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Markets have recovered from the lackluster trade and are trading near day’s high supported metal, capital goods and defensive sectors like pharma and FMCG.
At 12:10 PM, the 30-share Sensex was up 150 points at 26,964 and the 50-share Nifty gained 40 points at 8,171.
The top gainers from the Sensex pack are Coal India, Sun Pharma, GAIL, NTPC and L&T.
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Updated at 11:30
Benchmark Indices continue to trade flat with a negative bias tracking the weakness in the global markets as traders prepare for US jobs data and uncertainty over Greece still looms. Besides, the fears of sub-normal monsoon have also dampened the sentiments.
At 11:30 AM, the Sensex was trading at 26,800 levels, down by 12 points or 0.05% while the Nifty held its mark of 8,100 at 8129 levels, up by 1 point.
The broader markets are, however, outperforming the larger peers with BSE Midcap and Smallcap indices trading up by 0.37 % and 0.46%, respectively. The market breadth is positive with 1219 advances against 948 declines on the BSE.
On the currency front, the Indian rupee logged gains after declining for three straight sessions. The rupee appreciated 10 paise and was trading at 63.90 against the US dollar on the back of selling of the greenback by exporters and banks.
Meanwhile, all eyes would be at the key meeting of the OPEC cartel, which is expected to not cut down the current production levels.
BUZZING STOCKS
On the sectoral front, the rate sensitive indices are trading in the negative zone, followed by Information Technology, which is down by 0.5%. The strength in healthcare, capital goods, and metal stocks has capped the losses on the bourses.
Coal India has surged 5% after production of the company in May rose by about 13% as against May previous year. Also, the government has announced that it will be resuming coal block auctions by offering 10 mines with a total annual production of 13.14 million tonnes to cement, steel and aluminium companies and captive power producers.
Sun Pharma has rallied nearly 3% after shareholders gave a nod to the merger of Sun Pharma Global with company.
Shares of select IT companies are trading on a cautious note ahead of the US job data. The job data is closely monitored by the traders as it reflects the economic growth of the country since strong numbers may give room to the Fed for interest rate hike.
TCS is down over 1% after the stock turned ex-dividend today for final dividend of Rs 24 per share for the year ended 31 March 2015.
Shares of Infosys are lower by 0.5% on the BSE. The shareholders of Infosys approved the transfer of its Finacle and Edge Services businesses to its subsidiary Edgeverve Systems for a total consideration of up to Rs 3,620 crore.
Also, the shareholders have approved issuance of "bonus shares/stock dividend" in 1:1 ratio and to increase the company's authorized share capital, according to BSE filing.
Other notable losers on the BSE are Hindalco, Tata Motors , and HDFC Bank, down between 1-2.5% each.
SMART MOVERS
Shares of Just Dial have surged over 4% to Rs 1,155 on the Bombay Stock Exchange (BSE) after the board of directors has approved the proposal to buyback the fully paid-up equity shares of face value of Rs 10 each of the company from the shareholders of the company on a proportionate basis through a tender offer (Buy-back).
Shares of Nestle India are down marginally at 0.5% on the BSE. However, Nestle has decided to remove Maggi off the shelves pan India.
