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After a firm start, benchmark indices are trading flat with a positive bias in the first full-fledged trading session of Samvat 2071 as investors booked profits at higher levels.
At 1 PM, the Sensex has gained 8 points at 26,859 and the Nifty has climbed 4 points to trade at 8,018.
In the broader market, BSE Mid cap index has lost around 0.4% while BSE Small cap index is trading flat with a negative bias.
Market breadth is weak on the BSE with 1,331 declines and 1,199 advances.
Asian Markets:
Asian stocks are trading strong on Monday after better-than-expected earnings while growth in new US home sales and the stress tests for banks in the euro zone also helped improve sentiment. Japanese shares have firmed up with the benchmark Nikkei up 1% while China’s Shanghai Composite is up nearly 0.5%. Also, shares in Hong Kong are witnessing an upsurge and are up over 1%. However, Straits Times is down 0.4%.
Local Currency:
Rupee has firmed up tracking gains in its Asian peers and is trading at 61.23 against US Dollar.
Sectors & Stocks:
On the sectoral front, BSE Realty index is the top loser down over 3% followed by Oil & Gas, FMCG and Auto indices down between 0.5-1%. However, BSE Capital Goods index is the top gainer up 0.8% followed by Bankex and Metal indices.
Financials have gained on expectations of more reforms in the gas and energy sector boosting companies which include some of the large clients of these banks. To ensure regular supply to power companies, government is considering a proposal to effect pooling of domestic and international gas prices. HDFC twins, SBI, Axis Bank and ICICI Bank have gained between 0.5-1%.
Engineering Conglomerate L&T and BHEL have surged between 1-4% after a government panel on Saturday cleared defence projects worth Rs 50,000 crore.
GAIL has gained around 1.5% on reports that it will be appointed as the operator of the proposed pool of domestic and international gas prices. However, ONGC which gained recently on the back of gas price hike and de-regulation of diesel prices announced by the government has lost over 1% today. RIL has shed 0.8%.
In the metal pack, Sesa Sterlite, Tata Steel and Coal India have gained between 0.5-1%.
Dr Reddy’s Lab, Bharti Airtel and Tata Power are some of the notable names in green among others.
On the flip side, Auto stocks which surged recently on the back of better sales prospects in the festive season and a better than expected monsoon in the rural areas are facing pressure in today’s trade on account of profit taking. Maruti Suzuki, Tata Motors, Hero Motocorp, Bajaj Auto and M&M have lost between 0.2-2%.
FMCG major HUL is trading 1.3% lower on caution ahead of the Q2 results.
An apprecialting rupee has casted its shadow on the IT and Healthcare stocks. Wipro, Infosys, Sun Pharma and Cipla have lost between 0.3-1%.
Among other shares, shares of DLF slumped nearly 6% to Rs 112 on reports that the new BJP-led Haryana government will investigate into the land deals between the company and Congress president's son-in-law, Robert Vadra entered into during the regime of the previous Congress government.
Shares of TIL were down nearly 6% at Rs 367 after the company reported a higher loss in the second quarter ended September 30, 2014 owing to decline in sales and increase in finance costs.
Dabur India has tanked 9% to Rs 196 on National Stock Exchange (NSE) on back of heavy volumes on the bourses.
