Sensex sheds 306 points, Nifty ends below 10,500 on weaker rupee

Technical Outlook: 

“The Nifty50 appears to have resumed its downtrend as Tuesday’s mild positive close proved to be a tepid bounce as it paved the way for a much ferocious bearish candle formation in Wednesday’s session,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
“As support levels are crumbling down one after the other it looks prudent for traders to wait for stability and some signs of strength before initiating fresh long side positions. This downswing appears to have a logical target of 10,146 levels which should sustain to pave the way for a multi-week corrective structure,” he said.
Mohammad further added that only a decisive breach of this level shall have the ability to challenge the lows of 9,950. “Minor supports are placed around 10,396 and at 200-Day Moving Average whose value is placed around 10,240 levels whereas on the upsides a close above 10,533 can be considered as an initial sign of strength,” he said.
Tata Motors Q4 consolidated net profit down 50% at Rs 2,176 crore, misses estimates
Tata Motors, India's largest automotive player by revenue, on Wednesday missed analysts' expectations with a 50-percent year-on-year fall in its consolidated net profit for the March quarter to Rs 2,176.16 crore.  
Markets@Moneycontrol: Nifty breaks below 50-DMA, next target placed at 10,350
The Nifty50 made a bearish candle on the daily charts and if the index stays below 10,500 then weakness could continue towards 10,350-10,333 levels.   
Earnings: Tata Motors has reported March quarter consolidated profit at Rs 2,175 crore on revenue of Rs 91,279 crore.
EBITDA (earnings before interest, tax, depreciation and amortisation) stood at Rs 11,250 crore with margin at 12.3 percent.
Jaguar Land Rover reported revenue at 7,555 million pound for the quarter.  
Market Outlook: "In the near term, weakness could continue for a few more sessions, led by uncertain global cues, crude oil & rupee-dollar movement and muted domestic sentiments," Jayant Manglik, President, Religare Broking said.
However, any further correction at this juncture should be considered as a healthy buying opportunity for investors in quality companies with strong financials and bright outlook, he added. 
Meanwhile he advised traders should remain cautious and keep their positions hedged, as volatility is likely to remain high.   
Market Closing: Benchmark indices after yesterday's breather resumed selling pressure again, with the Sensex losing more than 300 points on weaker rupee and global weakness.
The 30-share BSE Sensex was down 306.33 points or 0.88 percent at 34,344.91 and the 50-share NSE Nifty fell 106.30 points or 1.01 percent to 10,430.40.
About three shares declined for every two shares rising on the BSE.
Nifty Midcap index fell over 100 points.
Ceat, PFC, MRPL, REC, Balrampur Chini Mills, SAIL, Motherson Sumi, JSPL, GMR Infrastructure and Union Bank declined up to 7 percent. 
Results Reaction: Kolte-Patil Developers gained 2.5 percent despite 6.2 percent fall in its Q4FY18 net profit at Rs 31.8 crore, while revenue was up 5 percent at Rs 222.5 crore.
Operating profit or EBITDA was down 17 percent at Rs 45.4 crore and margin was at 20.4 percent.
At 15:18 hrs Kolte-Patil Developers was quoting at Rs 307.25, up Rs 5.65, or 1.87 percent.
Earnings: Finolex Industries has registered 2 percent fall in its fourth quarter (Jan-March) net profit at Rs 120.9 crore against Rs 123.4 crore in same period last year.
Revenue was down 8.8 percent at Rs 809.1 crore against Rs 887.6 crore.
Operating profit or EBITDA was up 5.2 percent at Rs 187.9 crore and margin was up at 23.2 percent.  
Result reaction: Shares of Dhanlaxmi Bank advanced 14 percent as company cut its losses in the quarter ended March 2018.
The company has reported net loss of Rs 17.16 crore in Q4FY18 against loss of Rs 21.74 crore in Q3FY18.
The bank had posted profit of Rs 8.81 crore in March 2017.
Net interest income, the difference between interest earned and interest expended, grew by 1.4 percent year-on-year to Rs 8,572 crore in January-March quarter.  
Earnings: Archies has reported net profit of Rs 30.6 crore in the Q4FY18 against loss of Rs 1.6 crore in the same quarter last fiscal.
