Indian shares are slightly subdued in early trading, with optimism over further stimulus from the European Central Bank and the Federal Reserve limiting any significant downside. Asian markets are turning in a mixed performance, paring early losses amid hopes of more central bank easing.
The benchmark BSE Sensex is currently down 30 points or 0.17 percent at 17,753, while the broader Nifty index is down 9 points or 0.17 percent at 5,377. The BSE mid-cap and small-cap indexes are edging higher and the market breadth is fairly positive, with gaining shares outpacing declining ones by 1221 to 708 shares.
Realty, IT, banking and metal stocks are subdued, while oil/gas, healthcare, consumer durable and FMCG stocks are witnessing stock-specific buying.
Engineering and construction giant Larsen & Toubro is down a percent amid reports that it is trying to rope in investors in its infra development arm L&T Infrastructure Development Project within the next three months.
Tata Motors is declining 0.6 percent after the Supreme Court sought response of the company on a special leave petition filed by the West Bengal government challenging a Calcutta high court judgment quashing a state law for returning 400 acres of land given to the company in Singur.
Suven Life Sciences is tumbling 3.3 percent as it denied media reports that it may collaborate with a pharma company. Grasim Industries is down 0.4 percent on going ex-dividend.
Shares of oil retailers such as BPCL, HPCL and IOC are subdued as Brent crude prices jumped more than a dollar to above $115 a barrel in Asian trading on supply concerns after tropical storm Isaac threatened to shut almost a quarter of crude output in the Gulf of Mexico.
Bharti Airtel is rising 1.3 percent on reports the telecom major has shortlisted banks to manage its subsidiary Bharti Infratel's IPO. Reliance Industries is gaining 0.9 percent after Goldman Sachs marinated a 'buy' rating on the stock.
Welspun Corp is edging up 0.3 percent after the company successfully concluded the placement of Rs 200 crore secured redeemable non-convertible debentures.
Castrol India is moving up 0.9 percent after the company fixed September 5 as the record date for a liberal 1:1 bonus issue. Jain Irrigation Systems is gaining 0.7 percent ahead of a board meet today to consider issuing and allotting equity warrants to select entities of the promoters group.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org