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After displaying volatility, markets have staged a firm recovery in the noon trades tracking a strong opening in the European equities amid strengthening of the rupee.
At 1:15 PM, the 30-share Sensex is up 262 points at 26,001 and the 50-share Nifty has gained 76 points at 7,888
In the broader markets, the BSE Mid-cap is up 1.1% while Small-cap index is marginally down by 0.1%. Market breadth turned weak with 1,992 losers and 475 gainers on the BSE.
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Meanwhile, the Foreign Portfolio Investors (FPIs) were the net sellers on Monday to the tune of Rs 5,275 Cr as per provisional stock exchange data.
RUPEE
The Indian rupee recovered in the early trades and currently is trading at 66.35, stronger by 29 paise on fresh selling of the American currency by the banks and exporters. The local equities are also supporting the rupee.
CRUDE OIL
Crude oil recovered slightly after a 6% drop in the prior session, although prices held near 6-1/2-year lows as continued weakness in Chinese equities triggered fears of an economic tailspin in the region.
US crude was up 49 cents at $38.73 per barrel while Brent was up 38 cents at $43.07.
GLOBAL MARKETS
Among the Asian equities, except for Nikkei and Shanghai, all markets are trading firm. Stocks in China continued to witness selling pressure as investors shunned riskier assets on concerns over sluggish economic growth .Nikkei is down 4% while Shanghai has cracked 8%. However, the European markets staged a firm opening.
TRENDING STOCKS
Sectorally, BSE Bankex, Metal and Oil&Gas indices are leading the rally with gains between 1.8-2.5% each while Capital Goods index is down 0.7%
Healthcare pack is gaining on the back of shortcovering. Cipla, Dr. Reddy’s, Lupin are all up between 1.4-2.5% each.
Banking shares are escalating amid short covering. Axis Bank, ICICI Bank, SBI are all between 2-4% each.
From the metal pack, Tata Steel has gained 3% while Hindalco, Coal India are all up nearly 3% each.
Vedanta has gained nearly 5% after the company raised Rs 2,000 crore from State Bank of India, the country's largest lender, via non-convertible debentures (NCDs).
Oil and Gas shares have also shown some strength with oil and exploring companies RIL and ONGC up 2% while oil marketing companies BPCL, HPCL, IOC, OIL have gained between 0.4-3.4% each as the rupee has showed some strength.
L&T Construction has won orders worth Rs 1,563 crore in both the international and domestic markets in July and August. The stock is, however, down 1%.
Tata Motors has advanced on the Sensex after falling to its 52-week low in the previous session. The stock is up nearly 3%.
