Markets remain choppy; HDFC, ITC gain 1%

Benchmark indices are trading in a tight range with Sensex and Nifty oscillating between negative and positive zone.

Investors have turned cautious as government will release the CPI data for August 2014 and the industrial production data for the month of July today.

At 14:20 PM, the 30-share Sensex was up 22 points at 27,022 and the 50-share Nifty was up 4 points at 8,090.

The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained between 0.2-1%.

The market breadth in BSE remains positive with 1,621 shares advancing and 1,277 shares declining.

The provisional data released by the stock exchanges after trading hours yesterday, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 433.55 crore on that day.

Meanwhile, India recorded its heaviest spell of monsoon rains in 2014 in the past week, logging in surplus for the second straight week, raising hopes of a delayed retreat of the four-month season.

INDIAN RUPEE

The rupee is trading at 60.82 per dollar versus Thursday's close of 60.9250/9350. The Indian unit had fallen to 61.03 in early trade. Huge dollar selling by custodian banks is seen, say traders.

GLOBAL MARKETS

Japanese share prices rose for the fifth straight session on Friday to end at an eight-month high, with exporters leading the gains on the yen's weakness. Japan's Nikkei share average rose 0.3% to 15,948.29 points, its highest close since Jan. 8.

For the week, it gained 1.8%, outperforming most other share markets. The broader Topix gained 0.2% to a six-year closing high, while the new JPX-Nikkei Index 400 rose 0.2%.

Investors will look to next week's Federal Open Market Committee (FOMC) meeting for fresh guidance on US interest rates. At the end of a two-day meeting on 16-17 September 2014, the FOMC is widely expected to announce cut in Fed's monthly bond-buying program by another $10 billion to $15 billion, staying on track to end the program at its October meeting.

The Fed is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.

SECTORS & STOCKS

BSE Power, Capital Goods and Metal indices have declined between 0.5-1.2% followed by counters like Banks, IT and Realty, all slipping marginally. However, BSE Consumer Durables index gained by almost 1%.

The top gainers on the Sensex are Cipla, Maruti Suzuki, HDFC, Hero Moto, ITC, Bharti Airtel and Tata Motors.

Shares of Maruti Suzuki has gained after the company chairman said that double-digit sales growth is expected this current year.

Tata Motors has surged by over 1%. Macquarie raises price target for the stock to 700 rupees from 540 rupees and says it expects Tata's earnings to double over three years from FY2014 to FY2017.

On the losing side, Hindalco, Sun Pharma, NTPC, Tata Power and Coal India have slipped between 1-3%.

Among other shares, Oracle Financial Services Software have surged more than 7% to Rs 3,560 on the BSE after the Board of Directors of the Company approved payment of interim dividend of Rs 485 per equity share of face value of Rs 5 each of the Company.

Shares of Snowman Logistics witnessed a huge 70% jump on debut. Snowman priced its IPO at Rs 47 and its shares are currently trading at almost Rs 80.