Sensex holds 26,000 amid choppy trades; financials weak

The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.4%-0.5%

Markets continue to trade in narrow range with positive bias led by buying among Bharti Airtel and ONGC. However, the upside is capped due to selling among financial shares.

At 13:25 pm, the S&P BSE Sensex is up 51 points at 26,058 and the Nifty50 is up 19 point at 7,982. The broader markets are, however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.4%-0.5%.

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Bharti Airtel, ONGC, Adani Ports, Coal India and GAIL are the top five Sensex gainers, up between 1%-5%.

On the losing side, Axis Bank, ICICI Bank, HDFC, SBI and Lupin are down 1%-3%.

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Updated at 11:15 am

Benchmark indices continue to trade flat with Sensex and Nifty swinging between negative and positive zone.

Investors have turned cautious ahead of the April F&O expiry due tomorrow and the US FOMC meet outcome due today.

At 11:10 am, the S&P BSE Sensex is up 6 points at 26,013 and the Nifty50 is up 8 point at 7,971. The broader markets are, however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.4%.

Markets breadth on the BSE remain positive with 1,161 shares advancing and 852 shares declining

Meanwhile, crude oil prices have hit 2016 highs today on the back of a rally in the gasoline market and after an industry group reported a surprise draw in US crude stockpiles.

Rupee weakened by 6 paise to 66.58 against the dollar in early trade at the Interbank Foreign Exchange market largely due to month-end demand for the US currency from importers.

Besides, foreign portfolio investors (FPIs) bought shares worth a net Rs 512.22 crore yesterday, as per provisional data released by the stock exchanges.

Among overseas markets, Asian stocks were mixed as traders awaited policy decisions from the Federal Reserve and the Bank of Japan. The Bank of Japan (BOJ) holds a two-day monetary policy meeting today, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan.

KEY STOCKS

Shares of oil companies were trading higher by up to 4% after crude oil prices hit 2016 highs on Tuesday. Oil & Natural Gas Corporation (ONGC) has gained 4% to 222, followed by Oil India (3% at Rs 328), and Cairn India (2% at Rs 148) on BSE.

IDFC Bank is down 5% at Rs 50 after the bank reported weak earnings for the fourth quarter ended March 2016 and increase in non-performing assets.

Shares of Raymond were up over 5% at Rs 420 on the Bombay Stock Exchange after the company reported 161% growth in consolidated net profit at Rs 56.2 crore for the quarter ended March 31, 2016 compared with Rs 21.5 crore in the same quarter last fiscal.

NHPC has dipped nearly 7% to Rs 21.50 on the BSE in early morning trade after the government decided to divest 11.36% stake in the power producer company through an offer-for-sale issue on Wednesday.

Bharti Infratel is trading higher by 3% at Rs 376 on the BSE in early morning trade after the company said its board has approved buy back of equity shares worth Rs 2,000 crore and proposed a dividend of Rs 3 per equity share.

Swaraj Engines has moved higher to its record high of Rs 1,175, up 5% on the BSE in otherwise range bound market, after the company reported a strong 41% jump in net profit at Rs 11.65 crore for the quarter ended March 2016 (Q4).