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Benchmark indices are range bound after hitting record highs in early trade. Losses in information technology and oil and gas shares have kept the gains in select index heavyweights and defensive shares capped.
At 11:30 AM, the 30-share Sensex was up 22 points at 28,183 and the 50-share Nifty was flat at 8,426.
In the broader market, both BSE midcap and smallcap indices have outshone their larger peers with gains of 0.7% each. Market breadth in BSE is positive with 1,494 advances against 1,046 declines.
The rupee is trading at 61.80 against US dollar versus yesterday’s close of 61.74. The rupee is seen heading to 62 a dollar due to dollar demand from oil marketing companies and importers.
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 100.98 crore on Tuesday, as per provisional stock exchange data
Buzzing Stocks
BSE FMCG and Realty indices, up 1.4% and 1.6% each are among the top gainers followed by BSE Capital Goods index with gain of around 1%.
BSE IT and Oil & Gas indices down 0.3% each are the top losers.
Index heavyweight ITC, up 1.5% is among the lead gainers on increase in tobacco prices to be effected in the next 10 days by ITC and other tobacco-buying companies against the background of the fall in tobacco prices.
Among defensives, HUL has gained close to 2%.
GAIL has gained around 1% on news that it is likely to sign a gas-supply agreement with Houston-based Vega Energy Partners shortly. The deal is for supplying gas to the Cove Point LNG Terminal project located at Lusby in Maryland, US.
From oil and gas space, Reliance has declined around 0.4% on profit booking.
Capital Goods stocks have extended gains from yesterday with L&T gaining close to 1% and BHEL marginally up by 0.1%.
Metal shares are trading firm. Hindalco, up 2.5% has come off yesterday's low and is the biggest gainer of the hour.
Bharti Airtel has gained more than 1% as the company is seen to have insulated itself from the uncertainties of spectrum bidding in the 900 Mhz band slated in February next year by purchasing extra bandwidth in 1800 Mhz space.
Pharma shares are under pressure as the probe initiated by the US legislature against Sun Pharma and Dr Reddy's over the steep increase of their drug prices in the US market is set to intensify. A panel formed by the Congress will hold its first hearing on November 20.
Sun Pharma has declined around 0.8% while Dr Reddys Labs is marginally high by 0.1%.
IT shares are trading mixed. Infosys and TCS have lost 0.6% each while Wipro is gaining around 1%.
Among other shares, Aegis Logistics has gained 7% , extending its 17% rally in past two trading sessions on NSE, after reporting a 23% year on year (yoy) growth in consolidated net profit at Rs 27 crore for the second quarter ended September 2014 (Q2). The company had a profit of Rs 22 crore in a year ago quarter.
Shares of mobile services provider OnMobile Global has soared 10% , also its 52-week high on BSE, on back of heavy volumes.
Asian Markets
Nikkei has lost around 0.3% after PM Abe announced fresh elections and the proposed hike in consumption tax was delayed. Investors will be looking at the Bank of Japan meeting scheduled later today for cues.
Chinese shares remain subdued on profit booking after the launch of connect scheme between Hong Kong and China stock market. Shanghai Composite is trading flat with a negative bias while Hang Seng has lost around 0.5%.
