Business standard has Posted By Markets remain range-bound; BSE Smallcap index up 1% Benchmark indices continue to maintain lacklustre trend with Sensex and Nifty oscillating between negative and positive zone.
By 11:15 am, the S&P BSE Sensex was higher by 32 points at 26,365 and the Nifty50 slipped 12 points at 8,099. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.6%.
Top gainers from the Sensex pack are Adani Ports, Tata Motors, SBI, GAIL and Cipla, all surging between 1%-2.2%. On the losing side, HDFC, Bajaj Auto, Infosys, TCS and Hero Moto are down 1%-1.3%.
Among other shares, KPIT Technologies has dipped 8% to Rs 174 on the BSE in early morning trade, after the company announced on Monday that Copart Inc. has filed a suit against its unit Sparta alleging that it is entitled to seek damages amounting to not less than $50 million for, among other things, breach of contract, fraudulent inducement and negligent misrepresentation.
Deepak Fertilisers & Petrochemicals Corporation has surged 8% to Rs 167 on the BSE in early morning trade after the company announced that the Ministry of Chemicals and Fertilizers has agreed to release about Rs 485 crore outstanding subsidy payment to the company.
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Updated at 9:30 am
Markets have turned flat after making a positive opening despite weakness among global markets and spike in May CPI inflation numbers to 5.76%.
By 9:30 am, the S&P BSE Sensex was higher by 6 points at 26,403 and the Nifty50 slipped 1 point at 8,110. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.6%.
By 11:15 am, the S&P BSE Sensex was higher by 32 points at 26,365 and the Nifty50 slipped 12 points at 8,099. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.6%.
Top gainers from the Sensex pack are Adani Ports, Tata Motors, SBI, GAIL and Cipla, all surging between 1%-2.2%. On the losing side, HDFC, Bajaj Auto, Infosys, TCS and Hero Moto are down 1%-1.3%.
Among other shares, KPIT Technologies has dipped 8% to Rs 174 on the BSE in early morning trade, after the company announced on Monday that Copart Inc. has filed a suit against its unit Sparta alleging that it is entitled to seek damages amounting to not less than $50 million for, among other things, breach of contract, fraudulent inducement and negligent misrepresentation.
Deepak Fertilisers & Petrochemicals Corporation has surged 8% to Rs 167 on the BSE in early morning trade after the company announced that the Ministry of Chemicals and Fertilizers has agreed to release about Rs 485 crore outstanding subsidy payment to the company.
**********************************
Updated at 9:30 am
Markets have turned flat after making a positive opening despite weakness among global markets and spike in May CPI inflation numbers to 5.76%.
By 9:30 am, the S&P BSE Sensex was higher by 6 points at 26,403 and the Nifty50 slipped 1 point at 8,110. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.6%.
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"Despite yesterday’s feeble attempts to recover, long liquidation pressure kept a lid on gains, forcing a lower close. Such bias should dominate today as well, but, the slippages should slow down on approach to 8,065-8,000. This region has the potential to lay a platform for a vertical rise towards 8,400-8,500, but this play need to be revisited as the week progresses," adds Geojit BNP Paribas in its technical report.
On Monday, benchmark share indices ended at two week low after sharp decline in the rupee, slide in crude oil prices and weakness among global peers led to sell off across the board by investors.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 212.24 crore yesterday as per provisional data released by the stock exchanges.
On the macro-economic front, India’s Consumer Price Index (CPI)-based inflation for the month of May 2016 rose to 5.76%, the highest in 19 months, and the most since the new series of retail inflation with base year of 2012 was introduced from January 2015.
The Indian rupee has opened lower by 6 paise at 67.19 per dollar today versus previous close of 67.13.
Among overseas markets, most Asian stocks declined following a lower finish in US stocks as investors looked ahead to central bank meetings in the US and Japan. The US Federal Open Market Committee will begin its two-day meeting today while the Bank of Japan will start its two-day meeting tomorrow.
US stocks declined yesterday as investors turned increasingly jittery ahead of a Federal Reserve policy meeting and a looming vote on 23 June 2016 on Britain's membership in the European Union.
Back home, GAIL, ICICI Bank, Adani Ports, SBI and Tata Motors are up 1%-1.4%.
State Bank of India has set up a crack team to prepare a framework for amalgamation of five associate banks with itself, even as the political opposition to the proposed move is gaining ground and the government approval is still awaited.
On the losing side, Bharti Airtel, NTPC, HDFC Bank, Bajaj Auto and HDFC are down 0.3%-1%.
Telecom operators have failed a call drop test conducted by the Telecom Regulatory Authority of India (Trai) for a third time.
State-run NTPC, for the first time, has traded in un-requisitioned surplus (URS) power from four of its prominent thermal generating stations— Vidhyanchal, Unchahar, Rihand and Dadri Power —at the Indian Energy Exchange (IEX).
Deepak Fertilisers & Petrochemicals Corporation announced after market hours yesterday that the Department of Fertilizers (DoF), Ministry of Chemicals and Fertilizers, has agreed to release about Rs 484.75 crore outstanding subsidy payment to the company. The stock has surged by 6%.
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