 "Markets under pressure; Nifty hovers at 8,400")
At 11:30, the Sensex was at 27,723, lower by 113 points or 0.4% and the Nifty was quoting at 8,391, down 32 points.
The broader markets are also in the red, with BSE Midcap and Smallcap indices losing 0.6% and 0.3% respectively.
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“On Wednesday, the Nifty retested its crucial hurdle around 8440 but failed to cross the same, despite several intraday attempts. It strengthened our belief that profit taking is likely in index, followed by consolidation in the coming days. Hence, traders are advised to uphold cautious approach in long trades and avoid over leveraging in carry over trades,” said Jayant Manglik, President-retail distribution, Religare Securities in a post market note.
"Also, we reiterate our preference to select counters from metal, PSU banks and realty pack for fresh short positions,” he added.
RUPEE
The rupee strengthened 17 paise to 63.65 against the dollar in early trade at the Interbank Foreign Exchange today on fresh selling of the US currency by exporters and banks amid a higher opening in the equity market.
Forex dealers said besides selling of the American currency by exporters and banks, the dollar's weakness against other currencies overseas supported the rupee.
SECTORS & STOCKS
Metal shares have lost sheen this morning due to weak Chinese data and disappointing Q4 numbers from Tata Steel. Tata Steel has slumped 5% at Rs 342 after reporting a consolidated loss of Rs 5,674 crore in the March quarter due to a sharp fall in revenue and a non-cash impairment of Rs 4,951 crore it took, most of it on Europe's long products division. Among other metal counters, National Aluminum Company, Vedanta, JSW Steel, Jindal Steel & Power, Hindalco Industries and Steel Authority of India have shed 1-2% each.
The FMCG space is also having a weak session of trade. ITC, Marico and GlaxoSmithkline Healthcare have shed around 1% each; Hindustan Unilever has, however, edged higher.
on the other hand, Coal India, Axis Bank, Tata Motors and L&T have logged gains of around 1% each.
In other stock-specific developments, Bajaj Auto has rebounded from intra-day losses and is marginally in the green ahead of its results due today.
Yes Bank has lost 2% to Rs 857 on turning ex-dividend today, 21 May 2015 for final dividend of Rs 9 per share for the year ended 31 March 2015.
The market breadth is weak. Out of 2,234 stocks traded on the BSE, there are 875 advancing stocks as against 1,253 declines.