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Benchmark shares indices ended lower on Friday weighed down by financials while technology shares ended lower on caution ahead of US jobs data later today.
The 30-share Sensex provisionally ended down 43 points at 26,770 and the 50-share Nifty ended down 17 points at 8,114.
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(Updated at 3PM)
Markets become jittery in the late trades as investors remain cautious ahead of a key meeting of the OPEC cartel, which is expected to maintain its current production levels despite an oversupplied global market.
The 30-share Sensex provisionally ended down 43 points at 26,770 and the 50-share Nifty ended down 17 points at 8,114.
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(Updated at 3PM)
Markets become jittery in the late trades as investors remain cautious ahead of a key meeting of the OPEC cartel, which is expected to maintain its current production levels despite an oversupplied global market.
Weakness in Index heavy weights with Tata Motors declining on weak Jaguar sales numbers coupled with losses in technology shares ahead of the US job data have contributed to the decline on the Sensex.
At 3.00PM, the 30-share Sensex is down 20 points at 26,793 and the Nifty lost 10 points at 8,120.
Tata Motors, ICICI Bank, Vedanta, HDFC, TCS are the top five losers on the Sensex and are down between 1-2%.
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(updated at 2.18 PM)_________________
Markets extended gains in late noon trades on Friday after arrival of monsoon rains helped improve investor sentiment. Weather officials announced the arrival of annual monsoon rains at Kerala coast in southern India
At 2:18PM, the 30-share Sensex was up 189 points at 27,002 and the 50-share Nifty gained 56 points at 8,187.
Meanwhile, foreign portfolio investors bought shares worth a net Rs 512 crore on yesterday as per provisional data released by the stock exchanges.
On the economy front, OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna today, 5 June 2015. The OPEC meeting is being closely watched for clues about the organization's next moves.
The rupee continued to trade higher against the US dollar at Rs 63.93 against the previous close of Rs 64 on the back of dollar sales by banks and exporters.
SECTORS & STOCKS
The BSE Metal index continues to remain the top gainer up 2% followed by Healthcare, FMCG, Capital Goods and Consumer Durables among others.
Coal India is the top Sensex gainer, up nearly 5%, after production of the company in May rose by about 13% as against the corresponding period last year.
Healthcare stocks rose tracking gains in Sun Pharma. The stock was up nearly 3% after the shareholders gave a nod to the merger of Sun Pharma Global with company.
FMCG shares rebounded after the recent correction. The MET department said that southwest monsoon is likely to hit Kerala in the next 48 hours. ITC and HUL were up 2% each.
Other gainers include, L&T, M&M, SBI, Wipro and ONGC among others.
Meanhile, financials were among the top losers with HDFC, ICICI Bank, Axis Bank and HDFC Bank down 0.3-1.2% each.
Tata Motors extended losses and was down nearly 2% on the back of weak Jaguar sales in May. The company reported lower Jaguar sales in May 2015 at 168 units compared with 375 units in May 2014.
TCS is down nearly 1% on turning ex-dividend today for final dividend of Rs 24 per share for the year ended 31 March 2015.
SMART MOVERS
Nestle India trimmed gains and was down 1.3%. Paul Bulcke, CEO, Nestle SA has confirmed in a press conference today that Maggi noodles are safe for consumption and that Nestle does not add MSG while manufacturing the product.
Shares of Bhushan Steel were locked in 20% upper circuit at Rs 60.50 on the Bombay Stock Exchange amid media reports citing sources said that the company's lenders have agreed to extend the loan tenure.
Idea Cellular has rallied 2.4% on reports that the company has hiked mobile data rates by up to 100% for pre-paid customers in the NCR region.
Shares of GVK Power & Infrastructure were up nearly 6% at Rs 8 after the company said that it has acquired the entire capital of its airport services arm.
Aditya Birla Nuvo is up nearly 3% at Rs 1,752 after the company announced a joint venture with a leading South African financial services firm MMI Holdings Ltd., to foray into the health insurance and wellness business in India.
In the broader market, the BSE Mid-cap index was up 0.4% and the BSE Small-cap index was up 0.6%.
Market breadth was positive with 1,476 gainers and 997 losers on the BSE.
