Indian equity benchmarks fluctuated at open trade after gains in TCS and Infosys, countered losses in Kotak Mahindra Bank and HDFC Bank.
The S&P BSE Sensex Index rose as much as 0.2 percent to 34,002.82 before touching an intra-day low of 33,924.88. The NSE Nifty 50 Index opened 0.1 percent lower at 10,410.65. It rose as much as 0.1 percent to 10,420.70.
The market breadth was tilted in favour of buyers. Nine out of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank index's 0.7 percent drop. On the other hand, the Nifty IT index was the top sectoral gainer, up 1 percent.
Here Are The Stocks Moving The Market This Morning
Oil Retailers Extend Losses After Crude Hits Three-Year High
Shares of oil retailers were trading lower for the second day in a row after crude oil prices in international markets rose to levels last seen in 2014.
Futures in New York jumped 2 percent on Wednesday. Saudi Arabia, the world’s biggest oil exporter, intercepted a missile attack over the kingdom’s capital just hours after U.S. President Donald Trump warned that American missiles might soon strike Syria. A U.S. government report on expanding domestic oil inventories barely fazed traders caught up in the rush of world events.
- Hindustan Petroleum fell 2.2 percent
- Bharat Petroleum fell 2 percent
- Indian Oil fell 1 percent
Dish TV: Gains After Block Deal
Shares of the direct-to-home service provider rose nearly 3 percent to Rs 76.10.
About 9.15 crore or 5 percent equity changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.
The stock has declined 5.7 percent so far this year, compared with 0.1 percent fall in the Sensex.
IDBI Bank: RBI Slaps Penalty
Shares of the lender extended declines for the second day and fell as much as 3.2 percent to Rs 69.80.
The Reserve Bank of India slapped a penalty of Rs 3 crore on the bank for non-compliance of bad loan norms, according to a notification to the exchanges.
The stock has risen 18 percent so far this year, but is 6 percent lower than it was 12 months back.
Indian Energy Exchange: Signs Pact With JEPX
Shares of the power trading platform rose as much as 0.7 percent to Rs 1,608.45 after it signed a pact with Japan Electric Power Exchange (JEPX) to explore opportunities in the electricity market jointly.
Indian Energy Exchange trades at 37 times its estimated earnings per share for the coming year. The stock is 21 percent below the Bloomberg consensus one-year target price.
Tata Motors: Gains After Global Sales Rise In March
Shares of the automaker extended gains for the second day and rose as much as 1 percent to Rs 359.30
The company's group global wholesales rose 18 percent on a yearly basis to 1.53 lakh units in March, according to its stock exchange notification.
Tata Motors is currently trading at a little over 14 times trailing 12-month earnings per share and 14 times its estimates for the coming year, Bloomberg data showed.