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Markets have recovered from day’s low and have turned flat with Sensex and Nifty swinging between negative and positive zone.
By 14:30, the Sensex was lower by 18 points at 25,210 levels and the Nifty declined 8 points at 7,533.
Meanwhile, broader markets are trading mixed as BSE Mid cap index is marginally up 0.06 % and BSE Small cap index is down 0.12%.
The overall market breath at the BSE is weak with 1731 declines and 1109 advances.
As per provisional data from the stock exchanges, foreign portfolio investors (FPIs) bought shares worth a net Rs 1,099.92 crore on Friday.
Inflation:
The wholesale price index (WPI)-based inflation rose a five-month high of 6.01% in May against 5.20% in the previous month, driven by costlier protein-based items, fuel and some manufactured products. The data, released officially today, presents a complex picture before the government and the Reserve Bank of India as its consumer price index-counterpart had eased to a three-month low.
These are provisional figures and may see upwards revision when finalized
Rupee:
The rupee hit 60.23 in trade on Monday, its lowest level since May 6, after government data showed wholesale price inflation surged to a five-month high.
At 14.25 p.m., the rupee was at 60.15/16 versus its close of 59.76/77 on Friday.
Crude:
Crude oil futures rose 0.74% to Rs 6,431 per barrel today as speculators enlarged positions on a firming trend in the Asian region and surged to a nine-month high due to Iraq violence.
Analysts attributed the rise in crude futures to a firming trend in Asian trade as investors kept a wary eye on the worsening crisis in Iraq, where insurgents were advancing on the capital Baghdad.
Global Markets:
MSCI's broadest index of Asia-Pacific shares outside Japan was down for most of the session, moving away from a three-year high hit a week ago, but wavered in and out of positive territory in late afternoon trading.
China's Shanghai Composite Index added 0.7%. Some publicly listed Chinese banks qualified for a reduction in reserve requirements announced by the central bank last week, bankers told Reuters on Monday.
Japan's Nikkei stock average ended down 1.1% at a two-week low, dragged lower by fears of higher materials costs.
Sectoral Indices:
Back home, the top loser at this hour is Capital Goods which slumped 0.9%, followed by Auto, Bankex, Power and Oil & Gas.
While on the winning side, IT outperformed all the indices up 1.55% on weaker rupee day, other sectors that gained were: Healthcare, Realty, Consumer Durables and FMCG.
Buzzing Stocks:
Axis Bank was the top loser at the Sensex which tumbled down over 3%, while M&M and Larsen & Turbo were down more than 2.3% and HDFC and Tata Motors slipped to nearly 1%.
On the other side, GAIL rose nearly 2.5%. Weaker rupee edged up Infosys, TCS and Sun Pharma nearly by 2%.
Among other shares, Aurobindo Pharma has moved higher by 3% to Rs 718, also its record high, in otherwise weak market on BSE.
