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Benchmark indices have erased early gains and have turned weak weighed down by capital goods and financials.
At 15:00 PM, S&P BSE Sensex was more than 100 points down at 25,095 at while the CNX Nifty was 32 points down at 7,508.
The main losers on the Sensex are Tata Power, Sun Pharma, M&M, Hindalco, Sesa Sterlite, GAIL and L&T.
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Updated at 14:35
Markets continued to remain choppy during late noon session as investor remained cautious and resistant to take risk amid growing concerns over violence in Iraq.
At 15:00 PM, S&P BSE Sensex was more than 100 points down at 25,095 at while the CNX Nifty was 32 points down at 7,508.
The main losers on the Sensex are Tata Power, Sun Pharma, M&M, Hindalco, Sesa Sterlite, GAIL and L&T.
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Updated at 14:35
Markets continued to remain choppy during late noon session as investor remained cautious and resistant to take risk amid growing concerns over violence in Iraq.
At 14.30 PM, S&P BSE Sensex was more than 10 points down at 25182.71 at while the CNX Nifty was 3 points down at 7536.
The broader markets traded mixed while market breath at the BSE remained weak as 1560 scrips declined and 1270 scrips advanced.
EXPERT SPEAK:
Foreign portfolio investors (FPIs) sold shares worth a net Rs 420.51 crore on Thursday, as per provisional data from the stock exchanges.
Chandan Taparia, Derivative Analyst, Anand Rathi Financial Services says, “Nifty future has rallied by around 6% from 7235 to 7700 levels in the June series but failed to cross and hold above 7700 levels and now hovering near to 7550 levels with series gain of around 4%. We have mentioned the support at around 7522-7500 zone in last talk show and that level is still working well from last six trading sessions. If it fails to hold 7520-7500 zone then only immediate consolidation move may turn into selling mode and in that case Nifty may drift down towards 7400-7350 levels. On upside it has immediate hurdle at around 7620 and major resistance zone at 7700 levels”
IRAQ CRISES:
Sunni radicals in Iraq, who have overrun a swathe of territory north of Baghdad in a lightning offensive, have taken control of one of Saddam Hussein's former chemical weapons factories, a US official has said.
Meanwhile, moving cautiously in the face of an onslaught by Sunni militants advancing on Baghdad, US President Barack Obama is sending 300 military advisers to Iraq, but US would not be returning to a combat role there.
CRUDE:
Brent crude held near $115 a barrel on Friday, close to a nine-month high, and was headed for its second weekly gain on increased risks of disruption to supply from Iraq.
RUPEE:
The rupee is weaker at60.2900/2950 versus its previous close of 60.08/09, tracking high global crude prices as crisis in Iraq continues.
ASIAN MARKETS:
Japanese shares were flat on Friday as investors booked profits after their rally to 4-1/2-month highs the previous day, but the mood remained upbeat with trade volume hitting its best level in three months.
The Nikkei was down 0.1% at 15,349.42 but up 1.7 percent on the week, the fifth straight week of gains and a whisker below a 4-1/2-month high of 15,361.16 hit on Thursday, supported by hopes of loose U.S. monetary policy.
The broader Topix was also flat at 1,268.92 but trade volume shot up to 2.95 billion shares, 47% above the average in the past 60 sessions. The new JPX-Nikkei Index 400 stood little changed at 11,546.39.
SECTORAL INDICES:
BSE Consumer Durables index has outperformed all benchmark indices and has surged nearly 3%.
Realty, Oil& Gas and Metal indices have edged up 0.1% to 0.3%.
While the Pharma index has shed over 1%.
Other sectors such as Bankex, Capital Goods, Auto, FMCG, Power are trading negative.
BUZZING STOCKS:
Tata Steel (1.3) was the top gainer among the 30-share Sensex pack , followed by Axis Bank up 1.1%.
Other stocks that gained are Hero Motocop, ONGC and Bajaj auto, all by 0-6-0.5%.
Sun pharma slumped over 2% followed by Tata Power, M&M, Sesa Sterlite and Larsen and Turbo, all down between 2% to 0.7%.
Tata Steel (1.3) was the top gainer among the 30-share Sensex pack , followed by Axis Bank up 1.1%.
Other stocks that gained are Hero Motocop, ONGC and Bajaj auto, all by 0-6-0.5%.
Sun pharma slumped over 2% followed by Tata Power, M&M, Sesa Sterlite and Larsen and Turbo, all down between 2% to 0.7%.
Shares of TVS Motor Company were up nearly 2% at Rs 147 after the company said it has launched a new motorcycle, StaR HLX 125, specially designed to suit riding conditions in African Continent.
IFCI has moved higher by 9% to Rs 41.55 after the state-owned financial institution said that it is planning to sell its partial stake in the National Stock Exchange (NSE) and entire stake in financial services arm.
Granules India is trading higher by 4% to Rs 454, extending its past four days rally on BSE, after the company said that its paracetamol facility at Bonthapally in Andhra Pradesh has passed an inspection by the US health regulator.
