 "Market opens higher on global cues; HPCL zooms 10%")
Benchmark share indices were trading near their day's low, amid weak European cues, with private lenders leading the decline along with index heavyweight Reliance Industries.
At 2:45pm, the the S&P BSE Sensex was down 127 points at 27,788 and the Nifty was down 29 points at 8,537.
Private lenders ICICI Bank and Axis Bank were among the top losers in late trades.
Index heavyweight Reliance Industries was trading over 1% lower on profit taking after recent gains.
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(Updated at 11:35am)
Pharma shares extended gains for the second straight session on the back of approvals for select drugs and inspection closure of manufacturing facilities by the USFDA.
At 11:35am, the S&P BSE Sensex was down 31 points at 27,885 and the Nifty was up 1 point at 8,567. The broader markets outperformed the benchmark indices with BSE Midcap and Smallcap indices up over 0.6% each. Market breadth was positive with 1302 gainers and 965 losers on the BSE.
Pharma shares extended gains on the back of USFDA approval to manufacture and market generic versions of a blockbuster cholesterol drug, Crestor, in the American market. Sun Pharma was up 0.6%, Aurobindo Pharma gained 2% and Glenmark Pharma was up 1%. Among others, Cipla and Lupin were up over 1% each.
ITC was up 0.5% ahead of its first quarter earnings later today.
Wipro trimmed early gains. The IT major won an contract from Greater Toronto Airports Authority for Futuristic IT and Business Transformation.
L&T was down 0.5% after the listing of its IT subsidiary evoked a poor reponse. L&T Infotech listed at Rs 667, 6% below its issue price of Rs 710 per share.
Axis Bank was down nearly 2% after it reduced its base rate by 10 basis points to 9.35 per cent. The third-largest private sector lender is scheduled to announce its first quarter earnings on Friday.
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(Updated at 9:50am)
Markets pared early gains weighed down by profit taking in IT majors TCS and Infosys.
At 9:50am, the S&P BSE Sensex was down 41 points at 27,874 and the Nifty50 was down 10 points at 8,556.
Foreign institutional investors were net buyers in equities worth Rs 215 crore on Wednesday, as per provisional stock exchange data.
Gains were led by FMCG major ITC was up nearly 1% ahead of its first quarter earnings later today.
Wipro was up over 1% after the company won an contract from Greater Toronto Airports Authority for Futuristic IT and Business Transformation.
Pharma shares extended gains on the back of USFDA approval to manufacture and market generic versions of a blockbuster cholesterol drug, Crestor, in the American market. Sun Pharma was up 0.6%, Aurobindo Pharma gained 2% and Glenmark Pharma was up 1%. Among others, Cipla and Lupin were up over 1% each.
VRL Logistics was up 15% after the company in a release sais that the promoters have stated their intention to withdraw their Regional Airline plans.
State-owned refiner HPCL was up nearly 4% after the company said that the board has approved issue of fully paid bonus shares in the ratio of 2 bonus equity shares of Rs. 10 each for every 1 existing equity share of Rs. 10 each held.
IIFL Holdings was up over 5% after the company said in a release CDC Group Plc, UK [CDC] proposes to invest Rs 1,000 crore in the wholly owned subsidiary of the Company namely India Infoline Finance Limited.
GLOBAL MARKETS
Asian equities edged higher on Thursday on the back of improved inflow of funds to emerging markets while recovery in global crude oil prices also aided sentiment. Japanese shares were among the top gainers on the back of a stronger dollar against the yen. The benchmark Nikkei was up over 1% while Shanghai Composite gained nearly 0.4% and Hang Seng was up 0.6%.
US benchmark stock indices, the Dow Jones industrial average and S&P 500, surged to fresh record highs on Wednesday helped by robust second quarter earnings from global IT major Microsoft. The tech-laden Nasdaq was the top gainer up over 1% at 5,090 while the Dow Jones industrial average gained 0.2% at 18,595 and the S&P 500 settled 0.4% higher at 2,173.
