Sensex down 100 points, Nifty below 7,950; financials weigh

Benchmark indices are witnessing selling pressure and are trading near day’s low weighed down by financials and IT shares. However, the downside is limited due to buying demand among metal stocks.

By 11:10 am, the Sensex was lower by 88 points at 26,081 and the Nifty dipped 33 points at 7,922.

According to MOSl market outlook, "Concurrent Dojis augur well for the immediate trading range of 7,800 - 8,000 as Nifty awaits for an impulse move to propel it outside. A breach above 8,000 will help Nifty resume its momentum towards 8100-8150. Call writing post the event does indicate expectation of a hurdle in place for Nifty on the higher side. Lower side Put writing still remains fairly low, keeping the risk reward highly unfavorable."

The top gainer from the Sensex pack are Tata Steel, Hindalco, Dr Reddy's Labs, Vedanta and GAIL. On the losing side, SBI, Bharti Airtel, ICICI Bank, Infosys and BHEL are down 1-2%.


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Updated at 9:45

Markets have started the session on a higher note after witnessing choppy trades in last few trading days.

Investors would watch out for cues from the on-going winter session of the Parliament.

By 9:45 am, the Sensex was higher by 47 points at 26,207 and the Nifty has gained 12 points at 7,967.

"We continue to expect further bounce towards 8050 – 8150 levels. On the flipside, 7850 – 7810 are now seen as strong support levels for the Nifty. Meanwhile, a lot of individual stocks have done well and we expect continuation of the same in days to come" adds Angel Brokings morning report.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 106.78 crore yesterday  as per provisional data released by the stock exchanges.

Most Asian stocks gained. US stocks rose yesterday helped by rebound in health and consumer shares.

In the overseas markets, review meeting of the European Central Bank (ECB) and the Organization of Petroleum Exporting Countries’ (OPEC) summit on Friday are events to watch out for.

Yesterday, the Reserve bank of India (RBI) maintained status quo on key benchmark rates following which the markets ended flat after trading range bound throughout the session.

Among buzzing stocks, Vedanta, GAIL, Hindalco, Bajaj Auto and Coal India have gained between 0.8-1.3%.

Hero MotoCorp reported a marginal increase in sales at 5,50,731 units in November. The stock is up almost 1%.

International oil and gas consultant DeGolyer & MacNaughton (D&M) on Tuesday gave its final report on the dispute between ONGC and RIL, establishing natural gas — believed to be worth Rs 11,000 crore. ONGC and RIL are marginally up.