 "Markets turn flat after positive opening; global markets mixed")
Benchmark indices continue to trade in a narrow range with negative bias weighed down by IT and metal shares. However, buying demand among financials and pharma shares have limited the downslide.
At 10:45 am, the Sensex is down 19 points at 25,844 and the Nifty has slipped 2 points at 7,867.
The broader markets are however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up almost 1% each.
Market breadth on the BSE remains healthy with 1,230 shares advancing and 702 shares declining.
The top losers from the Sensex pack are Sun Pharma, Coal India, Infosys, Vedanta and Tata Motors.
On the gaining side, Dr Reddy’s Labs, Lupin, SBI, HUL and Hindalco are up 1-6%.
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Updated at 9:45
Markets have slipped in red after opening the session on a marginally higher note tracking negative global cues.
Investors will maintain a cautious stance ahead of the Reserve Bank of India's fourth bi-monthly monetary policy review for the year 2015-16 which is scheduled tomorrow.
At 9:45 am, the Sensex is down 88 points at 25,776 and the Nifty has slipped 22 points at 7,846.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 115.10 crore on Thursday as per provisional data released by the stock exchanges.
In the first ever merger of two regulators, over 60-year-old FMC (Forward Markets Commission) will merge tomorrow with the younger but much bigger capital markets watchdog Sebi to create a unified regulatory body.
MARKET OUTLOOK
According to Angel Broking market report, “The trend deciding level for the day is 25,828 for the Sensex and 7,856 levels for the Nifty. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up with Sensex trading in the range of 25,985–26,107 and Nifty may see a rally in the range of 7,907–7,946 levels. However, if Sensex and Nifty trade below 25,828 and 7,856 levels respectively for the first half-an-hour of trade then Sensex and Nifty may correct towards 25,706–25,549 and 7,817–7,765 levels.”
KEY EVENTS FOR THE WEEK
Investors will keenly await for RBI’s fourth bi-monthly monetary policy review for the year 2015-16 slated on Tuesday, September 29, 2015. Macroeconomic data, global trends, FII stance, movement of rupee and crude oil are likely to dictate the trend on the bourses.
Indian stock markets will remain closed on Friday, 2 October 2015, on account of Gandhi Jayanti. Auto stocks will remain in focus as companies start announcing monthly sales volume data for September 2015 from Thursday, October 1, 2015.
In the US, the influential non-farm payrolls data for the month of September will be unveiled on October 2 (Friday).
GLOBAL MARKETS
Asian stocks sagged on Monday after Wall Street's uninspiring Friday performance and ahead of key economic indicators, while the dollar consolidated its gains against the yen and euro.
MSCI's broadest index of Asia-Pacific shares outside Japan stood virtually flat. Shanghai shares fell 0.3%. Financial markets in South Korea, Hong Kong and Taiwan were closed Monday for public holidays.
Tokyo's Nikkei lost 1.1% on caution ahead of coming announcements including Wednesday's Japan industrial production, Thursday's China Caixin Purchasing Managers' Index (PMI) and US non-farm payrolls on Friday.
SECTORS & STOCKS
Sectors like Consumer Durables and Banks are trading higher between 0.6-1.1%. However, BSE counters like Metal, Oil & Gas, Auto and Power are down 0.1-1%.
Bank stocks are in focus after the Reserve Bank of India (RBI) announced measures to enhance commercial banks' ability to recover loans to borrowing entities which are under stress primarily due to operational/managerial inefficiencies of the existing promoters.
The top gainers from the Sensex pack are TCS, Tata Steel, Dr Reddy’s Labs, Axis Bank and SBI have gained between 1-1.5%.
On the losing side, Sun Pharma, Coal India, Tata Motors, Wipro and Vedanta have declined between 0.6-2.3%.
Two days after Maruti Suzuki raised the wages of its 13,000 permanent factory workers by Rs 16,800 a month, a few hundred unhappy temporary staff on Saturday protested outside the company’s Manesar facility, seeking a salary increase. Shares of Maruti Suzuki are marginally lower.
Adani Ports and Special Economic Zone (APSEZ) replaces NMDC as a constituent in the 50-unit CNX Nifty index with effect from today, 28 September 2015. Shares of Adani Ports are up almost 2% and NMDC is trading lower by nearly 1%.
Indian Hume Pipe Company has surged 15% to Rs 394 on the BSE in early morning trade after the company has secured orders worth of Rs 1,231 crore for Telangana Water Grid project in respect of Telangana Drinking Water Supply Projects (TDWSP) of Mahabubnagar and Nizamabad districts from Rural Water Supply and Sanitation Department, Government of Telangana.
With Reuters & BS Reporter input
