Sensex sheds 100 points; NTPC, GAIL, BHEL fall 2-6%

Benchmark indices continue to trade in a narrow range with negative bias weighed down by power, auto and bank shares.

By 10:30, the Sensex was lower by 93 points at 28,377 and the Nifty slipped 35 points at 8,599.

The broader markets are trading weak in line with the benchmark indices- BSE Midcap and Smallcap indices are down 0.3-0.5%. Market breadth in BSE is negative with 1,200 declines against 669 advances.

"The market is likely to trade sideways to negative. Selective buying by noon can be expected. For the SENSEX resistance is seen at 28,664 above 28,744 and 28,999. Support is seen at 28,360 below 28,258 and 28,252. For the Nifty resistance is seen at 8,695 above 8,708 and 8,723. Support is seen at 8,612 below 8,600 and 8,562," Geojit BNP Paribas Financial Services said in a technical note.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 1,428.72 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 53.46 crore yesterday, as per provisional data.

In the currency front, the rupee depreciated by five paise at 62.57 against the US dollar in early trade today on fresh demand for the American currency from importers.

ASIAN MARKETS

Asian stocks stalled on Friday as Federal Reserve-inspired gains petered out, while the dollar steadied after rebounding from the shock of a surprisingly dovish US central bank.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed after rallying 1.3% the previous day.

In a mixed day for the region, shares in Hong Kong, Malaysia and South Korea slipped while their Australian and Chinese counterparts rose.

Japan's Nikkei was flat, taking a breather after a strong rally since February that took it to a 15-year high.

SECTORS & BUZZING STOCKS

BSE Power index has slumped around 2% followed counters like Bank, FMCG, Auto, Oil & Gas and Realty, all declining by 1% each. However, BSE Healthcare and IT indices are up 0.5-1.3%.

NTPC is the top Sensex loser, down 6.57% at Rs 145 after the stock turned ex-scheme of arrangement today.

As per scheme of arrangement, the existing shareholders will get bonus debentures of face value of Rs 12.50 each against each equity shares of Rs 10 held by its members.

The state-owned electric utilities company had fixed March 23, 2015, as the record date for determining the members /shareholders to whom the Debentures will be allotted in terms of this Scheme.

Other notable losers are GAIL, BHEL, Tata Motors, Axis Bank, ICICI Bank and Hero Moto.

China's quality watchdog has asked British luxury carmaker Jaguar Land Rover to recall Range Rover Evoque SUVs, following a media report which said the vehicles used faulty gearboxes.

Axis Bank has cut retail deposit rates by 15-25 basis points (bps) in select maturities. The bank has cut rates by 25 bps for deposits of 18 to 36 months and by 15 bps for deposits up to 18 months.

On the gaining side, Sun Pharma, Wipro, Bharti Airtel, Infosys and Cipla have gained between 1-2%.

Wipro has won a 5-year deal from US-based utility company, Greater Cincinnati Water Works.

Infosys, India’s second-largest information technology (IT) services company, has said Ritika Suri will be responsible for managing the $500-million Innovation Fund. She presently heads its mergers and acquisitions (M&A) initiatives.

Shares of IRB Infrastructure Developers are trading lower by 2.5% at Rs 229 on the National Stock Exchange (NSE) after the company fixed the discounted floor price at Rs 230.54 for the qualified institutional placement (QIP). The issue was open on March 19, 2015.