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Markets continue to trade in the narrow range with a negative bias as investors resort to profit booking at higher levels awaiting for more clarity on MAT.
At 10.40 AM, the Sensex has lost 24 points at 27,663 and the Nifty is quoting at 8,365, down 8 points.
MARKET VIEW
"The recent technical rebound in index is in line with our expectation; however, sustainability seems difficult above 8500 in Nifty. So, traders should maintain extra caution in short term long trades and keep trailing stop losses with every rise. For fresh shorts, prefer counters from metal, PSU bank and realty space," siad Jayant Manglik, President-retail distribution, Religare Securities in a note.
RUPEE
RUPEE
Extending losses for the second session, the rupee has weakened by 8 paise to 63.80 against the US dollar owing to appreciation of the dollar against other currencies overseas.
GLOBAL MARKETS
Asian shares shrugged off early losses on Tuesday, as rallying Chinese shares and Wall Street's record close offset euro worries over Greece's fiscal woes.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%. The CSI300 index surged 3.1% and the Shanghai Composite Index rose 2.6%.
Japan's Nikkei stock index added 0.7%, rising to a three-week high, while the Topis added 0.5%.
BUZZING STOCKS
On the sectoral front, BSE Healthcare, Consumer Durables, Oil & Gas indices are down up to 0.5% and are losing sheen. However, BSE IT, Auto, Capital Goods indices are trading flat.
Tata Power is trading 1% higher ahead of the quarterly results due tomorrow.
Bharti Airtel is up over 1% on advanced talks to buy out Augere Wireless Broadband India for about Rs 150 crore to consolidate its 4G high-speed broadband footprint ahead of Reliance Jio Infocomm's launch.
Tata Steel is in talks to sell its UK long product plant for a token amount. The stock is up 0.8%.
The country's second largest software services firm Infosys aims to meet its entire electricity requirements from renewable sources by 2018. The stock has gained 1%.
After gaining in the past, financials have slipped in the negative territory owing to profit booking. ICICI Bank, HDFC twins, Axis Bank are trading lower between 0.5-2%.
Oil exploration major ONGC is trading lower by 1% on further decline in crude oil prices.
Engineering conglomerate L&T is trading higher by 0.5% as government decides to spend more on the road and infrastructure development in order to revive the ailing economy. BHEL is trading flat with a positive bias.
Shares of JBM Auto dipped 11% to Rs 212 on the NSE after reporting a 15% year-on-year decline in its consolidated net profit at Rs 17.58 crore for the fourth quarter ended March 31, 2015 (Q4), due to lower operational income.
Sterlite Technologies has rallied 11% to Rs 73, extending its previous day’s 4% gain on the NSE, after reporting nearly fourfold jump in its standalone net profit at Rs 39.13 crore for the fourth quarter ended March 31, 2015 (Q4).
Shares of National Building Construction Corporation (NBCC) were higher by 4% at Rs 819 on the NSE in early morning trades after the company said it has undertaken the task of developing four Waqf Board properties as institutional and commercial projects at an estimated cost of Rs 398 crore.
In the broader market, BSE Midcap and Smallcap indices are trading flat.