Meanwhile, revenue was down 12 percent at Rs 42.7 crore against Rs 48.6 crore.
EBITDA or operating profit was at Rs 1.8 crore against EBITDA loss of Rs 1.9 crore.
Earnings: Grasim Industries has reported 18.3 percent jump in its Q4FY18 net profit at Rs 373.12 crore on the bank of strong revenue growth and operating performance.
The profit included one-time loss of Rs 218.7 crore.  
Revenue of the company was up 47.8 percent at Rs 4,605.55 crore versus Rs 3116.64 crore and EBITDA or operating profit was up 61 percent at Rs 844 crore and margin was at 18.34 percent.
Market Update: The market extended losses in afternoon, with the Sensex falling 200 points on further correction in oil, metals, FMCG and HDFC Group stocks.
The rupee touched fresh 16-month low of 68.30 against the US dollar, down 31 paise from previous close.
Nifty Metal is the biggest loser among sectoral indices, down 3 percent while PSU Bank index gained more than 3 percent.
IOC, Vedanta, HPCL and Tata Steel are top losers, falling 4-8 percent while SBI rallied 4 percent.
HPCL Chief on Fuel Prices: There is a need to review taxation on petrol and diesel to provide relief to consumers after rates touched an all-time high, HPCL Chairman and Managing Director Mukesh Kumar Surana said.
One trigger after another has led to the 10th consecutive day of increase in retail selling price of petrol and diesel, but there is no case for going back on benchmarking domestic rates against international prices, he said.
Surana said he was not aware of any meeting called by Oil Minister Dharmendra Pradhan or anyone else in the government to discuss the rising prices.
More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs, reports PTI.
Earnings: Ramco Cements' March quarter net profit declined 19.2 percent to Rs 108.6 crore on weak operating margin.
Revenue from operations grew by 22.3 percent to Rs 1,255 crore compared to year-ago while EBITDA (earnings before interest, tax, depreciation and amortisation) rose half a percent to Rs 272.2 crore YoY.
EBITDA margin contracted 470 basis points to 21.7 percent YoY.  
HPCL, MRPL merger in FY19?: HPCL is keen to takeover Mangalore Refinery and Petrochemicals Ltd (MRPL) before the end of 2018-19 financial year as there are a lot of synergies arising from the merger, Chairman and Managing Director Mukesh Kumar Surana said today.
Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, earlier this year completed the acquisition of HPCL for Rs 36,915 crore. 
After this takeover, ONGC has two oil refining subsidiaries - Hindustan Petroleum Corp Ltd (HPCL) and MRPL. A move is afoot to bring the two refining units under one umbrella.
Surana said standalone refineries, like MRPL with no marketing infrastructure, do not make big business sense. 
Earnings Reaction: GVK Power share price rallied 10 percent after the company reported profit at Rs 23.1 crore in March quarter 2018 against loss of Rs 205.8 crore in March quarter 2017.
The company has reported loss of Rs 156.6 crore on investments in Q4FY17.
Revenue from operations declined to Rs 3.1 crore from Rs 7.1 crore YoY while EBITDA profit for the quarter stood at Rs 4.2 crore against loss of Rs 203.6 crore in year-ago quarter. 
Market Update: The market extended losses in afternoon as the Sensex is falling around 100 points and the Nifty is trading below 10,500 levels on correction in metals, oil and HDFC twins stocks.
Motherson Sumi Systems shares fell 5 percent after March quarter earnings missed analyst expectations while Bajaj Electricals gained 3 percent after better-than-expected earnings for March quarter
PSU Bank is the biggest gainer among sectoral indices, rising 4 percent on the back of support from SBI, Andhra Bank, Bank of Baroda and IDBI Bank that gained 4-7 percent.
Earnings: Bajaj Electricals share price rallied 3 percent after the company reported profit at Rs 7.3 crore for March quarter, down 81 percent compared to year-ago due to one-time loss of Rs 89.4 crore.
Revenue from operations grew by Rs 27.1 percent to Rs 1,606.3 crore from Rs 1,264 crore YoY.
EBITDA (earnings before interest, tax, depreciation and amortisation) shot up by 82.6 percent to Rs 135 crore and margin expanded 260 basis points to 8.4 percent YoY.
