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Benchmark indices remained choppy since early trades and are currently trading flat as losses in select index heavyweights and oil shares are limiting gains in FMCG majors and private bank shares.
At 11:50 AM, the 30-share Sensex and the 50-share Nifty were flat at the mark of 28,692 and 8,591 respectively.
In the broader market, BSE midcap index, up 0.2% is outperforming its larger peers while smallcap index which is marginally underperforming is trading flat. Market breadth in BSE is marginally positive with 1,222 advances against 1,149 declines.
Meanwhile, according to a business survey, India's factory activity is showing signs of gaining momentum. The HSBC Manufacturing Purchasing Managers' Index (PMI), compiled by Markit, at 53.3 in November from 51.6 in October, is the highest in 21 months. The expansion is largely due to the growth in consumer durables sector
The survey also showed companies passed on additional input costs to consumers at a faster pace, which could revive inflationary pressures after several months of slowing.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 935.86 crore on Friday, as per provisional stock exchange data.
Buzzing Stocks
BSE consumer durables index, up 3.7% is the top gainer led by gains in the shares of jewellery companies like Titan and PC Jewellers which are reacting positively to the scrapping of gold import curbs and removal of the 80-20 scheme on Saturday. The latter mandated jewellery companies to export 20% of the gold they imported before importing further gold shipments.
BSE FMCG and Healthcare indices have gained more than 1% each.
BSE Metal, Oil & Gas and Power indices have lost more than 1% each.
Shares of fast moving consumer goods (FMCG) major Hindustan Unilever (HUL) is trading higher by 2.5%. The company has indicated that it would be able to manage margin expansion, even with rising excise duties, going forward.
Maruti Suzuki has gained more than 2% on positive November sales data. The company clocked around 15% increase in its passenger vehicles segment in November 2014 compared to same month last year. During the same period its domestic sales increased by 17% while exports surged by 52.7%.
Currency depreciation has boosted select IT shares. TCS and Wipro have gained more than 1.5%. Infosys pared early gains and is down 0.6% as the stock will be traded ex-bonus from tomorrow.
Among the pharma stocks, Sun Pharma is trading with a gain of more than 1% after FIPB gave approval to its proposal of issuing equity shares of the company to the non-resident investors of Ranbaxy Laboratories pursuant to its merger with Ranbaxy.
Hero Motocorp has gained more than 1.5%. The company has unveiled aggressive plans to expand in the Central and Southern American countries. The company launched six of its best-selling motorcycles in Colombia as part of its target to clock 1.2 million unit sales from global business by 2020.
From oil & gas space, RIL and ONGC have shed 1.2% and 1.7% each.
