Markets trading range bound; Tata Motors, HUL down 1%
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Benchmark indices are trading marginally lower after losing initial momentum as the absence of any significant directional cues has limited fresh buying by investors. Losses in FMCG, auto and oil & gas shares are weighing the most on the indices.
At 11:50AM, the 30-share Sensex was down 41 points at 27,167 and the 50-share Nifty was flat at the mark 8,171.
In the broader market, BSE midcap and smallcap indices have performed better than the front-liners with gains of around 0.2% and 0.1% each. Market breadth in BSE is slightly positive with 1,161 advances against 1,140 declines.
Meanwhile, foreign institutional investors sold Indian equities worth Rs 2,808.27 crore on Wednesday, as per provisional stock exchange data. The markets were closed on Thursday on account of Christmas Day holiday.
Buzzing Stocks
BSE Bankex and Capital Goods index with gains of around 0.3% each have emerged as the lead gainers among the 12 sectoral indices in BSE. BSE FMCG index, down 0.7% is the top loser followed by BSE Oil &Gas index which is down 0.5%.
Financials are the lead gainers in late morning trades. HDFC twins have gained around 0.5% each. Axis Bank and SBI have gained close to 1% each while ICICI Bank is trading flat.
Infosys, Sun Pharma, Coal India and Sesa Sterlite are other major gainers of the hour with gains around 0.3% to 0.6% each.
Losses in FMCG, Auto and oil shares have weighed the most on the indices. ITC and HUL have lost around 1% each.Among auto shares, Bajaj Auto, Hero Motocorp, M&M, Maruti Suzuki and Tata Motors have declined around 0.2% to 0.8% each.
Oil shares are trading weak after oil prices rose in Asia today as dealers reacted to a surprise Islamist attack on Libya's main oil terminals that left 22 soldiers dead. Reliance and ONGC have lost around 0.3% each while GAIL has declined over 1%.
Among other shares, edible oil maker Ruchi Soya Industries has rallied 6% on reports that the government has hiked import duty on both crude and refined edible oil by 5%.
Alphageo (India) has surged 9% in an otherwise weak market, extending is previous day’s gain on NSE, after the company said it has been awarded Rs 10.42 crore contract from the state-owned oil exploration and production firm Oil India.
Other Latest News
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The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
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The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
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Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
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India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
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The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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