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Broader markets outperform; ONGC up 2%

The 30-share Sensex was down 56 points at 27,740 and the 50-share Nifty was down 15 points at 8,326

SI Reporter  |  Mumbai 

Benchmark indices remained marginally weak, amid range bound trade, subdued by losses in select index heavyweights like ITC and HDFC.

At 11:24 AM,the 30-share Sensex was down 56 points at 27,740 and the 50-share Nifty was down 15 points at 8,326.

In the broader market, both BSE midcap and smallcap indices have outperformed their larger peers with gains of around 0.3% and 0.4% each. Market breadth in BSE is positive with 1,312 advances against 1,020 declines.

Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 221.52 crore on Tuesday, as per provisional stock exchange data.

Buzzing Stocks

BSE Consumer Durables index has gained the most and is up by 0.7% followed by BSE Power index which has gained 0.6%.

BSE FMCG index has lost the most and is down around 1% followed by BSE IT and Healthcare indices down 0.1% each.

ONGC has gained over 1.5%. Yesterday, finance minister, Arun Jaitley informed the parliament that the government has finalized plans to sell a part of its stake in Coal India, ONGC and NHPC under its disinvestment programme for the current fiscal year. Coal India is marginally up by 0.2%

Amid concerns about Chinese economic growth, metal shares are trading firm. Sesa Sterlite has gained close to 2%. Tata Steel and Hindalco have gained 0.6% and 1.3% each.

Meanwhile, India’s steel exporters of hot- rolled carbon steel flat products to the United States got a major relief after an appellate body of the World Trade Organization (WTO) asked Washington to amend a law on the basis of which it imposed countervailing duty (CVD) up to 577 per cent on these products.

The case involved US duties imposed because a portion of the iron ore used to produce Indian steel pipe came from NMDC, a public sector company. NMDC supplies raw material to steelmakers such as Tata, Essar and Jindal.

BHEL has gained around 0.6%. According to media reports, the company would set up an integrated solar photo-voltaic manufacturing facility of around 500 MW per annum in Maharashtra,

Among auto stocks, Hero Motocorp has gained over 1%. According to news reports, the company is tying up with Snapdeal to sell motorcycles on the online platform.

Maruti Suzuki and Bajaj Auto have lost 0.6% and 0.8% each.

Index heavyweights, HDFC and ITC have lost 1.2% and 1.4% each.

First Published: Wed, December 10 2014. 11:26 IST