI Reporter Mumbai
Markets have trimmed gains in the late noon trades as losses in metal shares and financials limit gains on the 30-share Sensex.
 
At 2 PM, the 30-share Sensex is up 60 points at 26,553 and the 50-share Nifty is up 20 points at 7,953.
 
Among broader markets, BSE Midcap and Smallcap indices are underperforming the large counter parts and are down 0.5% each.
 
The market breadth is unhealthy on the BSE with 1,181 shares advancing and 1,706 shares declining.
 
Meanwhile, provisional data released by the stock exchanges after trading hours on Tuesday, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 828.95 crore on that day.
 
 
Rupee:
 
The rupee is trading at 61.01/02 vs Tuesday's close of 61.0550/0650. Trading is largely range-bound ahead of Fed meeting.
 
Global Markets:
 
Asian shares are tentatively higher on Wednesday after Wall Street rebounded on speculation the Federal Reserve would maintain a pledge on low rates when a two-day policy meeting ends later in the session.
 
The Dow hit a fresh record while the U.S. dollar took a knock after the Wall Street Journal's Fed watcher Jon Hilsenrath said the central bank would keep the words “considerable time” in its policy statement, though it might qualify them.
 
The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 0.5%, regaining a little of Tuesday's sharp decline. Tokyo's Nikkei put on 0.1%, South Korea gained 0.7% while Straits Times index and Hang Seng gained 0.7% and 1% each.
 
Sectors & Stocks:
 
On the sectoral front, BSE It index is the top gainer up over 1% followed by Teck, FMCG, Power and Auto indices. However, BSE Consumer Durables and Metal indices have lost over 1%. BSE Healthcare and Realty indices are trading with marginal losses.
 
Shares of IT majors have gained between 1-2% on the BSE on hopes that Fed will stick to its pledge of keeping rates low. Sentiments of the market participants further boosted after China injected $81 billion into major banks.
 
Shares of Wipro have extended its yesterday’s rally and have surged 1.5% in today's trade after Wipro Arabia, a subsidiary of India's third largest IT firm Wipro, secured a contract from Saudi-based Saudi Electricity Company (SEC) for implementing and rolling out plant maintenance and project system functionality of SAP ERP application.
 
Infosys has climbed nearly 2% to Rs 3,714 after the company enabled Muji, a leading retailer in Japan to deliver a superior shopping experience through real-time insights into buying behavior of its customers.
 
Shares of Hero Motocorp have gained 3% after the company announced it would set up an ultra-modern manufacturing facility with a capacity to produce 1.8 million units annually in Andhra Pradesh. M&M and Bajaj Auto have climbed 1% and 0.7% each.
 
Tata Power has rebound in today’s trade and is up 1.5% on value buying after showing a sharp declination in the recent past after a massive power failure in Mumbai on September 2 due to technical snags at Tata Power’s 500-Mw Trombay plant occurred. NTPC is trading with marginal gains.
 
Dr Reddy’s Lab, ITC, ICICI Bank and BHEL are some of the notable names in green up between 0.5-1.5%.
 
On the flip side, metal shares are witnessing heavy selling in the late noon trades. Sesa Sterlite, Hindalco, and Coal India have lost between 1-2.5% shrugging off the news that China's economic stimulus has raised hopes of a boost in demand in the world's biggest consumer of metals.
 
In the healthcare space, Cipla and Sun Pharma which surged in the recent past have lost between 0.5-1.5% on profit taking.
 
GAIL, SBI and HDFC twins are some of the prominent names in red and are down between 0.5-1.5%.
 
Among other shares, Hatsun Agro Products has gained nearly 3% to Rs 300 after the company said its board will meet on September 23, to consider issue of shares on a preferential basis. 
 
Shares of Zee Entertainment Enterprises Ltd (ZEEL) are up nearly 2% at Rs 290 after Kotak Institutional Equities upgraded the stock to "add" from "reduce" earlier.
 
Ramky Infrastructure has zoomed over 12% to Rs 61 after a media report suggested that the Ajay Piramal group has emerged as the front runner to purchase its three highway projects.
 

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First Published: Sep 17 2014 | 2:08 PM IST

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