Mining Joint Venture: State-run Hindustan Copper (HCL) has entered a joint venture with Chhattisgarh Mineral Development Corporation (CMDC) for exploration and mining of copper and associated minerals in Chhattisgarh.
Chhattisgarh Copper has become a subsidiary of Hindustan Copper and the shareholding pattern between HCL and CMDC is in the ratio of 74 percent and 26 percent, Hindustan Copper said in a regulatory filing.
"Chhattisgarh Copper has been incorporated as joint venture company between Hindustan Copper and Chhattisgarh Mineral Development Corporation (CMDC) for exploration, mining and beneficiation of copper and its associated minerals in Chhattisgarh," the company said.
It further said that the number of directors nominated by Hindustan Copper and CMDC is in the ratio of 3:2.
With this, Hindustan Copper said it has extended footprint of its operation in the country's sixth state and operations in Chhattisgarh will commence soon, reports PTI.
PSU bank NPAs soar to over Rs 6 lakh cr for Q4. Time to press the panic button?
Global research firms have remained mixed on their views on the stocks. Among marquee PSU bank names such as PNB, Canara Bank they have expressed surprise on the worsening asset quality.
Europe Update: European stocks edged lower amid souring market sentiment over ongoing trade talks between the world's two biggest economies.
France's CAC and Germany's DAX fell over a percent each while Britain's FTSE declined half a percent.
Earnings Reaction: Auto ancillary company Motherson Sumi Systems' March quarter earnings missed analyst expectations on Wednesday. The stock price corrected 3 percent.
Consolidated profit during the quarter grew by 9.2 percent year-on-year to Rs 518.4 crore, backed by revenue growth.
Profit in the corresponding quarter of last fiscal was at Rs 475 crore.
Revenue from operations in March quarter shot up 36.9 percent to Rs 15,408 crore compared to same period last year as Samvardhana Motherson Peguform (SMP) showed 21 percent growth and Samvardhana Motherson Reflectec (SMR) reported 6 percent growth.
IMD on Monsoon: India Meteorological Department said it did not see possibility of El Nino this year.
Earnings: BLS International Services' March quarter net profit fell 2.6 percent year-on-year to Rs 20.07 crore and revenue increased to Rs 205 crore from Rs 203 crore YoY.
EBITDA (earnings before interest, tax, depreciation and amortisation) was down 10 percent to Rs 34 crore and margin contracted 200 basis points to 16.7 percent compared to year-ago.
However, the stock rallied 5 percent after the management told CNBC-TV18 that it expects a 32-35 percent profit growth in FY19 and profit margin of 15 percent on the UK deal.
Market Update: The market remained rangebound, with the Nifty hovering around 10,500 levels as investors continue to monitor the movement in rupee and crude oil prices.
Oil, metals stocks and HDFC twins are under pressure while SBI, ICICI Bank, Tata Motors and technology stocks support the market.
The rupee hit fresh 16-month low of 68.29 against the US dollar, down 25 paise from previous close.
Vedanta shares fall nearly 5 percent after Madurai bench of the Madras High Court has halted expansion of the Sterlite copper plant in Thoothukudi. 
Show-cause Notice: Leading stock exchange NSE has issued a show-cause notice to defaulter businessman Vijay Mallya-led UB (Holdings) for delisting of its shares as trading has been suspended for a long time due to regulatory non-compliance.
Similar notice was issued to 15 other companies, including NEPC India, Net 4 India, Orbit Corp, REI Six Ten Retail, Shree Ganesh Jewellery House and REI Agro.
Trading has been suspended in shares of some of these companies due to liquidation, while the suspension has been due to non-compliance to listing regulations for others, reports PTI.
Yes Bank in focus after Bhushan Steel deal: Private sector lender Yes Bank has recovered 66 percent of the original claim filed for Rs 325 crore after the sale of Bhushan Steel to Tata Steel under the insolvency resolution process.
"Yes Bank has recovered an amount of Rs 184 crore against an original claim filed for Rs 325 crore pursuant to the sale of Bhushan Steel to Tata Steel Limited under the recently concluded NCLT/Insolvency and Bankruptcy Code (IBC) proceedings," Yes Bank said in a BSE filing.
