News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 8 years ago
Rediff.com  » Business » Markets snap 2-day winning streak; RIL slips 1%

Markets snap 2-day winning streak; RIL slips 1%

By SI Reporter
Last updated on: July 07, 2015 17:25 IST
Get Rediff News in your Inbox:

Markets snapped the two-day winning streak with Index heavyweight RIL contributing the most to the decline after the company decided to sell a 3.1% stake, worth $32 million at the current market price, in unit Network18 Media and Investments to comply with rules mandating public ownership in listed firms. 

Markets have pared gains after a range-bound session,dragged down by index heavyweight RIL and capital goods, auto and financial shares. At 2:30 PM, the Sensex was at 28,150, down by 90 points and the Nifty was at 8,512, down by 10 points.

The broader markets are outperforming their larger peers. BSE Midcap and Smallcap indices and are up 0.06% and 0.3% respectively.

The market breadth is positive with 1,575 advances against 1,137 declines on the BSE.

Investors are cautious ahead of the first quarter earnings season, which will kick off with Tata Consultancy Services (TCS) announcing it April-June results on Thursday.

Also, Index of Industrial Production (IIP) data for the month of May is scheduled to be released on Friday.

Meanwhile, all eyes would be in Brussels where Greek Prime Minister Alexis Tsipras would present a set of new proposals to an emergency euro zone summit in a last bid to stay in the euro zone.

After plunging around 6% overnight, prices of crude oil rose in anticipation of a last minute solution to the Greek crisis ahead of an emergency euro zone summit later in the day today.

On the currency front, rupee is flat with negative bias and is quoting at 63.40, down by 1 paisa.

Further, Foreign Portfolio Investors (FPIs) were the net buyers on Monday to the tune of Rs.149.37 Cr as per the provisional stock exchange data. SECTORS & STOCKS On the sectoral front, BSE Power, BSE IT, BSE Capital Goods indices are trading lower between 0.1-0.3% each.

BSE Consumer Durables and Healthcare indices are trading 0.5% and 0.17% up. The banking shares are trading in the positive zone on hopes of a rate cut by the RBI on the back of above-normal monsoons and a pickup in the economy.

HDFC is up by 1.67% while SBI, Axis Bank, ICICI Bank, and HDFC Bank are trading between 0.1-0.3% each on the Sensex.

Coal India is rallying nearly 2% on the Sensex and is among the other 143 stocks including BPCL, and Britannia Industries to hit their respective 52-week highs on the Bombay Stock Exchange (BSE) today.

NTPC is trading 2.5% down on the Sensex after the media reports suggest that the government is appointing legal advisors for divesting stakes. From the IT space, in the anticipation of the Q1 results, TCS is trading down by 0.6% while Infosys and Wipro are up by 0.27% and 0.66% respectively on the Sensex.

Auto shares are trading lower post their June sales numbers.

Tata Motors, Maruti, M&M and Hero Motocorp are all trading between 0.1-1.2% down on the Sensex. State-owned oil marketing companies are trading mixed after global crude oil prices rose in global markets ahead of the emergency euro zone summit in Brussels today.

HPCL is trading with 2%gains while BPCL and IOC are marginally down.

ONGC is trading down by 0.75% while index heavyweight Reliance Industries is down by 1.1% on the Sensex.

Aviation shares rose on hopes that state-owned oil companies may lower aviation turbine fuel prices. Jet Airways and SpiceJet are rallying between 4-8% each on the Sensex.

Get Rediff News in your Inbox:
SI Reporter in Mumbai
Source: source
 

Moneywiz Live!