Benchmark indices are trading flat with a negative bias in the noon trades as investors book profits at higher levels. Losses in defensive stocks and oil shares limit gains on the 30-share Sensex.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 474 crore on Thursday, as per provisional stock exchange data.
On the sectoral front, BSE IT index is the top loser down over 1.3% followed by Oil & Gas and Healthcare indices trading lower by 0.4%. However, BSE Relty is the top gainer up 2% followed by FMCG and Capital goods indices up 0.7%.
Metal stocks are trading firm with Sesa Sterlite leading the pack with a gain of 2.7%. Tata Steel is up 0.7% .
Axis Bank has gained more than 0.4% on raising 5,705 crore in infrastructure bonds in a single-largest closure since the instrument was introduced in July.
ICICI has gained around 0.4%. Yesterday, stock had touched fresh record high of Rs 366 on BSE after the stock turned ex-stock split.
Telecom major Bharti Airtel has gained nearly 0.8% on renewed buying.
Reliance is trading flat with a negative bias. Reliance Industries Limited (RIL) has signed a Memorandum of Understanding (MOU) with Mexican state owned company, Petroleos Mexicanos (PEMEX), for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in international markets. ONGC has shed over 1%.
M&M, L&T and HDFC twins are some of the prominent names in green among others.
Pharma shares are subdued. Dr Reddys Lab has lost more than 1%. Sun Pharma is down 0.7%. Ranbaxy which is in the process of being acquired by Sun Pharma was in news after European Union barred the export of medicines from company’s unit at Madhya Pradesh. Cipla has shed 0.5%.
HUL, SBI, BHEL and Hero Motocorp are some of the notable losers down between 0.5-1%.
Asian shares are trading firm ahead of the key US jobs report later in the session that could help it retake ground lost to the euro overnight.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%, on track for a weekly loss of 0.8%. Japan’s Nikkei stock average is up 0.2%, and is on track for a weekly gain of more than 2%. Shanghai Composite, Straits Times and Hang Seng indices are up between 0.5-1.5%.