Sensex recovers 200 points from day's low; HDFC up 2%

Benchmark indices are trading flat, amid range bound trading, after trimming most of the early losses. Gains in the shares of HDFC, SBI and ONGC have helped offset the losses in information technology shares.
 
At 10:25 AM, the 30-share Sensex and the 50-share Nifty were flat at the mark of 27,347 and 8,229 respectively.  
 
In the broader market, both BSE midcap and smallcap indices, trading flat, are largely moving in-line with their larger peers.  Market breadth in BSE is positive with 1,091 declines against 925 advances.  
 

Along with the WPI data, due later today, traders will keep a watch on Parliament proceedings for cues. The outcome of the Federal Open Market Committee (FOMC) monetary policy review scheduled tomorrow will also be in focus.

 
Further, markets would be keeping a note of corporate advance tax payment as that would provide clues on Q3 December 2014 corporate earnings.
 
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 864.96 crore on Friday, as per provisional stock exchange data.
 
The rupee is trading weaker at 62.49, its lowest since February, 2014, compared with Friday's close of 62.29 as Asian currencies are mostly weaker versus dollar.

Buzzing Stocks

BSE Bankex, up 0.6% is the lead gainer followed by BSE Power, up 0.4% and BSE Metal indices, up 0.2%.
 
BSE IT and Teck indices have lost the most and are down by 1.8% and 1.4% each.

Among financials, mortgage lender HDFC is leading the gains on reports that Standard Life plans to increase its stake in joint venture HDFC Standard Life Insurance Company to 33% from 26%. HDFC holds 72.4% in the Joint-Venture.  HDFC Bank is trading flat while SBI has gained around 1%.
 
IT shares are weighing heavily on the indices led by the losses in TCS shares which have declined close to 3% after the company said that it expects a weak third quarter during the pre-results’ analysts meet. The company attributed the anticipated weakness in its results to the holiday season in holiday season in its key markets impacting some of its main verticals. Following the trend Infosys and Wipro too have lost around 0.8% and 1.9% each.

 
Oil and gas shares are under pressure as global crude prices are expected to fall further on weaker demand and increased supply.  RIL has lost around 0.5% while GAIL is trading flat.
 
However, ONGC has gained in opening deals and is up around 1.4% after it announced three new oil and gas discoveries in Krishna Godavari Basin and Mumbai offshore and said it will pay its shareholders an interim dividend of 100%.  
 
 Asian Markets

Asian shares slipped to nine-month lows on Monday as oil prices sank to fresh 5-1/2 year lows on concerns about a supply glut and slower global growth, hitting stocks of energy and commodity producers and exporters.

Japan's Nikkei share average fell 1.3%, drawing little momentum from Japanese Prime Minister Shinzo Abe's big election victory on Sunday, which was a boost for his reflationary economic policies.
 
Chinese shares are too under pressure after China central bank said in a report on Sunday that the mainland’s economic growth could slow to 7.1% in 2015 from an expected 7.4% this year. Hang Seng and Shanghai Composite indices have lost 0.8% and 1% each.