Benchmark indices are trading weak in the noon trades as investors remain cautious ahead of the CPI and IIP numbers due later during the day. Losses in oil shares have contributed the most to the decline on the 30-share Sensex.
The rupee is at 62.43, after falling as much as 62.45, matching the session low hit on February, 20.
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 808.27 crore on Thursday, as per provisional stock exchange data.
On the sectoral front, BSE Oil & Gas and Realty indices are down over 1% each. BSE Power, Capital Goods and Consumer Durables are down nearly 0.5% each. However, BSE Healthcare index is up nearly 1%.
Banking shares are reeling under pressure. Axis Bank and ICICI Bank have lost 0.4% and 0.1% each while HDFC Bank is marginally down by 0.1%. SBI is down 0.4%.
Sun Pharma has gained around 1.6%. According to media reports, the company has started working on Competition Commission of India (CCI)’s order which had placed the condition of selling seven brands from the combined entity’s portfolio within six months before the sun Pharma and Ranbaxy merger takes place. Cipla is trading with marginal gains.
Bharti Airtel has gained over 1%. According to media reports, the the government is likely to include one slot for 3G services in the upcoming spectrum auction.
Japanese markets have gained on fall in yen and rebound in US markets. Nikkei has gained more than 0.5%. Chinese stocks have gained ahead of the release of retail sales data as any weakness in the figures is likely to bring about a stimulus dose by Chinese authorities. Shanghai Composite is up 0.5%. However Hang Seng index is down 0.4%.