Markets trade in range with a negative bias; Nifty holds 8350 level

Markets continue to trade lower with no supportive cue in sight, though there is not much volatility but benchmarks were consolidating with the Nifty holding 8350 level amidst caution ahead of monthly expiry in the derivatives segment on Thursday, also as Reserve Bank Governor Raghuram Rajan said growth is slow in picking up even as macro-economic parameters have improved, while stressing the role of state governments in improving fiscal performance. He also said that there was a need to make State Level Coordination Committees (SLCCs) more active and effective. Trade was also being weighed down by a survey of NCAER which said that business sentiment fell sharply in the March quarter due to concerns over investment climate amid 'patchy' and 'uneven growth'. On the other hand extending losses for the second straight day, the rupee depreciated against the dollar. On the sectoral front FMCG, oil & gas, auto, capital goods and banks were witnessing some selling pressure, while IT and tech stocks were trading modestly in green on rupee weakness. The auto pack too was in somber mood awaiting Tata Motors's consolidated numbers, which are expected to be a muted because of JLR’s product transition phase.

The BSE Sensex is currently trading at 27589.92, down by 53.96 points or 0.20% after trading in a range of 27543.24 and 27675.94. There were 13 stocks advancing against 16 stocks declining on the index.

The broader indices were trading mixed; while the BSE Mid cap index was down by 0.13%, the Small cap index was up by 0.03%.

The top gaining sectoral indices on the BSE were INFRA up by 0.48%, TECK up by 0.16%, IT up by 0.03%, Bankex up by 0.01%, while Oil & Gas down by 0.68%, Power down by 0.62%, Capital Goods down by 0.55%, FMCG down by 0.50% and Realty down by 0.41% were the major losing indices on BSE.

The top gainers on the Sensex were GAIL India up by 1.83%, Hero MotoCorp up by 1.72%, Mahindra & Mahindra up by 0.82%, Vedanta up by 0.70% and Maruti Suzuki up by 0.56%. On the flip side, Sun Pharma Inds down by 1.43%, NTPC down by 1.26%, ONGC down by 1.25%, Hindalco down by 1.18% and Tata Motors down by 1.11% were the top losers.

Meanwhile, the government has cleared 21 foreign direct investment (FDI) proposals worth Rs 280.70 crore. The inter-governmental panel, chaired by Economic Affairs Secretary cleared the proposal of pharma firm La Renon Healthcare to invest Rs 100 crore in a brownfield project, while Blue Dart Express's proposal to acquire shares in Blue Dart Aviation and hike shareholding to 74 percent from 49 percent, entailing investment between Rs 52.8 crore to Rs 69 crore, too has been approved.

The other proposals which got approval includes, Quickjet Cargo Airlines’ proposal to increase foreign shareholding in the company to 74 percent from 62.34 percent, which entails FDI worth Rs 14.40 crore. Forever Living Imports (India) Rs 18.30-crore proposal to undertake single brand retailing of 'Forever' brand products in India has also been approved by the board.

The FIPB has, however, deferred 12 proposals including that of Mumbai-based Kotak Bank for the hike in aggregate foreign investment limit in the bank to 55 percent. The proposal of NBFC company IIFL Holdings for increasing foreign equity from 54.7 percent to 100 percent by way of issuing shares to FIIs too has been deferred.

Further, the Board has also rejected seven proposals, including that of Sharekhan and Human Value Developers to transfer CCDs and CCPs of their companies held by IDFC to Baring Private Equity, Mauritius.

FDI proposals under approval route are cleared by the Foreign Investment Promotion Board (FIPB). However, those proposals involving investment of more than Rs 3,000 crore are given final clearance by the Cabinet Committee on Economic Affairs (CCEA).

The CNX Nifty is currently trading at 8350.45, down by 19.80 points or 0.24% after trading in a range of 8337.50 and 8378.90. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were GAIL India up by 1.69%, Hero MotoCorp up by 1.67%, Vedanta up by 0.95%, Mahindra & Mahindra up by 0.73% and Grasim Industries up by 0.64%. On the flip side, BPCL down by 1.91%, Sun Pharma Inds down by 1.47%, ONGC down by 1.35%, Cairn India down by 1.34% and NTPC down by 1.19% were the top losers.

Most of the Asian markets were trading in green barring the KOSPI Index which was down by 2.6 points or 0.12% to 2,143.50.

On the other hand, Nikkei 225 gained 23.71 points or 0.12% to 20,437.48, Taiwan Weighted added 24.24 points or 0.25% to 9,669.41, Jakarta Composite was up by 52.95 points or 1% to 5,341.31, Shanghai Composite increased by 70.12 points or 1.46% to 4,883.91, Hang Seng surged by 379.95 points or 1.36% to 28,372.78, FTSE Bursa Malaysia KLCI was up by 6.03 points or 0.34% to 1,773.41 and Straits Times was tad higher by 0.95 points or 0.03% to 3,461.80.