Nifty hovers near 8,300; HUL gains over 2%

Benchmark indices are trading on a flat note  ahead of the WPI data due later today while fluctuating in a narrow range as the losses in select index heavyweights and metal stocks have capped the gains at higher levels.
 
At 10:10AM, the 30-share Sensex and the 50-share Nifty were flat at the mark of 28,440 and 8,304 respectively.
 
In the broader market, both the BSE Midcap and Smallcap indices have performed better than the front-liners with gains of 0.3% each.  Market breadth in BSE is positive with 1,245 advances against 593 declines.   
 

Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 235 crore on Tuesday, as per provisional stock exchange data.

 
Buzzing Stocks
 
10 of the 12 sectoral indices of BSE are in green. BSE Metal index, down 1.1% is the top loser followed by BSE FMCG index, down 0.1%. BSE Capital Goods index, up 0.7% has gained the most followed by BSE Consumer Durables and Power indices which have gained around 0.6% each.
 
HUL has gained around 3% extending the gains the stock has reaped following rating upgrade by foreign brokerages.
 
IT shares are gaining in opening deals.  Infosys and TCS have gained 0.7% each and Wipro is up 0.4%. TCS has gained ahead of its quarterly results due tomorrow.

 
Auto stocks are trading firm. Tata Motors has gained over 1% as Jaguar Land Rover sales for December 2014 rose 7% to 42,962 units compared with December 2013 and global sales for Tata Motors increased by 8%. Bajaj Auto and M&M have gained around 1% each and Hero Motocorp is up 0.8%.
 
ITC is trading lower by 2% after trimming early losses. The Centre on Tuesday moved to amend the anti-smoking law and proposed radical changes, including a ban on sale of loose cigarettes and raising the minimum age of a person buying tobacco products to 21 years from the existing 18.

 
Metal stocks are under pressure. Tata Steel, Hindalco and Sesa Sterlite have lost around 1.3% to 2.6% each.
 
Among other shares, Jet Airways (India) has dipped nearly 6% in early morning trade after the company said that its promoter Naresh Goyal pledges his entire 51% stake in the company to Punjab National Bank (PNB).
 
Tata Teleservices (Maharashtra) was locked in 20% upper circuit after the Reserve Bank of India (RBI) approved the offer for buyback of DoCoMo's stake in the company.