)
Benchmark indices are moving in narrow range after trimming early losses helped by the gains in private banks and select index heavyweights like RIL and ITC. However, losses in pharmaceuticals and select FMCG stocks have kept the gains limited.
Also, uncertainty over passage of Land Acquisition bill, tepid corporate earnings and government's combative stance on retrospective taxation have kept the risk-appetite under check.
At 12:55PM, the 30-share Sensex was up 18 points at 27,904 and the 50-share Nifty was up 9 points at 8,458.
In the broader market, both the BSE Midcap index, up 0.3% and Smallcap index, up 0.1% have performed better than the front-liners. Market breadth in BSE is positive with 1,318 advances against 1,077 declines.
Buzzing Stocks
Five out of the 12 sectoral indices of BSE are in red. BSE Healthcare index down 2.3% is the top loser followed by BSE Oil & Gas and FMCG indices, down 0.5% and 0.4% each. BSE Bankex up 0.8% is the top gainer followed by BSE Realty index, up 0.7%.
Sun Pharmaceuticals has lost 9% after Japanese pharma major Daiichi Sankyo sold its 8.9% stake in Sun Pharmaceuticals through multiple block deals on the stock exchanges. Cipla and Dr Reddys Lab have shed 0.7% and 2.4% each.
IT shares continue to remain under pressure on concerns over quartertly earnings. Wipro has shed 0.7% ahead of its fourth quarter results due later today. Infosys is trading flat while TCS is up 0.2%.
Select bank shares are trading higher. ICICI Bank anb Axis Bank have gained 1.2% and 2% each. HDFC Bank is up 0.3% while SBI is down 0.2%. ICICI Bank in arrangement with Tech Mahindra Limited, announced the launch of a contactless payment service based on the Near Field Communications (NFC) technology.
FMCG shares are trading mixed. HUL has lost 2.2% and ITC is up 0.3%. Antique Stock Broking expects the company’s FMCG segment to post a profit of Rs 56 crore in the March quarter.
Among oil stocks, RIL is up 0.2%. According to a Moody's Investors Service report, high refining margins boosted RIL's January-March earnings and "credit metrics to improve on completion of projects over next two years." ONGC is down 0.3% and GAIL is down nearly 1%.
