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Benchmark indices continue to trade weak in the late morning trades weighed down by the technology pack ahead of the TCS results for the quarter ended December 31, which will be out post markets hours tomorrow.
Shares of frontline auto companies like Mahindra & Mahindra, Tata Motors, Bajaj Auto and Hero MotoCorp are trading on a weak note and have lost up to 3%. However, sustained buying among the banking stocks has allowed the Nifty to trade above its important level of 8,800.
At 12.05 PM, the 30-shares Sensex is down 83 points at 28,961 and the 50-share Nifty is trading 27 points lower at 8,807.
RUPEE
The rupee recovered by 13 paise at 62.38 against the US dollar in early trade today at Interbank Foreign Exchange after the Greenback weakened overseas due to disappointing American retail sales data.
SECTORS & KEY STOCKS
On the sectoral front, BSE IT, Teck and Auto indices are trading lower up to 1.5%. However, BSE FMCG, Bankex and Consumer Durables are trading higher up to 1%.
In a major boost to net neutrality in India, e-commerce major Flipkart has announced that it has pulled out of its partnership with Bharti Airtel on its open marketing platform, Airtel Zero. The stock has lost 3%.
UBS initiates coverage on Coal India with a “buy” rating and set a target price of Rs.470. The investment bank says government reforms cutting delays in expansion projects coincide with Coal India’s capex increase. The stock has dipped 1.4% on profit-taking after rising for four straight sessions on report that government has lifted e-auction cap.
ICICI Bank has gained 1.5% after it reportedly cut its home loan rate for both existing as well as new borrowers by 25 basis points (bps) to 9.9% yesterday, 14 April 2015.
Axis Bank is up 0.4% after it Axis Bank cut its home loan rate by 20 basis points (bps) to 9.95% yesterday, 14 April 2015.
Among other banks, SBI, HDFC Bank are up 1.3% and 0.4% each.
Among other banks, SBI, HDFC Bank are up 1.3% and 0.4% each.
Reacting to the news, select realty stocks including Anantraj, Prestige, Oberoi Realty and Phoenix are trading higher up to 4% on the BSE.
The broader markets continue to outperform the large counterparts . BSE Midcap and Smallcap indices are trading higher up to 0.3%.
Shares of Krebs Biochemicals and Industries is locked in upper circuit of 10% at Rs 135, also its 52-week high on the BSE, after an open offer for its shares made by the pharmaceutical firm Ipca Laboratories begins today.
Tasty Bite Eatables is locked at the upper circuit of 20% at Rs 770 on the BSE after the company announced that its parent company has entered into strategic investment transaction with leading Japanese food company, Kagome.
Shares of Deepak Fertilisers are up over 2% after the company sold over 12% stake in Mangalore Chemicals and Fertilisers through the secondary market.
Shares of KNR Constructions are trading higher by 6% at Rs 466 on the National Stock Exchange (NSE) after the company said it has bagged orders worth Rs 729 crore from a Tamil Nadu government undertaking for upgradation of roads.
Shares of DCB Bank have surged 7% on the BSE after the private sector lender posted a 61% year-on-year (y-o-y) rise in net profit at Rs 63 crore for the fourth quarter (Q4) ended March 31, on the back of higher net interest income (NII).
Gateway Distriparks gains 4% on reports that the logistics firm is aiming to list its rail unit by the end of the current fiscal year in March 2016.
Gujarat Gas surges as much as 13% after the company said it has got authorization to lay, build, operate, or expand city or local natural gas distribution network for Thane from the Petroleum and Natural Gas Regulatory Board.
ACC rises 2.1% after it reported 41% drop in net profit for the quarter ended March due to weak demand and a tax expense of Rs.78 crore. Sales dropped 3% to Rs.2,885.44 crore.
Ashoka Buildcon rises as much as 2% after the company raises Rs.500 crore from a share sale to institutional investors, two sources directly involved in the deal told Reuters on Tuesday. Investors who bought shares include Singapore-based fund GMO, ICICI Prudential and Morgan Stanley.
