BSE midcap and smallcap indices have outperformed their larger peers with gains of 0.2% and 0.3% each
Benchmark indices have turned marginally weak after a flat opening as gains in select index heavyweights are being wiped off by losses in information technology shares.
At 11:25AM, the 30-share Sensex was down 76 points at 28,382 and the 50-share Nifty was down 23 points at 8,575.
In the broader market, BSE midcap and smallcap indices have outperformed their larger peers with gains of 0.2% and 0.3% each. Market breadth in BSE is positive with 1,259 advances against 1,165 declines.
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 109.45 crore on Friday, as per provisional stock exchange data.
Buzzing Stocks
BSE Realty index, up 0.8% has gained the most followed by BSE FMCG index, up 0.4%.
BSE IT index, down 2 % followed by BSE Teck index, down 1.5% have lost the most.
ITC has gained close to 1%. It has become the second-most valuable Indian company, surpassing refineries giants- Oil and Natural Gas Corporation (ONGC) and Reliance Industries - in overall market capitalization (m-cap) ranking.
Sun Pharma has gained over 1%. On Friday, a US court's jury gave Ranbaxy a boost when it decided that the agreement between AstraZeneca and Ranbaxy Laboratories to delay the launch of a generic version of AstraZeneca's heartburn drug Nexium is not anticompetitive. Sun Pharma is in the process of acquiring Ranbaxy.
Coal India has gained more than 2%. According to media reports, Coal India has requested the government to re-allot the two coal blocks in Odisha which it had lost following the Supreme Court's order to cancel allocation of 214 coal blocks. Coal India had formed joint ventures with private players to develop these blocks.
Oil and gas shares are trading mixed. GAIL and Reliance have declined 0.1% each while ONGC has gained 0.2%. Earlier, GAIL announced the signing of sourcing agreement between GAIL Global USA and US based company WGL Midstream to procure natural gas for liquefaction at Cove Point, USA.
Infosys has declined over 3% on promoters' action as four of its founders N R Narayana Murthy, Nandan Nilekani, K Dinesh and S D Shibulal, along with their families have sold 32.6 million shares of Infosys. While the price offered for the shares was at a 4% discount from Friday’s closing price of Rs 2,069.70 per share, market sources said that the shares were sold at a premium over the base price and the average sale price could be around Rs 2,015 apiece.
Among other shares, shares of drug majors Pfizer and Wyeth have rallied over 6% each on the bourses ahead of amalgamation.
Source:BS
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