Nifty dips for 2nd day, Sensex manages to hold 28k; Midcap rises

Equity benchmarks remained lackluster for the second consecutive session Wednesday and closed lower amid mixed global cues as investors maintained cautious stance ahead of the minutes of the US Federal Reserve's latest policy meeting later today. Lack of domestic cues also caused the listless trade. 

The 30-share BSE Sensex was down 59.24 points at 28005.37 and the 50-share NSE Nifty fell 18.50 points to 8624.05. 

However, the broader markets outperformed benchmarks on consistent inflow of foreign money and partially supported by positive breadth. About 1455 shares advanced against 1258 declining shares on the BSE.

 FIIs bought more than Rs 7,000 crore worth of shares in August, taking the total inflow of foreign money to more than Rs 53,000 crore since March. 

"Bias is still positive but since we're closer to the F&O expiry week, traders should maintain cautious approach especially in index trades," Jayant Manglik of Religare Securities said.

 Globally investors closely watched the release of minutes of US Federal Reserve for direction of further rate hike. 

"Comments from Fed presidents playing up chances of even a September US rate hike, kept global markets on a watch mode, especially with FOMC minutes due for release later in the day," Anand James of Geojit BNP Paribas Financial Services said.

Nifty ends below 8650, Sensex in red; Tata Steel, Coal India up.

3:30 pm Market closing: The market has ended in red after a lot of struggle. The Sensex is down 59.24 points or 0.2 percent at 28005.37 and the Nifty is down 18.50 points or 0.2 percent at 8624.05. About 1458 shares have advanced, 1259 shares declined, and 171 shares are unchanged.

 Tata Steel, Coal India, Bajaj Auto, Hero MotoCorp and Axis Bank were top gainers while Adani Ports, TCS, Asian Paints, Wipro and Infosys were gainers in the Sensex. 

3:20 pm Gold Update: Gold advanced for the third day, gaining Rs 20 to Rs 31,150 per ten grams at the bullion market today on sustained buying by jewellers to meet festive season demand from retailers, even as the metal weakened overseas.

 Silver, however, fell by Rs 350 to Rs 46,650 per kg. 

Marketmen said increased buying by jewellers to meet rising festive season demand from retailers at domestic spot market mainly kept gold prices higher.

 However, a weak global trend where gold dropped ahead of the release of the Federal Reserve's minutes from its July meeting after central bank officials signalled that US interest rates could be increased at least once this year, capped the rise.

 3:15 pm Earnings: Liquor firm Radico Khaitan today reported an increase of 25.2 per cent in its standalone net profit at Rs 21.5 crore for the first quarter ended June 2016. 

For April-June of 2015-16, the figure stood at Rs 17.2 crore.

 Total income from operations moved up 3.1 per cent to Rs 430.4 crore during the quarter under review as against Rs 417.3 crore in the same quarter of the previous fiscal, Radico Khaitan said in a regulatory filing to BSE.

 Total expense during the period came in at Rs 384.5 crore as against Rs 381.7 crore a year before. 

3:05 pm Market Update: Equity benchmarks were marginally lower amid consolidation. The Sensex was down 38.71 points at 28025.90 and the Nifty down 14.90 points at 8627.65. 

The market breadth was positive as about 1410 shares advanced against 1259 declining shares on the BSE.

 2:45 pm Buzzing:  Strides Shasun    is going to hive off API business to wholly-owned subsidiary. The turnover of API business in FY16 was Rs 712.2 crore.

 The company's Q1 net profit was at Rs 41.7 crore versus Rs 87.6 crore and total income was at Rs 870 crore versus Rs 955 crore.

 The Sensex is down 60.26 points at 28004.35, and the Nifty down 25.60 points at 8616.95.

 14:00 Market Update: The Sensex is down 49.08 points at 28015.53, and the Nifty down 22.15 points or 0.3 percent at 8620.40. About 1361 shares have advanced, 1164 shares declined, and 177 shares are unchanged.

