 "Markets open flat on mixed Asian cues; OPEC, ECB meet eyed")
Markets continue to trade flat with mild weakness weighed down by the FMCG majors and healthcare stocks.
Benchmark indices are consolidating after hitting seven month high in yesterday’s rally on the back of robust GDP numbers and hopes of above normal monsoons.
Benchmark indices are consolidating after hitting seven month high in yesterday’s rally on the back of robust GDP numbers and hopes of above normal monsoons.
Participants will keenly watch out for the European Central Bank (ECB) and Organization of the Petroleum Exporting Countries (OPEC) meet scheduled today.
At 10:25 am, the S&P BSE Sensex has shed 30 points to quote at 26,680 and the Nifty has dipped 13 points to trade at 8,167.
Top five losers in the Sensex pack include ITC, HUL, L&T, Bajaj Auto and Sun Pharma down between 1%-1.5%. On the flip side, strength in Coal India, Tata Motors, Bharti Airtel, Infosys and M&M up between 0.6%-2% are capping the downside.
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(updated at 10:25 am)
(updated at 10:25 am)
Markets have opened on a flat note tracking mixed Asian cues. Participants will keenly watch out for the European Central Bank (ECB) and Organization of the Petroleum Exporting Countries (OPEC) meet scheduled today.
At 9:15 am, the S&P BSE Sensex has shed 25 points to quote at 26,688 and the Nifty has dipped 7 points to trade at 8,173
“Yesterday’s volatility failed to push prices out of recent ranges, and as such the indecisiveness that has been prevailing over the last few days is likely to dominate proceedings today as well, but a range break out in the near term needs to be priced in,” said Geojit BNP Paribas in a technical note.
Meanwhile, rupee hit 1-week low of 67.46 against the US dollar in yesterday’s trade on reports stating that Raghuram Rajan doesn’t want second term. However, it recovered 6 paise and is trading at 67.38 against the dollar today.
GLOBAL MARKET
Asian equities are trading in a mixed manner with China’s Shanghai Composite trading 0.1% higher Hong Kong’s Hang Seng trading with modest losses. Meanwhile, Japan’s Nikkei has taken a hit and has slumped over 2% on the back of a strengthening Yen.
US markets closed in the positive territory supported by better-than-expected manufacturing data. On the flip side, European markets ended in the red on caution ahead of the European Central Bank's meeting scheduled later today.
AUTO STOCKS
Bajaj Auto is the top loser of this hour and has shed 1% after it posted 6,77,764 united for the April-May quarter 2016 as against 6,81,712 united for the same period last year.
Indian automobile manufacturer Mahindra's South African subsidiary has launched a new compact utility vehicle here with the company trying to reach out to the youth with its latest offering and capture a bigger market share in the country. The stock has risen by 0.5%.
Tata Motors reported a 1% growth in sales at 40,071 units in May compared with 39,496 in the same month last year. The stock has gained 0.5%.
TVS Motor Company's total two wheeler sales increased by 13% to 238,320 units in May 2016 from 210,843 units recorded in May 2015. Domestic two wheeler sales grew by 17.9% increasing from 175,533 units in May 2015 to 206,886 units in May 2016. The stock jumped nearly 2%.
Country's largest two-wheeler maker Hero MotoCorp reported a 2.32% increase in sales at 5,83,117 units in May. However, the stock is trading 0.7% lower.
KEY STOCKS
Several lenders, including SBI, Punjab National Bank, ICICI Bank and Canara Bank revised their marginal cost of funds-based lending rates (MCLR) for June by up to 0.15% for one-year tenor. All of the stocks from these companies are trading 0.5% lower each.
Tata Steel has climbed 0.3% after Tata Steel UK has completed the sale of its 4.5-million-tonne of long products division to Greybull Capital.
Reliance Industries has invested $16 million (about Rs 107 crore) in US-based tech start-up NetraDyne. The stock has gained 0.2%.
Zee Learn informed the exchanges that it has decided to put on hold the proposed merger of Tree House & Accessories with itself. Zee Learn has soared 2.6% while Tree House has surged 1.5%.
German consumer goods major Henkel AG might invest in Jyothy Laboratories, the maker of the Ujala brand of fabric care and detergent products, this year. The stock zoomed 8%.
