Market Live: Sensex consolidates amid mixed Asia trade; Bajaj Auto, Vedanta up 3%. Asian markets traded mixed as US-China trade concerns return to the fore.
Asian markets traded mixed as US-China trade concerns return to the fore.
Market Update: Benchmark indices are mildly higher amid consolidation, as better-than-expected GDP data for March quarter lifted investors sentiment.
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The Sensex rose 66.85 points to 35,389.23 and the Nifty gained 18.30 points at 10,754.50 but the market breadth remained in favor of bears.
About 1,066 shares declined against 910 advancing shares on the BSE.
Rupee Update: The Indian rupee is trading higher by 15 paise at 67.26 against the US dollar on continued selling of the American currency by banks and exporters amid robust macroeconomic data.
Data released by the CSO yesterday showed gross domestic product (GDP) growth in the January-March quarter of 2017-18 was at a seven-quarter high of 7.7 percent, helping India retain the tag of world's fastest-growing major economy.
Forex dealers said besides sustained selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.
However, the dollar's strength against other currencies overseas capped the gains.
Yesterday, the local currency had edged up by 2 paise to end at 67.41 against the American currency on stray dollar selling by banks and exporters.
ONGC share price fell nearly 4 percent after sources said the government may ask state-owned the company to bear fuel subsidy to help cut petrol and diesel prices.
The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on Tuesday touched an all-time high of Rs 78.43 per liter and Rs 69.31 a litre respectively.
Sources said the alternative in works is to ask ONGC give subsidy to fuel retailers so that they can sell petrol and diesel at below-market rates.
Oil producers ONGC and Oil India Ltd had till June 2015 made good as much as 40 percent of the under-recoveries or subsidy arising out of selling fuel at below market price. The same subsidy sharing in some form is being brought back, they said.
Sources said that meetings to decide on the subsidy sharing mechanism were on and an announcement may come as early as today, reports PTI.
ONGC Chairman and Managing Director Shashi Shanker, before the news of meeting came to, light, said that the company has not heard anything from the government on subsidy sharing.
Market Update:The market consolidates as investors digested better-than-expected March quarter GDP data which shows that India is the fastest growing economy.
The Nifty50 is trading in a narrow range around its previous closing levels but the Midcap index underperformed frontliners again, falling a third of a percent.
Bajaj Auto gained 2 percent after the company registered 30 percent growth year-on-year in May sales data.
Nifty Bank slipped around half a percent but ICICI Bank stands toll among banking space, rising nearly 4 percent.
Asian markets are mixed with investors cautious over trade tensions after the US announced tariffs on steel and aluminum imports, reports CNBC.
Market Opening: Benchmark indices started off last day of the week on a flat note despite better-than-expected fourth quarter GDP data.
The 30-share BSE Sensex fell 25.01 points to 35,297.37 and the 50-share NSE Nifty declined 16.90 points to 10,719.30.
Nifty Bank index fell 150 points and Nifty Midcap index declined 40 points.
ICICI Bank rallied nearly 4 percent after Chanda Kochhar has already proceeded on leave. The bank is calling it a 'planned annual leave'.
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About 1,066 shares declined against 910 advancing shares on the BSE.
Rupee Update: The Indian rupee is trading higher by 15 paise at 67.26 against the US dollar on continued selling of the American currency by banks and exporters amid robust macroeconomic data.
Forex dealers said besides sustained selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.
However, the dollar's strength against other currencies overseas capped the gains.
Yesterday, the local currency had edged up by 2 paise to end at 67.41 against the American currency on stray dollar selling by banks and exporters.
ONGC share price fell nearly 4 percent after sources said the government may ask state-owned the company to bear fuel subsidy to help cut petrol and diesel prices.
The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on Tuesday touched an all-time high of Rs 78.43 per liter and Rs 69.31 a litre respectively.
Sources said the alternative in works is to ask ONGC give subsidy to fuel retailers so that they can sell petrol and diesel at below-market rates.
Oil producers ONGC and Oil India Ltd had till June 2015 made good as much as 40 percent of the under-recoveries or subsidy arising out of selling fuel at below market price. The same subsidy sharing in some form is being brought back, they said.
Sources said that meetings to decide on the subsidy sharing mechanism were on and an announcement may come as early as today, reports PTI.
ONGC Chairman and Managing Director Shashi Shanker, before the news of meeting came to, light, said that the company has not heard anything from the government on subsidy sharing.
Market Update:The market consolidates as investors digested better-than-expected March quarter GDP data which shows that India is the fastest growing economy.
The Nifty50 is trading in a narrow range around its previous closing levels but the Midcap index underperformed frontliners again, falling a third of a percent.
Bajaj Auto gained 2 percent after the company registered 30 percent growth year-on-year in May sales data.
Nifty Bank slipped around half a percent but ICICI Bank stands toll among banking space, rising nearly 4 percent.
Asian markets are mixed with investors cautious over trade tensions after the US announced tariffs on steel and aluminum imports, reports CNBC.
Market Opening: Benchmark indices started off last day of the week on a flat note despite better-than-expected fourth quarter GDP data.
The 30-share BSE Sensex fell 25.01 points to 35,297.37 and the 50-share NSE Nifty declined 16.90 points to 10,719.30.
Nifty Bank index fell 150 points and Nifty Midcap index declined 40 points.
ICICI Bank rallied nearly 4 percent after Chanda Kochhar has already proceeded on leave. The bank is calling it a 'planned annual leave'.
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Sun Pharma, Bajaj Auto, BPCL, HPCL, Maruti Suzuki, Ashok Leyland, Indiabulls Housing, HUL and Tata Motors are early gainers.
ONGC fell 4 percent. Axis Bank declined 1.6 percent and ITC lost 0.3 percent.
Escorts rallied 1.7 percent post May Auto sales data.
CG Power, Idea Cellular, Balrampur Chini, Suzlon Energy and PFC gained up to 7 percent.
Reliance Communications and Vakrangee fell up to 5 percent.
ONGC fell 4 percent. Axis Bank declined 1.6 percent and ITC lost 0.3 percent.
Escorts rallied 1.7 percent post May Auto sales data.
CG Power, Idea Cellular, Balrampur Chini, Suzlon Energy and PFC gained up to 7 percent.
Reliance Communications and Vakrangee fell up to 5 percent.
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