New Delhi, India (BBN)-Indian markets have slipped into negative zone amid choppy trades weighed down by auto shares.
At 10:40 am, S&P BSE Sensex was down 152 points at 26,688 levels and the CNX Nifty dipped 48 points to trade at 8,076 mark, reports the Business Standard.
The losers on the Sensex are Tata Steel, Tata Motors, M&M, NTPC, BHEL, SBI and Dr Reddy’s Labs.
Updated at 10:00am
Markets have erased its early gains and have become flat in the morning trades with Index heavyweight Tata motors contributing the most to the decline on concerns that sales of Jaguar Land Rover will suffer from the effects of a slowdown in the crucial Chinese market.
At 10:00 am, S&P BSE Sensex was up 37 points at 26,877 levels and the CNX Nifty gained 7 points to trade at 8,132 mark.
Other notable losers include Tata Steel, BHEL, NTPC and Wipro down up to 1 per cent.
Updated at 9:35 am
Markets have opened higher tracking strength among the global peers amid easing of Greek debt crises.
The narrowing of the government’s current account deficit (CAD) along with MSCI’s decision of deferring inclusion of China A stocks to its benchmark indices which had triggered the continuous outflow of funds by the foreign investors has lifted the sentiments of the market participants.
On the macro-economic front, India’s current account deficit (CAD) declined sharply to $1.3 billion (0.2 per cent of gross domestic product) in the quarter ended March from $8.3 billion (1.6 per cent of GDP) in the quarter ended December.
At 9.35 am, S&P BSE Sensex was up 91 points at 26,931 levels and the CNX Nifty gained 22 points to trade at 8,146 mark.
Asian equities are trading higher tracking gains in the US markets helped by gains in technology and financial shares. Also, sign of advance in negotiations over Greece’s debts has sparked the rally.
China’s Shanghai Composite index opened 0.5 per cent lower ahead of the release of April fixed asset investment along with May retail sales and industrial production.
The Hang Seng index rebounded 0.7 per cent, a day after tumbling 1.4 per cent amid disappointment that mainland-listed A-shares were not included in the MSCI’s emerging market index.
Japan’s Nikkei bounced back in today’s trade as the yen weakened 0.3 percent versus the US dollar in early Asian trade.
In the US markets, the Dow Jones industrial average jumped 236.36 points to 18,000.4, the S&P 500 gained 25.05 points to settle at 2,105.2 and the Nasdaq Composite added 62.82 points to close at 5,076.69.
STOCKS ON THE RADAR
On the sectoral front, barring BSE Oil & Gas indices, all sectors are in the positive territory with BSE Realty, Healthcare, Capital Goods, Consumer Durables and Bankex trading higher between 0.5-1 per cent.
ICICI Bank is considering raising Rs 50,000 crore via private placement of securities including bonds and non-convertible debentures (NCDs). The stock is up 1.4 per cent.
TCS has become the largest dividend payer among the Indian companies, ahead of Coal India and Oil and Natural gas Corporation. The stock is trading with marginal gains.
Vedanta is set to make an official announcement on Sunday about its merger with wholly owned subsidiary Cairn India. Vedanta is up 1 per cent, however Ciarn India is 1 per cent down.
Reliance Industries is trading marginally higher as Mukesh Ambani, chairman and managing director of Reliance Industries, likely to announce plans for telecom subsidiary Reliance Jio Infocomm in its AGM scheduled tomorrow.
Vishal Sikka, the chief executive officer (CEO) and managing director (MD) of Infosys is included in the list of top-50 Highest Rated CEOs in 2015 by career website Glassdoor.Infosys is up 0.6 per cent.
Tata Motors, owner of Jaguar Land Rover, is suffering from the effects of a slowdown in the crucial Chinese market. The stock is down 0.7 per cent.
In the broader market, BSE Midcap and Smallcap indices are trading higher by 0.8 per cent each. The market breadth is firm with 933 advances versus 306 declines.