Sensex opens on a weak note; IT stocks dip Analysis for Oct 13, 2015

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The Indian benchmark index was trading on a weak note in the morning session of day"s trade tracking weaker cues from the global markets. Traders are expected to react to the better than expected factory output data for the month of August, which revealed that the industrial production grew by 6.4 per cent. However, the higher inflation numbers may dampen the spirit on D-Street. Industrial Production grew by 6.4 per cent for the month of August, an improvement over the 4.2 per cent growth registered in the previous month of June.

At 9:25AM BSE SENSEX was at 26855.63, down by 48.48 points or by 0.18 per cent while the NSE Nifty was at 8121.95, down by 21.65 points or by 0.27 per cent.

The BSE MIDCAP was at 10971.66, up by 16.96 points or by 0.15 per cent while the BSE SMLCAP was at 11380.06, up by 30.49 points or by 0.27 per cent.

The top gainers of the BSE Sensex pack were Bharat Heavy Electricals Ltd. (Rs. 209.00,+1.65 per cent), Larsen & Toubro Ltd. (Rs. 1563.55,+0.75 per cent), State Bank of India (Rs. 246.25,+0.72 per cent), Bharti Airtel Ltd. (Rs. 351.65,+0.63 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 4213.45,+0.54 per cent), among others.

The top losers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 85.35,-3.72 per cent), Vedanta Ltd. (Rs. 108.55,-2.07 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 258.85,-1.75 per cent), Infosys Ltd. (Rs. 1105.70,-1.50 per cent), Tata Steel Ltd. (Rs. 247.85,-1.31 per cent), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of total 1218 shares traded, 783 shares advanced, 380 shares declined while 55 were unchanged.

Among the sectoral indices on BSE, BSE_IT index was at 11170.55, down by 110.02 points or by 0.98 per cent led by Helios and Matheson Information Technology Ltd. (Rs. 16.85,-4.80 per cent), 3i Infotech Ltd. (Rs. 3.83,-3.53 per cent), Infosys Ltd. (Rs. 1105.70,-1.50 per cent), Lycos Internet Ltd. (Rs. 25.35,-1.36 per cent), Hexaware Technologies Ltd. (Rs. 243.00,-1.22 per cent).

Globally, Asian shares stepped back from two-month highs on profit-taking on Tuesday and oil prices regrouped after Monday's big fall, while the dollar was on the defensive as expectations of an imminent U.S. rate hike receded. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent in early trade from their two-month high, though it was still up 8.6 per cent so far this month. Japan's Nikkei fell 0.6 per cent.

Story first published: Tuesday, October 13, 2015, 10:00 [IST]
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