Benchmark indices continue to trade in a narrow range with negative bias amid weakness among index heavyweight shares. However, the downside is limited due to buying demand among Reliance Industries and HDFC.
At 11:00 am, the S&PSensex slipped 29 points at 28,744 and the Nifty50 dipped 7 points to trade at 8,861. Among broader markets, BSE Midcap and Smallcapindices are up 0.4% each.
Top losers from the Sensex pack are Axis Bank, Lupin, ICICI Bank, Tata Motors and Infosys, all down between 1%-4.5%. Axis Bank was down over 4% on speculation of SUUTI stake sale in the bank.
On the gaining side, TCS, Reliance Inds, Bajaj Auto, Bharti Airtel and HDFC are up almost 1%.
Technology Services opened at Rs 920 on the National Stock Exchange (NSE) today, against an issue price of Rs 860 per share, at a premium of around 7%.
Morepen Laboratories rose 6% to Rs 26.25 on the BSE on reports that the company may sell its over-the-counter brands to focus on active pharmaceutical ingredient and home diagnostics business as growth drivers.
Shares of Majesco are up nearly 3% to Rs 484 on the BSE after the company announced that it has entered into an agreement with Glemham, a UK based managing general agent, to create a new cloud based bureau processing business.
Markets are trading in a subdued note tracking mixed global cues on account of booking profits after the recent run-up.
At 9:30 am, the S&P BSEslipped 48 points at 28,725 and the Nifty50 dipped 9 points to trade at 8,858. Among broader markets, BSE Midcap and Smallcap indices are up 0.3%-0.5%.
“Subdued trading is expected early in the day inside the 8890-8860 region. Breakout beyond the same is expected, but a directional move is less likely. Downsides look limited, but upsides in the near term look more limited, suggesting that bearishness should dominate,” adds Geojit BNP Paribas in a technical note.
On Thursday, Indian equities surged mirroring strong global markets after the US Federal Reserve kept interest rates at a near-record low, but hinted a hike could come in December.
On the macro-economic front, the government, on Thursday, appointed three academics to the panel. The RBI has already appointed its members to the panel.