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Benchmark indices continue to trade in a narrow range with positive bias ahead of expiry of March derivative contracts tomorrow.
By 10:26, the 30-share Sensex was higher by 32 points at 28,193 and the 50-share Nifty gained 6 points at 8,545.
Among broader markets, BSE Midcap and Smallcap indices are up 0.1%. Market breadth in BSE is negative with 1,020 declines against 836 advances.
"The market is likely to trade sideways. Selective buying can be seen in the morning session. For the Sensex resistance is seen at 28,273 above 28,428 and 28,455. Support is at 28,117 below 27,973. For the NIFTY resistance is seen at 8,576 above 8,606. Support is at 8,514 below 8,500 and 8,478," Geojit BNP Paribas Financial Services said in a technical note.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 737.86 crore yesterday, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 631.67 crore yesterday, as per provisional data.
In the currency front, the rupee has fallen by six paise at 62.32 against the dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the US currency overseas.
Further, revised estimates show that net industrial growth grew at the slowest pace in a decade in 2012-13 at 1.8%, data from the Annual Survey of Industries(ASI), released on Tuesday, showed.
ASIAN MARKETS
Asian stocks stalled on Wednesday following declines on Wall Street, while the dollar held on to modest gains after a rise in US inflation.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed by midday after a small bounce the previous day.
South Korean and Australian shares were effectively flat. The volatile Shanghai Composite Index lost 1%.
Japan's Nikkei, which has been hitting a succession of 15-year highs, fell 0.6%, to 19,608 points, though analysts said it may be a matter of time before the index reached the 20,000 threshold for the first time since 2000.
SECTORS & BUZZING STOCKS
BSE Metal, Oil & Gas, Power and Capital Goods indices have slipped between 0.5-1.1%. However, sectors like Auto, Banks, FMCG, Healthcare and Realty are trading marginally in positive zone.
Most metal shares continue to trade weak after a private survey yesterday showed that China's factory sector declined to 11-month low to 49.2 in March. Coal India, Tata Steel and Hindalco are down 0.5-1.6%.
Sesa Sterlite, part of Vedanta Group, today said that it would increase production at its copper smelting plant Tuticorin, Tamil Nadu by 12% to 370,000 metric tonnes on April 1, 2015. Post expansion, the plant would be one of the largest copper smelting plants in Asia. The stock is down 1%.
GAIL is the top Sensex loser, down almost 3%. NTPC, ONGC, L&T, RIL, Tata Power and BHEL have dipped between 0.5-2.5%.
On the gaining side, Tata Motors is the top Sensex gainer, up over 1.5% ahead of its board meet today for the proposed rights issue to raise up to Rs 7,500 crore and buyback of secured NCDs worth Rs 1,250 crore maturing on March 31, 2016.
HDFC has gained by over 1%. The company has fixed March 26, 2015 as the record date for the purpose of payment of interim dividend, if approved by the board. The board of directors of the company at its meeting held on March 19, 2015, inter alia, has approved the payment of an interim dividend of Rs. 2 per equity share of face value of Rs 2 each of the corporation, for the financial year 2014-15.
Sun Pharma has risen up over 1%. The company has received Reserve Bank of India approval for transfer of the foreign investments of Ranbaxy to it and issuing its shares to non-resident shareholders of the latter as part of their $4-billion merger deal.
Other notable gainers are HUL, Dr Reddy’s Labs, Cipla, ICICI Bank, HDFC Bank and M&M.
SMART MOVERS
Rolta is up over 3% at Rs 169 after the company announced that it has entered into an agreement with Hitachi India Pvt. Ltd. to address significant market opportunities in high growth business segments in India.
Shares of Symphony have rallied nearly 4% to Rs 2,529, also its record high on the National Stock Exchange (NSE), in otherwise subdued market.
Godrej Properties has gained over 5% at Rs 264 after the company announced a new residential project in Kolkata.
Ipca Laboratories has dipped 11% to Rs 685 on the NSE on media reports that the US Food and Drug Administration (FDA) issued an import alert on its manufacturing facilities at Pithampur and Silvassa.
