Markets turn choppy ahead of CPI, IIP data; GAIL down 4%

Benchmark indices are trading flat with a negative bias as losses in oil and gas stocks have wiped off the gains in information technology and pharma shares.  
 
At 11:25 AM, the 30-share Sensex was down 24 points at 27,577 and the 50-share Nifty was down 5 points at 8,288.
 
In the broader market, both BSE midcap and smallcap indices have outperformed their larger peers with gains of around 0.3% and 0.5% each. Market breadth in BSE is positive with 1,287 advances against 1,041 declines.  
 

Investors are cautious ahead of CPI and IIP data. According to media reports, a business survey has estimated Index of Industrial Production (IIP) to increase to 2.8% for the month of October, 2014 compared to 2.5% in the same month last year and Consumer Inflation Index (CPI) to moderate to 4.5% in November, the slowest rate recorded since the data series was first published in 2012. The November CPI and October IIP data is due later today.

 
The rupee is at 62.43, after falling as much as 62.45, matching the session low hit on February, 20.
 
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 808.27 crore on Thursday, as per provisional stock exchange data.

Buzzing Stocks
 
BSE Healthcare index up 0.9% is the top gainer followed by BSE FMCG and IT indices, up 0.4% and 0.2% each.  BSE Realty and Oil & Gas indices, down 1.1% and 0.8% each have lost the most followed by BSE Capital Goods and Consumer Durables indices which have lost around 0.2% and 0.4% each.

 
Infosys has trimmed early gains to trade up by around 1%. Wipro has gained around 0.7% while TCS has gained 0.5% on plans of workforce reduction. At the end of the quarter ended September 30, TCS had a total headcount of 313,757 following a gross employee addition of 20,000.
 
Among the private sector banks, Axis Bank and ICICI Bank have gained 0.4% and 0.6% each while HDFC Bank is marginally down by 0.1%. 
 
Sun Pharma has gained around 0.7%. According to media reports, the company has started working on Competition Commission of India (CCI)'s order which had placed the condition of selling seven brands from the combined entity's portfolio within six months before the sun Pharma and Ranbaxy merger takes place.

 
Bharti Airtel has gained over 2%. According to media reports, the the government is likely to include one slot for 3G services in the upcoming spectrum auction.
 
Auto shares are trading mixed. Maruti Suzuki and Hero Motocorp have gained over 1% while M&M is down by 1.6%.
 
Continued slide in global crude prices has brought pressure on oil and gas shares. GAIL has slumped around 4% while ONGC has lost close to 2%.