Markets remain under pressure; Nifty hovers at 8,200

Caution prevails as market participants keenly await for the WPI data for the month of April due later in the day today

The markets continue to trade in the negative due to lingering concerns about the performance of India Inc, roadblocks in passage of the GST and land acquisition bill and fears of a subdued monsoon. The market participants are also cautious ahead of the wholesale price inflation (WPI) data for the month of April to be unveiled later in the day.

The Sensex has oscillated more than 300 points between a high of 27,293 and a low of 26,948 in what is turning out into another volatile session.

At 11.20 AM, the 30-share Sensex was trading at 27,097, lower by 153 points or 0.5% and the Nifty was at 8,185, down 50 points.

In the broader market, BSE Midcap and Smallcap indices have outperformed their large counterparts to trade higher by around half a percent each.

Aditya Birla Nuvo, Amtek Auto, Arvind, Jubilant FoodWorks, Indian Bank, MCX, Oriental Bank of Commerce, P C Jeweller are some of the companies due to  announce their March quarter results today.

RUPEE

The rupee ticked up 9 paise to 63.91 against the dollar in early trade today at the Interbank Foreign Exchange after the American currency weakened overseas on disappointing retail sales report.

SECTORS AND STOCKS

The IT index has declined by around 1% to emerge as the top sectoral loser on the BSE due to the strengthening of the rupee against the dollar. Wipro, Infosys and TCS have shed betwee 1% and 2% each on the BSE.

The banking sector is exhibiting caution ahead of the WPI data for the month of April due later in the day today. ICICI Bank, Axis Bank and HDFC Bank have shed upto 1% each.

On the other hand, the auto space is having a smooth ride. Bajaj Auto, Hero MotoCorp and M&M have gained 1-2% each.

The market breadth is positive, with 1133 advances as against 970 declines on the BSE.