Markets remain rangebound
BSE Realty index has declined by almost 1%
Key share indices continued to remain volatile in a narrow range with the Sensex and the Nifty oscillating between negative and positive zone. Investors remain cautious ahead of the outcome of the Gujarat elections later today and amid looming uncertainty over US budget deal resolution.
On the political front, BJP is way ahead of rival Congress leading in 92 of the 143 seats in Gujarat from where trends are available so far.
By 10:20, the 30-share Sensex was down 20 points at 19,456 and the 50-share Nifty was down 11 points at 5,918.
In the international markets, Asian shares paused on Thursday after rallying to their highest in nearly 17 months the day before, as talks to avert a US fiscal crisis stalled - prompting worries of the world's largest economy sliding back into recession. Nikkei, Taiwan and Shanghai Composite have declined by almost 1% each.
Back home, the rupee today fell by 12 paise to trade at 54.67 against the dollar in early trade at the Interbank Foreign Exchange, due to increased demand for the American currency from oil importers.
On the sectoral front, BSE Realty index has declined by almost 1% followed by counters like Banks, Power, Capital Goods, Oil & Gas, Auto, Consumer Durable and Metal, all declining marginally. However, BSE Healthcare and IT indices are up nearly 1%.
The main losers on the Sensex at this hour include Bharti Airtel, Sterlite, BHEL, HDFC Bank, ITC, Bajaj Auto and M&M, all falling down by 1% each.
On the gaining side, Cipla, Wipro, TCS, HUL, JSPL, CIL, Maruti Suzuki and Sun Pharma have gained between 1-2%.
Among other shares, Gujarat Apollo Industries has rallied 12% to Rs 152 after the company said that the Swiss building materials maker Ammann Group is picking 70% stake in the consolidated road construction equipment business of Apollo Group in a deal valuing the business at Rs 400 crore.
Reliance Power is trading lower by 2% at Rs 96.50 after the company said that the offer for sale (OFS) transaction was completed at a price of Rs 95 per share on a proportionate allocation method.
Meanwhile, BSE Midcap index has slipped by 0.2% whereas BSE Smallcap index is almost flat.
The market breadth in BSE remains unhealthy with 1,036 shares declining and 943 shares advancing.