Nifty, Sensex end flat while broader market gains

3:30 pm: Key benchmark indices bobbed above and below the flat line, before closing marginally lower, even as mid and small cap stocks continued to attract interest.

At close, the Sensex and the Nifty were down about 0.05 percent each to 28,163 and 8,425, respectively. In the broader market, mid and small cap shares, as measured by their BSE benchmarks, rose 0.27 percent and 0.95 percent.

Among sector gainers, sugar stocks witnessed strong buying amid hopes the government will soon announce sops to boost exports while jewelry stocks were down on reports fresh import curbs will be brought in for gold.

Telecom stocks too rose in trade led by bellwether Bharti Airtel, which was up 1.6 percent. Logistics shares continued their recent rally, with Container Corp and Snowman Logistics climbing 5 percent each while Patel Integrated was up 10 percent.

To check out the list of stocks that were buzzing through the day, click here .

3:00 pm: Shares are continuing to tread water, as they have for most part of the day, even as outperformance is seen in select pockets such as telecom, capital goods, utilities and metals.

In late trading, both the BSE Sensex and Nifty are practically flat with a few points gain for both benchmarks.

In key frontline stocks, Cipla and Sun Pharma are off 0.9 percent and 1.7 percent while Kotak Bank and HDFC are down about 1.8 percent each.

On the positive side, Sesa Sterlite, IDFC, BHEL and PNB are up between 2 percent and 4 percent.

Bulls appear to have paused for breath after the rupee fell to a one-month low this morning to 61.8 to the US dollar, before recovering, and even as a debate rages on whether the Reserve Bank of India cut interest rates soon.

On Monday, finance minister Arun Jaitley implicitly implored the central bank to consider cutting rates even as economists said a rate cut may be some time off .

2:30 pm: Equities are back to where they've traded for most part of the day: close to the flat line, with small and mid cap outperformance continuing.

However, in what has been a continuation of the trend in recent months, so-called defensive stocks such as IT and pharmaceuticals are trailing the benchmark while high-beta fare such as capital goods, utilities and metals are providing strength to the index.

In late trading, the BSE Sensex is up a marginal 0.06 percent, or 19 points, to 28,196 while Nifty is practically flat at 8,431.

In key benchmark stocks, Cipla and Sun Pharma are off 0.9 percent and 1.7 percent while Kotak Bank and HDFC are down about 1.8 percent each.

On the positive side, Sesa Sterlite, IDFC, BHEL and PNB are up between 2 percent and 4 percent.

2:00 pm: Indian shares witness a choppy day in trade with benchmark indices Sensex and Nifty turning lower after trading mildly positive for most part of the day.

Both indices are now trading about 0.1 percent lower, even as mid and small caps still exhibit some strength, putting smaller-than-before 0.1 percent and 0.6 percent gains.

The advances-decline ratio, however, is still favourable with 1,612 stocks rising for 1,323 stocks falling on the BSE bourse.

In sector movers, oil & gas and consumer non durable stocks have given early gains while telecom, capital goods and metals are still up 0.5 to 1 percent.

Earlier through the day, the rupee hit a one-month low to 61.8 to the US dollar in a move that dealers attributed to private oil firms buying the greenback.

Globally, Asia traded mixed the Nikkei (up 2.2 percent) and Singapore (up 0.6 percent) rising while the Hang Seng and Shanghai indices fell 1.1 percent and 0.7 percent, respectively. Key European markets are broadly marginally higher in early trade.

1:30 pm: Meanwhile, here's billionaire investor Carl Icahn who forecasts a ''major correction'' -- similar to the one seen in US stocks seen in October this year - in the ''next three days, three months or three years''. Not that helpful, one would say.

But more interesting is his expectation of what would happen to the market after that correction: ''It won't come back."

1:00 pm: Even as frontline stocks have given back most of their early gains, the action is in the broader market.

In afternoon Mumbai trading, the Sensex is up 0.15 percent, or 37 points, to 28,215 while the Nifty has gained 0.1 percent to 8,438. Mid and small cap stocks, as measured by their BSE benchmarks, are up 0.5 percent and 0.82 percent, respectively.

In sector movers, metals, telecom and capital goods have risen the most, with 1 percent plus gains, while IT and consumer non-durables are down about 0.5 percent. (Check out sector movers with the Moneycontrol Market Map ).

While in news-driven stocks: SpiceJet gained 2.7 percent following capital infusion by its promoters; Moser Baer jumped 4.9 percent after it won solar contracts in three states; Financial Technologies surged 5 percent after it sold a Mauritius-based exchange it owns; while sugar stocks rallied amid hopes the government is going to offer subsidies for exports. ( Check out the list of top stocks buzzing in trade today ).

In an interview with CNBC-TV18 , Prabhat Awasthi of Nomura said the house believes the Sensex could be headed to 30,300 by August 2015, and that financials would lead this leg of the rally.

12:30 pm: Indices are steady in noon trade with the Sensex up 23 points at 28201, and the Nifty up 3 points at 8434.

Buyers are focused on power, metal, banking, healthcare and auto stocks. Consumer durables, IT, FMCG and realty continue to be out of favour.

The recession in Japan and the likely implications for an already sluggish global economy has tempered the excitement a bit. Still, investors are hopeful of making good returns on mid-cap stocks even as most of those have run up quite a bit.

The clamour for rate cut has got louder with the Finance Minister too throwing his weight behind those urging the RBI to yield. But the majority view among economists is that the central will not cut rates anytime soon, at least not at its December meet for sure.

