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Sensex, Nifty remain choppy; IT, auto shares decline

Benchmark indices are trading marginally weak as losses in information technology, banks and auto stocks have wiped off the gains in select capital goods, pharma and metal shares
 
At 2:30 PM, the 30-share Sensex was down 48 points at 28,511 and the 50-share Nifty was down 15 points at 8,541.
 
In the broader market, both BSE midcap and smallcap indices with gains of 0.7% and 0.2% each are outperforming their larger peers.  Market breadth in BSE is marginally negative with 1,370 advances against 1,404 declines.

RBI Governor Raghuram Rajan has left interest rates unchanged at 8% for the fifth time in a row at the central bank’s bi-monthly policy review today. The central bank also kept other key rates — the cash reserve ratio and the statutory liquidity ratio — unchanged.

Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 12.36  crore on Monay, as per provisional stock exchange data.
 
Buzzing Stocks
 
BSE Metal and Healthcare indices, up 1.2% each are top gainers among sectors followed by BSE FMCG and Capital Goods indices with 0.6% and 0.7% of gains each.
 
BSE IT and Auto indices, down more than 1% have lost the most. 
 
L&T has gained more than 1% and is among the top gainers in late noon trades.
 
A rebound in commodity prices has boosted metal stocks. Sesa Sterlite and Hindalco are trading with gains of 1.6% each. Tata Steel has gained around 0.7%.
 
Pharma sector is gaining led by the advance in Sun Pharma which has gained close to 1% as the Competition Commission of India (CCI) is expected to come out with its decision on the merger of Sun Pharma and Ranbaxy this week.
 
Bharti Airtel, Cipla, Coal India and NTPC are other major gainers.
 
Infosys has lost more than 2%. The stock turned ex-bonus today. TCS and Wipro have lost 0.5% and 0.7% each.
 
HDFC twins have shed around 1% each while SBI is currently down 0.6% after posting a rebound from the decline of early morning.
 
Shares of automobiles companies are trading lower by up to 3% after the Reserve Bank of India (RBI) Governor Raghuram Rajan left interest rates unchanged for the fifth time in a row at the central bank’s bi-monthly policy review today.
 
M&M has lost around 2.5% after reporting a lower than expected car sales numbers in the month of November, 2014 compared to the same month last year.
 
Maruti Suzuki has lost around 07%. Yesterday, the Country’s largest car maker announced a recall of 3,796 units of its recently launched mid-sized sedan Ciaz, manufactured till November 7, to replace a faulty part of clutch operation system.
 
Tata Motors has lost more than 1% after reporting weaker than expected sales numbers for the month of November. It reported 2% increase in total sales at 41,720 units in November, 2014 as against 40,863 units in the same month last year.
 
Hero Motocorp and Bajaj Auto have lost 0.8% and 1.5% each.
 
Among other shares, Shares of Bajaj Corp has rallied 5%  extending its past four day gain, in otherwise subdued market on BSE. The stock opened at Rs 330 and touched a high of Rs 354, also its record high on the BSE.
 
Global Markets
 
Japanese shares closed at a seven-year high on speculations of stock buying by Bank of Japan. Investors shrugged off a downgrade of Japan’s sovereign debt credit rating by Moody’s Investors Service. Nikkei ended 0.4% high.
 
Chinese shares have gained on rebound in commodity and crude oil prices. Shanghai Composite index has gained more than 3% on hopes of further stimulus measures by Chinese central bank after the official manufacturing PMI came below expectations on Friday. Hang Seng has gained more than 1%.
 
Amid firm global cues, European shares have opened higher. FTSE 100 and CAC 40 indices have gained more than 1% each while DAX index has gained around 0.6%.

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