Markets rebound, Realty and IT leads
Markets have recovered from the low levels on back of buying in the IT and Realty stocks. The Sensex was at 16,754, up 45 points and the S&P CNX Nifty advanced 24 points to 5,036.
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(Updated at 1300 hours)
Markets continued to trade on a weak note in the noon deals on back of selling pressure visible in the capital goods and FMCG stocks. The Sensex was at 16,617, down 92 points and the S&P CNX Nifty was at 4,991, down 20 points.
Meanwhile, the government released the inflation data for the week ended September 3 came in at 9.47% versus 9.55% (WoW), Primary article inflation eased at 13.04% compared to 13.34% during the previous week while the Fuel group inflation soared to 13.01% versus 12.55%.
Back to markets, Maruti Suzuki was the top loser among the Sensex stocks. The stock slipped 2.6% to Rs 1,064 on back of news reports that the worker's strike at the Manesar plant has now spread to other units. Larsen & Toubro, Hindustan Unilever, ICICI Bank, Tata Stee, Tata Power, NTPC, ONGC and ITC were also trading weaker by 0.6-1.7% each in trades thus far.
On the other hand, DLF, Tata Motors, JP Associates, State Bank of India, Jindal Steel, TCS and Infosys were among the gainers on the benchmark index.
On the sectoral front selling pressure among the capital goods stocks was visible consecutively for the second day. The BSE Capital Goods index was the top sectoral loser, down nearly 1% or 111 points to 11,976. FMCG index slipped 36 points to 3,959.
Most of the banking stocks were also trading in the negative territory ahead of the RBI's policy review scheduled tomorrow. The BSE- Bankex was at 10,821, down 43 points. Metal, Healthcare, Oil & Gas and Power indices were also among the laggards.
At the same time, BSE Realty index advanced nearly 2% to 1,754. Connsumer Durables, IT and PSU indices were also trading in the green.
Pipavav Shipyard was the top loser among the Capital Goods stocks, down 3% to Rs 87. It was followed by L&T, Punj Lloyd, Usha Martin, BEML, BGR Energy, SKF India and Praj Industries. Marico, HUL, United Breweries, ITC and Dabur india were the top losers among the FMCG stocks.
Among the realty stocks DB realty was the top gainer, up 7% to Rs 60. Sobha Developers, Indiabulls Real Estate, Unitech, HDIL, DLF and Peninsula Land also added 2-5% each.
The broader markets were trading on a flat note. The BSE mid-cap index was at 6,338, up six points and the small-cap index advanced seven points to 7,202.
The overall breadth was marginally positive as 1,281 stocks were advancing while 1,177 stocks were declining on the BSE.