At 11:49AM, the S&P BSE Sensex is trading at 27,563 down 38 points, while NSE Nifty is trading at 8,284 down 8 points.
The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.
Consumer Durables, Power, Banking, capital goods, Healthcare metal, Realty, FMCG, Oil and gas indices are the gainers, while FMCG, Auto indices are losers.
Bharti Airtel, Sun Pharma, Maruti, Infosys are among the gainers, whereas GAIL, M&M, BHEL, Tata Steel are losing sheen on BSE.
Flaring fuel prices have become history for now with the price of oil falling below $60 for the first time since July 2009. Declining fuel prices may be good news to India but global markets are witnessing a subdued sentiment on growth concerns.
As a result, the Indian market too has been at the receiving end with investors choosing to offload shares in sectors and companies which have firmed up recently. RBI governor Raghuram Rajan said Interest rate cuts by itself would not lift the economy.
The government will release the Index of Industrial Production data for October 2014 which is expected to contract compared to October. Inflation based on Consumer Price Index for October 2014 will also be announced and expectations are that it will be well below 5%. The main indices will look at recouping some of its recent losses.
Recently Infosys founders had sold a sizeable stake and on Thursday too some block deals took place. While Azim Premji's 73.43% remains intact for now, Trustees holding shares of Wipro have sold around 18 lakh shares. Between Nov 28 and Dec 11, Nifty fell 1.82% but BSE IT index lost 7.35% with Infosys and TCS contributing majorly to the fall, says a report.
Pricol Ltd has announced that the Board of Directors of the Company at the meeting held on December 11, 2014 has proposed to acquire 99.99% of stake in a Brazil based auto component manufacturing company through its wholly owned subsidiary incorporated in Spain.
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