Market Live: Sensex, Nifty flat in opening; oil retailers, banks decline; IT stocks gain. Investors look for corporate earnings that will begin tomorrow and macro data due later in the day.
Market Live: Sensex, Nifty flat in opening; oil retailers, banks decline; IT stocks gain.
Investors look for corporate earnings that will begin tomorrow and macro data due later in the day.
Investors look for corporate earnings that will begin tomorrow and macro data due later in the day.
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Buzzing: Oil retailers extended previous day's losses, falling up to 3 percent after further spike in crude oil prices yesterday on tensions in Middle East.
Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Indian Oil Corporation were down between 1-3 percent while state-run oil explorer ONGC gained a percent.
Oil markets remained tense on concerns of a military escalation in Syria, but prices were some way off Wednesday's 2014 highs as bulging American supplies weighed.
Brent crude futures were at USD 72.42 per barrel, up 0.50 percent from their last close, at the time of writing this article.
US WTI crude futures were at USD 67.20 a barrel, up 0.57 percent from previous close.
Both Brent and WTI crude hit 2014 highs of USD 73.09 and USD 67.45 per barrel on Wednesday, respectively, after Saudi Arabia said it intercepted missiles over Riyadh and US President Donald Trump warned Russia of imminent military action in Syria.
Higher crude oil price is always a concern for country like India which imports more than 80 percent of oil requirement. It is always good for oil exploration companies but bad for oil retailers as experts feel the chance of lowering excise duties on oil seems unlikely.
"With monthly GST collections still falling short of government's target (though the roll-out of e-way bill is expected to help check evasion to some extent), worries about not letting fiscal deficit widen any further than the budgeted estimate for FY18-19 and tough ask in achieving FY18-19's disinvestment target; the wiggle room that the government has in terms of lowering excise duties appear to be extremely slim," Ajay Bodke, CEO & Chief Portfolio Manager PMS, Prabhudas Lilladher.
Technology stocks outperformed benchmark indices, taking advantage of falling rupee. The Nifty IT index jumped 1.6 percent.
The 10-year government bond yield fell after sharp rally in previous session, declining 5 basis points to 7.48 percent in morning.
In previous session, the bond yield jumped 15 basis points to close at 7.53 percent.
Rupee Trade: The rupee extended losses, falling 0.2 percent to 65.44 against the US dollar after opening flat.
It closed at 65.31 against the US dollar in previous session.
Market Update: Benchmark indices opened flat amid weak global cues and spike in crude oil prices, as investors await corporate earnings and macro data.
The 30-share BSE Sensex was up 47.56 points at 33,988 while the 50-share NSE Nifty fell 17.40 points to 10,399.80.
HCL Technologies, TCS, Tech Mahindra, ONGC, Tata Motors, Bajaj Auto and Bharti Infratel were early gainers.
Oil markets remained tense on concerns of a military escalation in Syria, but prices were some way off Wednesday's 2014 highs as bulging American supplies weighed.
Brent crude futures were at USD 72.42 per barrel, up 0.50 percent from their last close, at the time of writing this article.
US WTI crude futures were at USD 67.20 a barrel, up 0.57 percent from previous close.
Both Brent and WTI crude hit 2014 highs of USD 73.09 and USD 67.45 per barrel on Wednesday, respectively, after Saudi Arabia said it intercepted missiles over Riyadh and US President Donald Trump warned Russia of imminent military action in Syria.
Higher crude oil price is always a concern for country like India which imports more than 80 percent of oil requirement. It is always good for oil exploration companies but bad for oil retailers as experts feel the chance of lowering excise duties on oil seems unlikely.
"With monthly GST collections still falling short of government's target (though the roll-out of e-way bill is expected to help check evasion to some extent), worries about not letting fiscal deficit widen any further than the budgeted estimate for FY18-19 and tough ask in achieving FY18-19's disinvestment target; the wiggle room that the government has in terms of lowering excise duties appear to be extremely slim," Ajay Bodke, CEO & Chief Portfolio Manager PMS, Prabhudas Lilladher.
Technology stocks outperformed benchmark indices, taking advantage of falling rupee. The Nifty IT index jumped 1.6 percent.
The 10-year government bond yield fell after sharp rally in previous session, declining 5 basis points to 7.48 percent in morning.
In previous session, the bond yield jumped 15 basis points to close at 7.53 percent.
Rupee Trade: The rupee extended losses, falling 0.2 percent to 65.44 against the US dollar after opening flat.
It closed at 65.31 against the US dollar in previous session.
Market Update: Benchmark indices opened flat amid weak global cues and spike in crude oil prices, as investors await corporate earnings and macro data.
The 30-share BSE Sensex was up 47.56 points at 33,988 while the 50-share NSE Nifty fell 17.40 points to 10,399.80.
HCL Technologies, TCS, Tech Mahindra, ONGC, Tata Motors, Bajaj Auto and Bharti Infratel were early gainers.
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HPCL, BPCL and IOC fell up to 3 percent. Dr Reddy's Labs, Sun Pharma, ICICI Bank, Kotak Mahindra Bank and Alkem Labs were under pressure.
Nifty Bank was down 0.35 percent.
Aban Offshore, Harrisons, Jayshree Tea, Mcleod Russel, HOEC, Dolphin Offshore, Selan Exploration, TVS Electronics and Biocon gained up to 8 percent.
MRPL, InterGlobe Aviation, IDBI Bank, Jaiprakash Associates, Jet Airways and TVS Electronics were under pressure.
Nifty Bank was down 0.35 percent.
Aban Offshore, Harrisons, Jayshree Tea, Mcleod Russel, HOEC, Dolphin Offshore, Selan Exploration, TVS Electronics and Biocon gained up to 8 percent.
MRPL, InterGlobe Aviation, IDBI Bank, Jaiprakash Associates, Jet Airways and TVS Electronics were under pressure.
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