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Benchmark indices continue to trade in a narrow range with Sensex and Nifty swinging between negative and positive zone.
At 11:40 AM, the Sensex was 5 points higher at 26,527 levels and the Nifty is down 12 points quoting at 8,032.
The top gainers on the Sensex are Hindalco, Vedanta, Axis Bank, ICICI Bank and HUL, all rising between 1-2%.
On the losing side, Cipla, Dr Reddy’s Labs, Sun Pharma, Bharti Airtel and ONGC have slipped between 1-2%. .
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Updated at 10:00
Market has turned flat and is trading in a tight range tracking losses in the global peers amid weak Chinese inflation data. However, a strong rupee coupled with strength in banking stocks after RBI asks banks to take over management of loan defaulters in the view of restructuring the ailing banks has limited the losses.
At 11:40 AM, the Sensex was 5 points higher at 26,527 levels and the Nifty is down 12 points quoting at 8,032.
The top gainers on the Sensex are Hindalco, Vedanta, Axis Bank, ICICI Bank and HUL, all rising between 1-2%.
On the losing side, Cipla, Dr Reddy’s Labs, Sun Pharma, Bharti Airtel and ONGC have slipped between 1-2%. .
**************************************
Updated at 10:00
Market has turned flat and is trading in a tight range tracking losses in the global peers amid weak Chinese inflation data. However, a strong rupee coupled with strength in banking stocks after RBI asks banks to take over management of loan defaulters in the view of restructuring the ailing banks has limited the losses.
At 10.00 AM, the Sensex is 3 points higher at 26,526 levels and the Nifty is down 9 points quoting at 8,035.
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Benchmark indices have erased its early losses with Nifty reclaiming 8,050 mark owing strength in banking stock after RBI asks banks to take over management of loan defaulters in the view of restructuring the ailing banks.
Meanwhile, a rally in the metal shares is evident on hopes of fresh stimulate by China to revive the economy.
At 9.50 AM, the Sensex is 51 points higher at 26,574 levels and the Nifty is up 8 points quoting at 8,052.Top gainers include Hindalco, ICICI Bank, Vedanta, Axis Bank, GAIL up between 1-2.5%.
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(updated at 9.15 AM)
Markets have opened lower tracking losses in the global peers amid weak Chinese inflation data. Ongoing Greek debt crises, possibility of Fed rate hike coupled with monsoon woes has further hurt the trading sentiments.
At 9.20 AM, the Sensex is 46 points lower at 26,477 levels and the Nifty is down 16 points quoting at 8,028.
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 749 crore on Monday, as per provisional stock exchange data.
According to Moody, a weak monsoon is likely to be credit-negative for India as it is expected to push up food inflation as well as government deficits. Further, IMD has revised its monsoon forecast for 2015 from below normal to deficit.
GLOBAL MARKET
Consumer inflation in China dropped from 1.5% in April to 1.2% in May, according to the National Bureau of Statistics. This would however encourage Beijing to stimulate the economy with another rate cut or targeted spending.
US and European stocks fell overnight as investors investor remain cautious on ongoing debt talks in Greece and the possibility of a US interest rate hike sooner than expected..
KEY STOCKS
Trade unions representing workers of Tata Steel in the UK will go on strike on June 22 over proposed changes to the company's pension scheme. The stock is down 2%
Vedanta is likely to announce a merger of its subsidiary Cairn India, a listed oil and gas exploration company, with itself. Ciarn India is down 5% and Vedanta is trading with marginal gains.
Drug maker, Cipla with its joint venture firm Stempeutics Research has received a process patent from the Japan Patent Office for novel stem cell drug Stempeucel aimed at treatment of critical limb ischemia (CLI). However, the stock is down 2%.
The banking stocks including Axis Bank, YES Bank, ICICI Bank are trading with marginal gains after the RBI gave a nod to the banks to seize control of a company if a debt recast fails, supplant the management, and sell their stake in the defaulting company immediately to recover dues, in one of the central bank’s most aggressive steps to curb rising bad loans.
The board of directors of HDFC approved fund-raising worth Rs 5,000 crore simultaneously by secured redeemable non-convertible debentures (NCDs) and warrants. The stock is up 0.2%.
IT major Wipro is considering a takeover bid for Equiniti, the British-based group which manages the pensions of millions of UK civil servants, said media reports. The stock is trading with marginal gains.
Sun TV which cracked nearly 22% on reports that the Ministry of Home Affairs (MHA) has struck down the proposal by the I&B Ministry for giving security clearance to 33 television channels of Sun TV Network has rebounded 3% on value buying.
Cigarette maker and FMCG major ITC has slipped over 1% after IMD lowered its monsoon expectations from 'below normal' to deficit.
Sun TV which cracked nearly 22% on reports that the Ministry of Home Affairs (MHA) has struck down the proposal by the I&B Ministry for giving security clearance to 33 television channels of Sun TV Network has rebounded 3% on value buying.
Cigarette maker and FMCG major ITC has slipped over 1% after IMD lowered its monsoon expectations from 'below normal' to deficit.