Yes Bank said with this recovery, it now has an exposure to only one account, aggregating to only Rs 23.4 crore (with 50 per cent provision) as on March 31, 2018, from borrowers referenced in the first list of the RBI IBC NCLT process.
Earlier, it had recovered Rs 32 crore through sale of pledged shares. Total recoveries (against claims of Rs 325 crore) is Rs 216 crore (66 per cent), it said.
Yes Bank said write back of provisions consequent to the above recoveries were Rs 36 crore, reports PTI.
Tata Motors Q4 Preview: Profits could take a hit on JLR sales decline
The maker of cars, trucks and luxury vehicles could post a consolidated net profit of Rs 4,041.5 crore, as per a Reuters poll, a drop 6.8%
Earnings Reaction: Shares of Healthcare Global Enterprises slipped nearly 3 percent as the company has reported net loss in the quarter ended March 2018.
The company has reported net loss of Rs 16 lakh in Q4FY18 versus profit of Rs 8.1 crore in the same quarter last year.
The consolidated income from operations was up 21.8 percent at Rs 222.3 crore against Rs 182.4 crore,
SBI Q4 review: Global brokerages maintain buy, see 25-50% upside
Among the global brokerage firms which have come out with reports post Q4 results, BofA-ML recommends the most aggressive target price of Rs 380 which translate into an upside of about 49 percent from current level.
Market Update: The market continued to trade mildly lower as Asian markets down a percent after US President Donald Trump's dissatisifed with the latest round of trade talks with China.
The 30-share BSE Sensex fell 58.16 points to 34,593.08 and the 50-share NSE Nifty slipped 36.20 points to 10,500.50 while the broader markets continued to outperform frontliners.
About six shares advanced for every five shares falling on the BSE.
The Nifty PSU Bank is the biggest gainer among sectoral indices, rising 4 percent driven by SBI that rallied 5 percent after earnings.
Vedanta down 5%: Madras High Court has banned expansion of Sterlite Copper plant in Tuticorin.
MM Forgings to consider bonus issue: MM Forgings board meeting is scheduled to be held on May 28 to consider bonus issue and fund raising.
The board will also consider interim dividend and financial results for the quarter and year ended March 31, 2018.
Buzzing: Shares of Mukand added nearly 3 percent as Japanese firm bought 49 percent stake in joint venture company for Rs 1181 crore.
Sumitomo Corporation buys 49% stake for Rs 1180.99 crore in the joint venture company, Mukand Sumi Special Steel.
The company retained 51 percent equity of this joint venture company. 
The joint venture is engaged in the business of rolling, finishing and marketing of alloy steel wire rods and bars made from blooms and billets procured exclusively from Mukand’s Hospet plant in Karnataka.
Nifty in correction phase, sell on every rise
Mustafa Nadeem The Nifty staged a pull back on Tuesday after remaining under pressure for six days due to positive global cues from western markets.
Market Update: The market remained mildly under pressure, with the Nifty falling below the 10,500 levels following weakness in global stocks.
Metals, oil stocks and HDFC twins pulled the market lower, but SBI, ICICI Bank, Tata Motors and technology stocks capped losses.
The 30-share BSE Sensex declined 66.52 points to 34,584.72 and the 50-share NSE Nifty slipped 38 points to 10,498.70 while the Nifty Midcap index outperformed frontliners, trading flat.
About three shares advanced for every two shares falling on the BSE.
Crude Update: Oil prices traded lower on hopes that OPEC may raise supplies as early as June, but geopolitical risks remained.
Brent crude futures, the international benchmark for oil prices, dipped 0.63 percent to $79.07 a barrel. In last week, it hit $80.50 a barrel, the highest since November 2014.
US West Texas Intermediate (WTI) crude futures fell 0.39 percent to $71.92 a barrel.
Buzzing: Share price of Jain Irrigation Systems added 1.5 percent on the back of project win worth Rs 240 crore from Vidarbha Irrigation Development Corporation Nagpur.
The company is going to execute integrated drip irrigation project in Vidarbha region.
The said project is based on pioneered concept of company Jalgaon i.e. resource to root.
This project is likely to improve the water use efficiency from current 35 percent to 90 percent and we are proud to be selected as the agency to implement the project, said Ajit B Jain, joint managing director of Jain Irrigation.
