Choppy trades continue; capital goods rally

Shares of Capital Goods are rallying ahead of the IIP numbers due to be unveiled on Thursday

Markets continue to swing between the positive and negative territory as gains in Capital Goods ahead of the key macroeconomic data set off losses in Tata Motors and metal shares.

By 1:35 pm, the S&P BSE Sensex gained 55 points to trade at 25,744 and the Nifty50 climbed 9 points at 7,875. 

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 224.40 crore yesterday, 9 May 2016, as per provisional data released by the stock exchanges.

Some of the notable companies including Zee Entertainment Enterprises, Century Plyboards (India), EID Parry (India), Kaveri Seed Company, Radico Khaitan, SKF India are scheduled to announce their Q4 March 2016 results today. 

STOCK TRENDS

Dr Reddy’s Lab is leading the charts and is up 3.5% ahead of the quarter results due on Thursday.

Meanwhile, FMCG major HUL is contributing to the rally after the company reported an increase of 7.02% in standalone net profit at Rs 1,089.59 crore for the fourth quarter ended March 31, 2016.

Other major gainers include BHEL and L&T ahead of the IIP numbers due to be unveiled on Thursday.

Financials continue to rally with Axis Bank, HDFC twins, ICICI Bank and SBI up between 0.1%-2%.

Infosys Foundation, philanthropic arm of the IT major, has signed a pact with Indian Institute of Science Education and Research (IISER), Pune, to support students from economically weaker section to pursue 'high quality' education. Shares of Infosys are up 1%.

On the flip side, Tata Motors continues to trade with losses and is down 3.5% after its retail sales moderated.

Metal shares have taken a hit in today’s session after the iron ore traffic, including pellets, at major ports saw a sharp fall of 28% in financial year 2015-16 as imports declined because of weak demand. Total iron ore cargo fell to 13 million tonnes (mt) from 18 mt a year ago. 

Slide in the crude oil prices have dragged ONGC lower by 1.5%.

Other notable losers include Bharti Airtel, ITC, Adani Ports and M&M down between 0.5%-1%.