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After opening in green, market slipped in the morning session trade ahead of key macro economic data to be released by the government later in the day.
Key Benchmark indices indices trailed the broader market which continues to trade in green. At 11:21 am, the BSE Sensex is down 116 points or 0.5 percent currently trading at 19881.05, while NSE Nifty is down 28 points or 0.4 percent currently trading at 5,884.80. Both BSE Small cap and Mid cap are up 0.7% - 0.9%.
As the weakness sets in market, Somil Mehta, Sr Technical Analyst (Equity) of Sharekhan suggest “Buy on decline should be the strategy in this market. Key support for Nifty is around 5840/5800 and resistance around 6090/6200.”
Among sectors, Realty, powerm healthcare, capital goods are the gainers while Banks and IT stocks are among major losers.
IT stocks continue to be under pressure on the bourses owing to recovery of Rupee against the greenback. The rupee gained ground for sixth-straight trading session after the slew of reforms announced by the central bank last week coupled with strong trend in emerging market currencies. Rupee is currently trading at Rs.63.63 up 0.3% from its previous close.
The market breadth remains positive. Out of total 2029 stocks trade d on the BSE, 1133 stocks advanced while 764 declined.
July factory data and August retail inflation data will be released by the government after the market hours today. The factory output or IIP is expected to shrink for third straight month signalling persistent slowdown fears in Asia’s third-biggest economy.
Consumer price index (CPI)-based inflation or simply retail inflation declined to 9.64% in July from 9.87% in the previous month.
Brent crude futures held steady above $111 a barrel on Thursday as investors waited to see whether diplomatic efforts to eliminate Syria's chemical weapons avert the threat of US military action that could lead to disruption of oil supplies.
Diplomatic efforts to place Syria's chemical weapons under international control intensified on Wednesday while UN rights investigators detailed what they called war crimes carried out largely by Syrian government forces in the civil war.
Brent crude for October was trading up 5 cents at $111.55 a barrel by 0348 GMT, after gaining 25 cents on Wednesday. Brent hit a six-month high of $117.34 a barrel on August 28, largely on the tensions over Syria.
Asia’s benchmark stock index swung between gains and losses after Japanese machinery orders accelerated less than expected.
Japan's Nikkei share average edged down in choppy trade Thursday morning as the stronger yen hit exporters. The Nikkei dropped 0.5 percent to 14,360.76 in mid-morning trade after briefly entering positive territory. The index has moved away from a seven-week high of 14,561.46 the previous day.