 Coal India, Hero MotoCorp, Tata Steel, Bajaj Auto and Axis Bank are gainers while TCS, Asian Paints, Infosys, Reliance and GAIL are losers in the Sensex. Sun Pharma, BF Utilities, Just Dial, Cipla and Reliance were most active shares on BSE.

 In the currency market, the Japanese yen weakened against the dollar in the afternoon session. The yen touched an earlier session high of 100.14 and overnight, it climbed to levels around 99.68 to the dollar before retreating. That compared with levels above 101.00 last week.

 Analysts told CNBC on Tuesday they expect further yen strength in the near future, following the market's disappointment with the Bank of Japan's (BOJ) stimulus plans.

Nifty below 8650, Sensex weak; Sun Pharma, Just Dial most active .

The Sensex is down 49.08 points at 28015.53, and the Nifty down 22.15 points or 0.3 percent at 8620.40. About 1361 shares have advanced, 1164 shares declined, and 177 shares are unchanged. 

Coal India, Hero MotoCorp, Tata Steel, Bajaj Auto and Axis Bank are gainers while TCS, Asian Paints, Infosys, Reliance and GAIL are losers in the Sensex. Sun Pharma, BF Utilities, Just Dial, Cipla and Reliance were most active shares on BSE. 

In the currency market, the Japanese yen weakened against the dollar in the afternoon session. The yen touched an earlier session high of 100.14 and overnight, it climbed to levels around 99.68 to the dollar before retreating. That compared with levels above 101.00 last week.

 Analysts told CNBC on Tuesday they expect further yen strength in the near future, following the market's disappointment with the Bank of Japan's (BOJ) stimulus plans.

Sensex, Nifty continue to be volatile; Dish TV up 3%, Infy weak .

Investors seem to be in wait and watch mode. The Sensex is up 23.48 points at 28088.09, and the Nifty is down 0.30 points at 8642.25. About 1369 shares have advanced, 949 shares declined, and 156 shares are unchanged.

Coal India, Tata Steel, Hero MotoCorp, Axis Bank and Bajaj Auto are gainers while TCS, Asian Paints, Infosys, GAIL and L&T are losers in the Sensex. 

Dish TV is up 3 percent as Dish TV is in the final stages of acquiring Videocon D2H to create India’s largest direct-to-home (DTH) player with almost 45 percent market share. It is learnt that the deal is likely to be a cash and share-swap deal and will be used to pay off lenders of debt-laden Videocon D2H, who have been skeptical over its ability to service the debt.

 The deal size as well as valuation for Videocon D2H is anticipated to be lower than USD one billion. 

While previous bouts of strength in the yen have pushed Japanese manufacturers to shift production overseas, exporters are coping with the recent currency stresses by penny-pinching - turning off lights and cramming elevators in the hope that nothing more drastic will be needed before the tide turns. 

The yen, a safe haven in troubled times, has been climbing in the unsettled period before and after Britain's June 23 vote to leave the European Union (Brexit) upset global markets, moving nearly 10 yen against the dollar since early June to just under 100

Sensex, Nifty remain sluggish; IT under pressure, metals up .

10:50 am FPIs: Government debt securities attracted bids worth a staggering Rs 10,599 crore from foreign investors as against Rs 9,358 crore on offer in an online auction. 

The auction was conducted on BSE's e-bidxchange platform from 1530 hrs to 1730 hrs after the close of market hours. At the end of the two-hour auction, 34 bids were declared successful out of 38.

 The debt auction quota gives overseas investors the right to invest in the debt, up to the limit purchased.

 The total investment in government debt (auction) had reached Rs 136,736 crore till July 21, which was 94.96 per cent of the total permitted limit of Rs 1.44 lakh crore, according to depositories data. 