12:00 pm: Stocks gave up early gains to trade close to the flat line continued to trade marginally close to the flat line, after markets created a fresh high in morning trade.

At noon, the BSE Sensex was up 0.09 percent, or 25 points, to 28,200 while the Nifty was up 0.02 percent, or 2 points, to 8,432.

The consolidation came after the rupee fell 0.1 percent in forex trading to 61.8 to the US dollar, a one-month low, following the release of trade balance data yesterday that showed exports had fallen to their lowest since April.

Mid and small caps outperformed frontline indices with a 0.6 percent and 0.9 percent gain, respectively.

Among sector gainers in early trading, were logistics, sugar and rubber stocks, rallying 5 percent to 6.5 percent while jewellery and fertilizer stocks witnessed selling.

In frontline stocks, Sesa Sterlite, Bharti Airtel and PNB were up 2 percent to 3 percent while Cipla, DLF and HDFC fell 1 percent to 2 percent.

FTIL, SpiceJet, Moser Baer and FIEM Industries rose following individual news in the counters.

11:00 am: Indian shares trimmed some of their early gains, after benchmark indices rose in early trade to create another high this morning.

The BSE Sensex was up 0.16 percent, or 44 points, to 28,222 while NSE Nifty had risen 0.07 percent, or 5 points, to 8,437 points.

This consolidated came after the rupee fell 0.11 percent to 61.8 versus the US dollar -- a one-month low -- following trade balance data released yesterday that showed exports had come in at their weakest since April this year, even as there was a fall in overall trade deficit.

Mid and small caps outperformed frontline indices with a 0.6 percent and 0.9 percent gain, respectively.

Among sector gainers in early trading, were logistics, sugar and rubber stocks, rallying 5 percent to 6.5 percent while jewellery and fertilizer stocks witnessed selling.

While FTIL, SpiceJet, Moser Baer and FIEM Industries rose following individual news in the counters.

10:30 am: The global upmove may have been strong, but at least in the US (which has made 43 record highs this year), traders are concerned dwindling volumes could be signaling a breather.

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10:00 am: Indian equities continued to make fresh all-time highs in early Tuesday trading with mid and small cap stocks besting their larger cap peers.

The BSE Sensex was 0.2 percent, or 49 points, higher to 28,227 points while the NSE Nifty gained 8 points to 8,438. Mid and small cap stocks, as measured by their respective BSE indices, were up 0.4 percent and 0.9 percent, respectively.

Indian shares have outperformed most global peers this year, after a change in government spawned hopes measures would be taken to kick-start growth and control inflation.

The rally has withstood temporary setbacks from both global and local sources, such as yesterday when Japan was seen falling into a recession again, and has bounced back to make fresh highs again.

''We have clearly benefited from a series of unique circumstances at least as far as India is concerned so the RBI governor changed, the new government coming in to play and more recently the commodity prices is going down,'' Anup Maheshwari of DSP BlackRock AMC, which manages Rs 37,500 crore in assets, told CNBC-TV18 yesterday . ''All of this tends to be uniquely beneficial to us relative to other markets that we have seen elsewhere in the world.''

The renewed interest in Indian equities this year has also led to the outperformance of small and mid cap stocks, which are expected to benefit the most in the expected economic turnaround. This is evident in the host of mid and small cap stocks that are locked in upper circuit filters in trade today.

Anish Damania of IDFC, which is hosting its annual conference, said foreign investors are showing particular interest in such stocks. ''Their feeling is that India story is going to run more and midcaps is where major focus is at this point of time,'' he told CNBC-TV18.

9:15 am: Indian shares were trading mildly higher at open, a day after equities rounded off another day of gains and a fresh all-time high yesterday.

In Mumbai trading, the BSE Sensex was up 0.2 percent, or 59 points, to 28,235 while the NSE Nifty was up about 0.1 percent, or 8 points, to 8,439. Both indices made fresh intra-day highs early.

Stocks gained in late trade Monday after treading water through the day, as better than expected trade balance data reiterated the increasing comfort with India's external balance position.

However, weak exports (which were offset by even weaker imports) remained a cause of worry and this was visible in the rupee, which was down versus the US dollar.

  • In news-driven movers, Financial Technologies was up 5 percent after announcing the sale of a Mauritius-based exchange.
  • SpiceJet surged about 3.8 percent after its promoter infused fresh equity through a preferential allotment. This came a day after the stock tanked about 9 percent following the announcement of its fifth straight quarter of losses.
  • Jewellery stocks were down, with PC Jewelers, TBZ and Tara Jewels falling 1.2 percent to 1.8 percent after there were news reports the government may mull more steps to curb gold imports, a day after trade data showed an increase in imports of the yellow metal.
  • Tyre stocks added to their recent gains with MRF and Apollo Tyres climbing 0.4 percent and 0.8 percent, amid hopes weak rubber prices would help boost profitability of tyre companies.
  • The recent rally in logistics shares -- fuelled by hopes of greater profits arising out of the ecommerce boom -- continued, with stocks such as GATI and Patel Integrated Logistics rising 4.8 percent and 8.5 percent, respectively.
  • While the contrasting performance of private and public sector banks continued, amid general concerns over valuations of the former and hopes of a recovery in the latter. HDFC Bank and Axis Bank were off 0.4 percent and 0.2 percent while SBI, PNB and Bank of Baroda were up 0.6 to 3 percent.