Rupee Update: The rupee recovered a bit from opening lows, falling 12 paise to 68.16 against the US dollar.
It declined 25 paise to hit a fresh 16-month low of 68.29 per dollar in opening trade ahead of the minutes of US Federal Reserve's last policy meet scheduled to be released later in the day. 
The greenback strengthened against most global currencies as investors await hints on the pace of further US monetary tightening amid sustained capital outflows, forex dealers said.
Weakness in the domestic stock market and demand for the US currency from importers also weighed on the rupee, they added.
Yesterday, the rupee had gained 8 paise to close at 68.04  against the US dollar on fresh selling of the American currency by  banks and exporters.
Buzzing: Bata India rose over 3 percent as the company reported 45 percent increase in its standalone net profit for the March quarter.
The footwear major reported 44.9 percent increase in standalone net profit to Rs 52.08 crore for the fourth quarter ended March 31, 2017-18. It had posted standalone net profit of Rs 35.94 crore in the January-March quarter of the preceding fiscal, Bata India said in a BSE filing.
The company's revenue from operations during the quarter under review stood at Rs 632.31 crore. It was Rs 598.01 crore in the year-ago period.
After the implementation of GST in July 1 last year, revenue from operations is reported net of GST. Accordingly, the two figures are not comparable.
HPCL falls over 2.5% after company posts 4% fall in Q4 net profit at Rs 1,759 crore
Hindustan Petroleum Corporation (HPCL) lost over 2.5 percent intraday on Wednesday as the Street could be reacting to weak results for the March quarter.
Order Win: L&T said the transportation infrastructure business of L&T Construction has bagged an order worth Rs 1,425 crore.
The business has secured an order from a prestigious private client for the construction of eight lane Vadodara - Kim Expressway, package I (part of Vadodara Mumbai Expressway) in the state of Gujarat.
"The project is to be completed in stringent timeline and involves the construction of 23 Km (approx.) of eight lane rigid pavement carriageway, 1.6 Km of connecting road, 6 flyovers, 2 interchanges, 2 rail over bridges, 3 major bridges, 8 minor bridges and 18 vehicular/pedestrian/cattle underpasses," it said.
Results Reaction: Shares of L&T Technology Services gained over 7 percent as the company reported strong growth in its March quarter numbers.
The firm reported a 65 percent surge in its March quarter net at Rs 151.9 crore on a surge in core revenues.
The company, an arm of the engineering giant L&T, had reported a post-tax profit of Rs 96.5 crore in the year-ago period.
Revenue from operations jumped to Rs 1,054.8 crore from the year-ago period's Rs 812.3 crore and Rs 969.1 crore in the preceding December quarter.
Buzzing: Share price of Gravita India rose 4.5 percent as company signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements.
Under this contract the company shall collect/purchase lead acid battery scrap from designated locations of Amara Raja.
It is a joint initiative towards environment protection and sustainability under which used batteries shall be recycled and pure lead/lead alloys will be supplied back to Amara Raja.
The company targets supply of approximately 8000 MT of lead to Amara Raja under the said contract which will help the company to strengthen its topline in FY2018-19 coupled with cost effective recycling and long term business association with Amara Raja. The supplies under this contract will be effected during FY 2018-19.
Market Update: Benchmark indices continued to consolidate further amid global weakness, but the Nifty Midcap index outperformed, rising third of a percent on positive market breadth.
The 30-share BSE Sensex slipped 46.14 points to 34,605.10 and the 50-share NSE Nifty dropped 22.50 points to 10,514.20. About three shares declined for every two shares declining on the BSE.
State Bank of India gained 5 percent as brokerage houses remained positive on the stock, though they cut target price following quarterly loss of Rs 7,718 crore.
Cipla rallied 5 percent as analysts maintained positive stance, though they slash target price post earnings.
Vedanta lost 3 percent as protests seeking closure of copper smelter run by Vedanta Resources at Thoothukudi turned violent, killing 12 people.
Asian markets are under pressure after US President Donald Trump's dissatisifed with the latest round of trade talks with China.
Buzzing: Sun Pharmaceuticals’ shares rose over a percent as investors cheered a product approval by the US drug regulator.
