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Benchmark indices have slipped in the negative territory weighed down by healthcare, oil and select metal shares.
At 11 AM the Sensex is down 122 points at 26,935 and the Nifty has lost 28 points at 8,066 levels.
Sun Pharma, Coal India, M&M, GAIL and ONGC are the top 5 losers on the Sensex and have lost between 1-4%.
The broader markets are outperforming the large counter parts. BSE Midcap and Smallcap indices are up between 0.8-1%.
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(updated at 10.22 AM)__________________________________________________________
Markets are trading in the positive territory on fresh capital infusion by fund and retail investors. Further, gains in financial and technology shares are contributing the most to the rise on the 30-share Sensex.
At 10.22 AM the Sensex is up 27 points at 27,084 and the Nifty has gained 18 points at 8,113 levels.
The government will release the CPI data for August 2014 tomorrow and the industrial production data for the month of July tomorrow.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 10 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 9.91 crore on that day.
The market breadth is strong on the BSE with 1,719 shares advancing and 575 shares declining.
The broader markets are outperforming the large counter parts. BSE Midcap and Smallcap indices are up 1% each.
Global Markets:
Asian markets were trading in a narrow range after US President Barack Obama said he had authorised US air strike in Syria and also in Iraq to fight the Islamic State militants.
However, Japanese shares remained firm amid a weaker yen. The benchmark Nikkei was up 0.5%. Straits Times and Hang Seng were up 0.2-0.3% each while Shanghai Composite was up 0.6%.
US stocks recovered from the losses in the previous two sessions helped by a rebound in shares of Apple which recently unveiled the iPhone6. Meanwhile, energy shares continued to remain weak tracking weakness in crude oil prices. The Dow Jones gained 0.3% to end at 17,068.71, the broader S&P 500 gained 0.4% to close at 1,995.69 and the Nasdaq Composite ended up 0.8% at 4,586.52.
Sectors & Stocks:
On the sectoral front, BSE Capital Goods index is leading the rally up 1% followed by IT, Consumer Durables, Power and Realty indices. Bankex is up 0.8%. However, Healthcare, Metal and Auto indices are losing sheen on the BSE down between 0.3-1.4%.
The power stocks are trading firm in the early trades with NTPC and Tata Power up between 0.5-1% after SC reserved the verdict on coal block de-allocation.
The technology pack which witnesses selling in the previous trading session has rebounded and are trading in the positive territory with Infosys, TCS and Wipro up between 0.1-0.5%.
In the financial segment, HDFC twins, Axis Bank, SBI and ICICI Bank have gained between 0.5-1.5%.
Shares of ICICI Bank are extending its yesterday’s rally and is up 0.8% after the bank on Tuesday announced that its board had approved the splitting of each equity share into five.
In the Capital Goods space, engineering conglomerate L&T has surged over 1% and BHEL is up 0.5%.
Cigarette maker ITC which fell yesterday on news of tougher tobacco regulations has gained mearginally today on fresh buying. HUL is up nearly 1%.
Hindalco, RIL and Sesa Sterlite are some of the prominent names in green among others and have gained between 0.3-1.4%.
On the flip side, heavy selling is evident in the pharma space. Cipla, Dr Reddy’s Lab and Sun Pharma have lost between 0.5-4%.
Sun Pharma is under pressure on reports that the company’s manufacturing facility in Halol (Gujarat) is undergoing a surprise inspection by the US Food and Drug Administration (US FDA).
Coal India and ONGC have dipped 2% and 0.8% each after cabinet committee on economic affairs approved stake sales of these companies.
Bharti Airtel is down over 0.5%.
Auto stocks are also trading under pressure. M&M, Maruti Suzuki and Bajaj Auto have dipped between 0.3-1%. Tata Motors is trading with marginal losses.