10:30 am Buzzing: Tree House Education board has finally approved its revised merger deal with Zee Learn . The deal had hit a road block after Zee Learn had started 're-evaluating its merger with Tree House'. As per the new merger scheme, shareholders of Tree House will get shares in Zee Learn in ratio of 1:1. In a statement to the exchanges, Tree House said that the merger evaluation committee, formed in June by the companies, has approved of the new share swap ratio. According to the earlier deal, Tree House’s shareholders were to receive 53 fully paid equity shares of Ra 1 each of Zee Learn for every 10 fully paid equity shares of Rs 10 of Tree house.

 The market continues to be sluggish as the Nifty is below 8650. The 50-share index is down 3.95 points at 8638.60. The Sensex is up 18.93 points or 0.07% at 28083.54. About 1121 shares have advanced, 710 shares declined, and 97 shares are unchanged. 

Hero MotoCorp, Bajaj Auto, Axis Bank, Coal India and Cipla are gainers while TCS, Infosys, Asian Paints, ICICI Bank and GAIL are losers in the Sensex. Metal index is up.

 Gold was little changed as hawkish comments from US Federal Reserve officials raised bets on a rate hike this year and traders await minutes of the last Fed policy meeting for more clues. The Fed is raising expectations for an interest rate rise this year, even as early as next month, after two policymakers on Tuesday said the economic stars now appear to be aligning despite weak US economic growth in the first half of 2016. 

New York Fed President William Dudley said a rate hike in September was possible, while Atlanta Fed President Dennis Lockhart said the US economy is likely strong enough for at least one rate increase before the end of 2016, with two a possibility.

Live Stock Market Updates - Sensex, Nifty flat; auto, metal gain.

At 9:33 AM, the S&P BSE Sensex is trading at 28,113 up 48 points, while NSE Nifty is trading at 8,649 up mere seven points.

The BSE Mid-cap Index is trading up 0.35% at 12,868 whereas BSE Small-cap Index is trading up 0.44% at 12,266.

Hero MotoCorp, Bajaj Auto, Axis Bank, Bharti Airtel, Tata Motors, Tata Steel and Coal India are among the gainers, whereas TCS, Infosys, GAIL, ICICI Bank, Asian Paints and RIL are losing sheen on BSE.

Some buying activity is seen in auto, metal, telecom, industrial, capital goods, pharma, utilities and basic materials sectors, while IT, oil & gas and teck showing weakness on BSE.

The INDIA VIX is down 0.86% at 14.0600. Out of 1,829 stocks traded on the NSE, 539 declined, 841 advanced and 449 remained unchanged today.

A total of 24 stocks registered a fresh 52-week high in trades today, while 16 stocks touched a new 52-week low on the NSE.

Asian markets are trading mixed ahead of US Federal Reserve officials stoked speculation over interest-rate increases. In Japan, the Nikkei 225 and Hong Kong's Hang Seng trading higher by 0.50%. Shanghai Composite is marginally down.

Wall Street closed lower on Tuesday ahead of US Federal Reserve officials stoked speculation over interest-rate increases. The Dow Jones industrial average fell 0.45% to 18,552.02, the S&P 500 lost 0.55%, to 2,178.15 and the Nasdaq Composite dropped 0.66% to 5,227.11.

European shares retreated from seven-week highs, weighed down by industrial stocks, with markets in London , Paris and Frankfurt all closing lower. Crude futures hit their highest point since July 7, rising around 2%. Brent crude prices were last up 1.92% at $49.28 per barrel. U.S. West Texas Intermediate crude reached its highest since July 15, gaining 2.06% to $46.68.

On the economy front, WPI rose to 3.6% in July, a 23-month high.Inflation for the month of July soared to 3.55% versus 1.62% in June.

Today, Indian Forex and Bond markets will remain close on account of public holiday.

ED will register a fresh case against Vijay Mallya and Kingfisher Airlines Ltd to investigate whether they laundered money taken as loans, as per media reports.