Markets turn choppy; metal shares trading weak

NTPC, Dr Reddys Labs, Sesa Sterlite, Bharti Airtel and Wipro are the top losers

Benchmark indices have turned choppy after paring early gains subdued by the losses in select pharmaceutical, metal and oil shares.

At 9:49 AM, the 30-share Sensex and the 50-share Nifty were flat at the mark of 28,492 and 8,264 respectively. 

In the broader market, BSE midcap and smallcap indices have performed better than the front-liners with gains of around 0.2% each.  Market breadth in BSE is positive with 549 advance against 422 declines.

"Roll-over in Nifty is in line at 54.99% & and of BankNifty is on the higher side at 58.61% in percentage terms. Few of the liquid counters where we have seen high rollover are Glenmark Pharma, HDFC Bank, JSW Steel, Jubilant FoodWorks and Indiabulls RealEstate," said a morning note from Angel Broking.

Meanwhile, selling by foreign institutional investors continued unabated and they were net sellers in Indian equities worth Rs 444.93 crore on Tuesday, as per provisional stock exchange data.

Buzzing Stocks
 
BSE Bankex and Realty index, up 0.2% each, are the lead gainers while BSE Consumer Durables and Capital Goods indices, down 0.2% each, are the top losers.

Coal India has gained around 1%. On Tuesday, the company received in-principle approval from its board to form two joint ventures to revive FCIL’s Talcher urea plant in Odisha.
 
Cipla has extended gains and is up around 0.5% Cipla Medpro, the South African subsidiary of Cipla, has been awarded Rs 1,100 crore (R 2 billion) worth order of the South African Government's 2015-17 National ARV tender. 

 
IT shares are trading mixed. Infosys has gained around 0.5% while Wipro and TCS have lost around 0.5% each.
 
Metal stocks are under pressure. Sesa Sterlite and Hindalco have lost around 1% while Tata Steel is down 0.5%.

Global Markets

Asian markets are trading mixed. Japanese stocks have gained around 1% on strong showing by US markets and appreciation in US dollar against yen. Chinese stocks have extended losses from yesterday and the Shanghai Composite index has shed around 1%.
 
Overnight, US markets ended higher boosted by strong US economic data. According to the final estimates, US economy grew at a 5% clip in the third quarter which is better than market expectations of 4.3%. The gains in US shares pushed the Dow over 18,000 for the first time in its history. The index rose as high as 18,069.22 and is up about 175% from a 12-year closing low hit on March 9, 2009. The S&P's record close was its 51st such record this year.