Benchmark indices remain range bound with Sensex and Nifty moving on a divergent note as losses in stocks like Infosys, ONGC and Tata Motors have capped the gains at higher levels.
At 11:28AM, the 30-share Sensex was down 35 points at 27,550 and the 50-share Nifty was flat at 8,329.
In the broader market, both the BSE Midcap and Smallcap have performed better than the front-liners with gains of 0.5% each. Market breadth in BSE is positive with 1,426 advances against 976 declines.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 245 crore on Monday, as per provisional stock exchange data.
BSE Consumer Durables index, up 1.1% is the lead gainer followed by BSE FMCG index, up 0.7% and BSE Healthcare index, up 0.6%. Oil & Gas and Realty indices, down 0.8% each have lost the most.
Financials are trading mixed in today’s session as hopes of a rate-cut by RBI during its next policy review meeting in February were strengthened after CPI data for the month of December came largely in-line with market expectations.
Axis Bank has gained over 1%, SBI is up 0.7% and mortgage lender HDFC has gained marginally by 0.1%. On the other hand, ICICI Bank is down 0.5% and HDFC Bank is flat.
Auto shares in the Sensex are largely trading firm with the notable exception of Tata Motors which has lost close to 1%. Maruti Suzuki has gained around 1%.
According to media reports, in this fiscal year the company is aiming for a 20% growth in exports of its vehicles, focussing particularly on the non-European markets like Africa, Latin America and the Middle East where sales are already increasing.
Pharma shares are trading firm. Cipla has gained around 1.4%,Dr Reddys Lab and Sun Pharma have gained around 0.3% and 0.4% each.
Further fall in crude prices has brought pressure on oil shares. ONGC has declined more than 2% while RIL is down 0.7%.
Among other shares, personal products maker Marico has moved higher by 4% after huge block deal executed on the counter.