)
Benchmark shares indices continued to trade flat with bank shares under pressure ahead of the Reserve Bank of India's policy meet tomorrow which is widely expected to maintain status quo on key interest rates.
Meanwhile, action was seen in the broader markets amid bargain hunting by investors in fundamentally sound mid-cap and small-cap shares.
At 10:30AM, the 30-share Sensex was up up 26 points at 28,286 and the 50-share Nifty was up 5 points at 8,592.
In the broader markets, the BSE Mid-cap index was up 0.7% and the Small-cap index was up 1%. Market breadth was positive with 1,249 gainers and 642 losers on the BSE.
Meanwhile, foreign institutional investors were net buyers in equities to the tune of Rs 210 crore on Wednesday. Markets were closed on Thursday on account of Mahavir Jayanti and the following day on account of Good Friday.
BSE Bankex was the top loser down 0.4% along with Metal, Power and IT indices.
SERVICES PMI SLOWS IN MARCH
The seasonally adjusted HSBC India Services Business Activity Index stood at 53.0 in March (February: 53.9). The latest reading was indicative of a mode rate rate of expansion that was slightly weaker than in the prior month. Output rose in four of the six broad areas of the service economy, the exceptions being Financial Intermediation and Hotels & Restaurants.
“India’s service sector ended the first three months of 2015 with a strong performance, providing signals that much of the weakness seen in 2014 has been left behind. Despite softening slightly since the prior month, growth of activity and new business in the country’s dominant sector was robust," Pollyanna De Lima, economist at Markit said in a note.
"Worryingly, however, cost inflationary pressures in the private sector as a whole firmed. Whereas output prices also increased, firms are still struggling to pass on the full extent of input price rises to clients amid fierce competition," Pollyanna De Lima adds.
BUZZING STOCKS
Sun TV Network has dipped nearly 11% to Rs 405 after media reports that the Enforcement Directorate (ED) attached the assets worth of around Rs 743 crore belonging to Dayanidhi Maran, Kalanithi Maran, his wife Kaveri Kalanithi and other group companies.
Suzlon Energy was up over 4% on reports that a foreign brokerage has initiated coverage on the stock with a 'buy' rating on expectations that the company could witness a turnaournd by FY17.
Aban Offshore was up nearly 7% at Rs 457 after the company said that "Deep Drilling 7 Pte Ltd and Deep Drilling 8 Pte Ltd" wholly owned step-down subsidiaries of the Company, have redeemed the outstanding bonds issued by them having an aggregate principal amount of USD 216 Million [equivalent to INR 1,335 Crores] alongwith accrued interest on the due date (i.e) March 5, 2015.
Aurobindo Pharma was up nearly 4% at Rs 1,296 after the company in a release said that it has received USFDA approval for Sildenafil injection used for treating adult patients (18 and above years) with pulmonary arterial hypertension.
SML Isuzu has rallied 17% to Rs 1,381 after reporting a 33% year on year growth in vehicles sales at 1,772 units for the month of March 2015. The commercial vehicles maker had sold 1,337 vehicles during the same month last year.
