Markets remain choppy, MTNL gains, Idea falls steep

Nifty closed at 8924 level, down by 22 points or 0.3%. Sensex closed at 28901 level, down by 98 points or 0.3%.
 
Broader markets shown weakness on Wednesday. BSE Mid-cap index closed at 13428 level, down by 76 points under performing the major indices in the market. BSE small-cap index closed at 13633 levels, down by 42 points.
 
There were 521 advances, 1109 declines and 295 unchanged stocks on NSE reflecting strong negative bias floating in the market.
 
Bosch Limited was the top Nifty gainer and Idea Cellular was the top Nifty loser. Bosch closed at Rs 21900 per share up by 2.5% and Idea Cellular closed at Rs 106 per share down by 2.3%.
 
The highly talked about IPO in the market right now, Avenue Supermarkets IPO got subscribed by 0.6 times till the afternoon on the first day of subscription.
 
Government has asked the concerned ministry to initiate discussions regarding the merger of MTNL and BSNL. The markets celebrated this development. MTNL surged by 18% to touch its fresh 52-week high of Rs 26.5 per share.
 

Live Stock Market Updates: Nifty holds 8900 level; Divi's Laboratories extend gains

Nifty Pharma is the only sector on NSE that is trading in green. Divi’s Laboratories is the biggest contributor to the index gains and is the top gainer in the index.
 
Divi’s Laboratories is trading at Rs 785 per share, up by Rs 30.4 per share or 4%. The stock has extended its morning gains in the afternoon hours.
 
Other Pharma stocks like, Cadila Healthcare, Aurobindo Pharma, Cipla, and Glenmark are also trading in positive territory on Wednesday.
 
Metal stocks are showing weakness trading lower by more than 2%. NMDC is the top loser in Metal stocks trading at Rs 141 per share, down by 4.4%.
 
There are 429 advances, 1150 declines and 346 unchanged stocks on NSE reflecting strong negative bias floating in the market.
 
At 1 PM, the S&P BSE Sensex is trading at 28868 down 131 points, while NSE Nifty is trading at 8905 down 41 points. A total of 40 stocks registered a fresh 52-week high in trade today, while 16 stocks touched a new 52-week low on the NSE.
 
The BSE Mid-cap Index is trading down 0.6% at 13423, while BSE Small-cap Index is trading down 0.4% at 13618.
 
All the sectors are showing weakness on BSE.
 
Yes Bank, Kotak Bank, ACC, Aurobindo Pharma, Eicher Motors and Power Grid are among the gainers, whereas Hindalco, BPCL, HCL Tech, Tata Motors and ONGC are losing sheen on NSE.
 
The INDIA VIX is up 0.7% at 13.9.

Opening Bell - Markets open flat; Kotak Bank top Nifty gainer

At 9:15 AM, the BSE Sensex opened higher by 22 points at 29021, while the Nifty50 opened higher by 1.8 points at 8948 mark.
 
Kotak Bank is the top Nifty gainer and Wipro is the top Nifty loser in the morning hours on Wednesday.  Kotak Bank is trading at Rs 825 per share up by 1% whereas Wipro is trading at Rs 492 per share, down by 0.6%.
 
There are 797 advances, 544 declines and 542 unchanged stocks on NSE reflecting some positive bias floating in the market.
 
The rupee opened at 66.62 per dollar.
 
If Nifty50 sustains below the level of 8,925, it may then correct up to the level of 8,860. On the upside, the level of 9,000 is a strong barrier, and if it holds above the 9,000 level, it is likely to scale up to the level of 9,100.
 
The US stocks on Tuesday closed lower on Tuesday. The Dow Jones Industrial Average shed 30 points to end at 20,925. The S&P 500 Index declined 7 points to close at 2,368. The Nasdaq Composite slipped 15 points to finish at 5,834.
 
Asian stock markets are trading lower on Wednesday, tracking weak overnight cues from the Wall Street. Japan’s Nikkei 225 is down 111 points, Hong Kong’s Hang Seng has lost 10 points, while the Shanghai Composite is trading flat. The SGX Nifty, which was trading at 8,970, down by 13 points or 0.14%.