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Markets continue to trade flat as gains in TCS and Bharti Airtel helped offset most of the losses in Infosys and financials. However, the broader markets outperformed the benchmark indices in late morning trades.
At 11:30AM, the Sensex was down 33 points at 19,925 whereas the Nifty slipped by 11 points to 5,997.
China's GDP growth slowed in the second quarter to 7.5% year-on-year as weak overseas demand weighed on output and investment, lining up a test of Beijing's resolve to revamp the world's second-biggest economy in the face of deteriorating data. However, the Shanghai COmposite was up over 1% while Hang Seng and Straits Times were trading marginally higher. Japan's stock market is closed today.
The rupee was down 49 paise to 60.05 in late morning trade on the Interbank Foreign Exchange market, weighed down by dollar's gains against other currencies in global markets.
Metal index was the top loser among the sectoral indices on the BSE followed by Bankex and Power indices. Healthcare index was the top gainer up 0.8% followed by Consumer Durables, FMCG and Capital Goods indices.
Tata Steel continues to remain the top Sensex loser down 2.7%. Tata Steel's European arm has reported a record loss of 1.2 billion pounds for the year. Tata Steel Europe, Britain's largest steel producer, reported the losses for the year until March 31 as part of its latest results filed at Companies House in the UK.
Index heavyweight Infosys slipped 1.7% on account of profit booking after sharp gains on Friday post the first quarter earnings announcement.
Financial and banking majors like ICICI Bank, HDFC Bank, SBI and HDFC were down between 0.4-1.3%.
TCS and Bharti Airtel were among the top Sensex up 1.8% each while FMCG majors ITC and Hindustan Unilever were trading with marginal gains.
Among other shares, Kalindee Rail Nirman (Engineers) is trading higher by 5% to Rs 76.50 after the company said its board has approved a proposal to sell a 24.9% stake to rail wagon maker Texmaco Rail and Engineering at price of Rs 65 per share.
Pipavav Defence and Offshore Engineering Company is trading higher by 3.4% at Rs 67.95, extending its previous day’s 4.2% gain after a ship building company said the Ministry of Defence has lifted the hold on the Mazagon Dock-Pipavav Defence joint venture to build warships for the Indian Navy.
The BSE Mid-cap index was up 0.5% and the Small-cap indexs was up 0.3%.
The market breadth turned positive with 1,005 shares advancing and 809 shares declining on the BSE.
