Sensex and Nifty have managed to stablise by afternoon. Tata Motors stocks were trading higher by 3% , the leading stock in Auto segment which witnessed good rebound as compared to yesterday. Consumer Durables and Oil & Gas sectors are also witnessing traction.
Indian market is anxiously awaiting the US Federal Reserve's Monetary Policy announcement. Also, the domestic Consumer Price Inflation data will be released today.
The Asian Development Bank slightly lowered its 2016 growth forecast for developing Asia, reflecting slower-than-expected expansion in India. The new estimate for India has been adjusted to 7.0% from 7.4% due to weak investment, agricultural slowdown and the government's recent demonetisation.
At 12:25 PM, the S&P BSE Sensex is trading at 26614 up 99 points, while NSE Nifty is trading at 8,193 up 22 points. A total of 16 stocks registered a fresh 52-week high in trade today, while 9 stocks touched a new 52-week low on the NSE.
Out of 1879 stocks traded on the NSE, 715 declined, 804 advanced and 360 remained unchanged today.
The BSE Mid-cap Index is trading down 0.23% at 12367.53, whereas BSE Small-cap Index is trading down 0.12% at 12245.46.
Some buying activity is observed in Auto, Consumer Durables, Oil & Gas, FMCG sectors, while Metal, Basic Materials, IT, Finance, Realty are showing weakness on BSE.
Tata Motors, Tata Motors DVR, BPCL, Wipro, Idea, ITC, Eicher Motors are among the gainers, whereas Hindalco, Zee, Ultra Cement, Grasim, Lupin, BHEL, GAIL are losing sheen on NSE.
The INDIA VIX is up 0.40% at 16.2575.
Stocks in focus:
Inox Wind Limited up 1.4% - Bags Order from NTPC Limited for 50 MW Wind Power Project.
Malvinder and Shivinder Singh in talks with TPG Capital to sell 26% in India's Fortis Healthcare (ET).
Bank of Baroda is in talks to buy a majority stake in Cent Bank Home Fin (CBHFL).
After agreeing to a deal to sell 3.9% stake in SBI Life Insurance, its joint venture with BNP Cardiff, State Bank of India will begin the process for re-valuation of the arm, for a plan to sell a further 10% stake to the partner.
Tata Motors said it will hike the prices of its passenger vehicles by up to Rs 25,000 from next month in order to offset the increased input costs.
Natco Pharma has launched generic Tamiflu capsules, used for the treatment of influenza, in the American market after the final nod from the US health regulator in Aug 2016.
Alkem Laboratories said the US health regulator has issued three observations after inspection of the company’s API facility at Ankleshwar in Gujarat.
Axis Bank slammed a regional newspaper report stating authorities were preparing to revoke the bank's license as "false and malafide", saying it had strong systems and controls in place as per central bank rules.
Sun Pharma and Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.
Glenmark's US business has received a boost with the launch of generic version of cholesterol drug Zetia in that market.
Morgan Stanley will buy 50mn shares (1.73% stake) in Tata Motors on behalf of an undisclosed client. The shares will be bought at an upper cap of Rs 499.8, nearly 10% premium to last closing price of Rs 454.55. At the top end, the deal size translates into Rs 25 bn.
Petroleum and Natural Gas Regulatory Board (PNGRB) last week gave GAIL four more years till February 2019 to complete the 1104 km Kochi-Koottanad-Bengaluru-Mangaluru natural gas pipeline. The Rs 44.93 bn project was originally to be completed in March 2013.
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