 "Stock market: A roller coaster ride for Indian equities")
Markets have turned flat as gains in the metal stocks cap the losses logged by the technology pack. Meanwhile, losses in the global peers amid slide in oil prices have impacted the sentiment.
At 14:57 pm, the S&P BSE Sensex was up 5 points at 25,821 and the Nifty50 was down 8 point at 7,907.
METALS SHINE
Read more from our special coverage on "MARKETS"
Shares of metal companies are continued trading higher on the bourses on expectation of improvement in earnings and margins on a sequential basis for the quarter ended March 2016 (Q4FY16).
Vedanta has rallied 7% to Rs 105, followed by Jindal Steel & Power (6% at Rs 74), Hindustan Zinc (5% at Rs 177), Tata Steel was (4.5% at Rs 351) and Hindalco (3.3% at Rs 100) on the National Stock Exchange (NSE).
SUGAR STOCKS DROP
Sugar companies are trading lower after media reports stated that the government mulling to control sugar prices rise. Shree Renuka Sugars, EID Parry India Ltd, Bajaj Hindusthan Sugar, Balrampur Chini Mills, Dhampur Sugar Mills, Triveni Engineering and Industries and Mawana Sugars cracked up to 3.5%.
KEY STOCKS
TCS has dropped 2% after the company missed margin estimates in its fourth quarter. TCS had reported its Q4. Meanwhile, concerns about the whopping $940 million penalty imposed by a US jury also weighed.
On the flip side, Wipro has moved higher by 3% to Rs 607 on the BSE ahead of January-March (Q4) quarter results later today. The board will also consider a proposal for buyback of equity shares of the company.
Meanwhile, Reliance Industries is down over 1% ahead of its March quarter earnings due on Friday.
Housing Development Finance Corp. (HDFC) rose 1.3% after the company said its board approved a proposal to sell shares of its unit HDFC Standard Life Insurance Co. to the public for the first time. The board approved selling upto 10% stake in HDFC Life.
Suzlon Energy gained over 2% after the company acquired five companies for an undisclosed sum to help implement its diversification into the solar energy industry, including the execution of its recently won 70 megawatt solar project in Maharashtra.
Another prominent loser is Mastek down 6% after the company reported a 9% decline in net profit for quarter ended March 2016. The company on Tuesday reported a net profit at Rs 5.86 crore against Rs 6.44 crore in the same quarter last year.