The US Food and Drug Administration (FDA) approved a drug named YONSA, a novel formulation in combination with methylprednisolone, for the treatment of patients with metastatic castration-resistant prostate cancer (mCRPC).
YONSA in combination with methylprednisolone was filed as a New Drug Application (NDA) under the 505(b)(2) regulatory pathway and will be promoted as a branded product in the US, the company said in filing to the exchanges.
Fuel at Record High: Petrol & diesel prices reached to new record highs after further increase in prices by oil retailers HPCL, BPCL and IOC.
Petrol price increased by 29 paise to Rs 84.99 per litre and diesel price by 28 paise to Rs 72.76 per litre in Mumbai.
Brent crude futures, the international benchmark for oil prices, traded above $79 per barrel.
Fund Raising: Non-banking financial company, J M Financial Credit Solutions said it will raise up to Rs 750 crore by issuing bond next week.
The non-banking financial services (NBFC) arm of JM Financial group said issue of its non-convertible debentures (NCDs) will open on May 28 with a base issue size of Rs 300 crore with an option to retain oversubscription up to Rs 450 crore aggregating up to Rs 750 crore (tranche I issue) within the shelf limit of Rs 2,000 crore.
The issue is scheduled to close on June 20, 2018 with an option of early closure or extension as decided by the Board of Directors of the company or the NCD Public Issue Committee, it said.
Earnings Reaction: Public sector lender Andhra Bank share price fell 2 percent after it suffered Rs 2,636 crore loss for the quarter ended March 31 2018 due to higher provisioning for bad loans. The bank made a profit of Rs 35 crore during the same quarter in FY 17, it said in a press release.
The total income was down by six per cent to Rs 5,093 crore against Rs 5,425 crore in January-March quarter of FY17. The PSU made Rs 3,902 crore towards Contingencies and Provisions during the quarter under discussion against Rs 1,399 crore in Q4 of FY17.
Banking Q4 so far: 26 banks pile up NPAs worth Rs 7.31 lakh crore
The total provisions during the year (of which the most would be for NPAs) increased from Rs 43,611 crore to Rs 105,150 crore - an increase of a whopping 141%, the report further stated.
Market Update: Benchmark indices started off trade on a flat note on Wednesday despite weakness in Asian peers.
The 30-share BSE Sensex declined 24.59 points to 34,626.65 and the 50-share NSE Nifty slipped 15.70 points to 10,521.
Tata Motors, HCL Technologies, SBI, TCS, Infosys, Indiabulls Housing Finance and Tech Mahindra are early gainers.
Vedanta declined 4 percent. IOC, HPCL and BPCL dropped over a percent.
Nifty Midcap index was down 19 points.
Andhra Bank declined 3 percent.
Care, Minda Industries, L&T Technology, Gravita, Music Broadcast, PC Jeweller, Ashok Leyland, Bharat Forge and Muthoot Finance gained up to 5 percent.
Technical Recommendations: We spoke to Epic Research and here’s what they have to recommend:
M&M: Buy| Target: Rs 875| Stop loss: Rs 810| Return 5%
LIC Housing Finance: Buy| Target: Rs 520| Stop loss: Rs 465| Return 8%
Zee Entertainment Enterprises: Buy| Target: Rs 598| Stop loss: Rs 550| Return 6%
Stocks in the news: Tata Motors, HPCL, Jet Airways, Fortis, SBI, Bata, HPCL, Sun Pharma
Here are the stocks which are in news today: Results Today: Archies, CESC, eClerx, EROS Media, Godrej Industries, Grasim Industries, IFCI, Jet Airways, Kolte Patil, Natco Pharma, Repco Homes, Tata
Markets@Moneycontrol: Nifty likely to open flat; 3 stocks to go long on
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 16 points. Nifty futures were trading around 10,533 on the Singaporean Exchange.
Results Today: As many as 123 stocks to report March quarter numbers today, which are Tata Motors, Grasim Industries, L&T Infotech, Motherson Sumi, Indraprastha Gas, Natco Pharma, CESC, Bajaj Electricals, Sunteck Realty, E-clerx Services, KPIT Tech, JET Airways, IFCI, Dhanlaxmi Bank, Godrej Industries, Bayer Cropscience, Astral Poly, GE T&D India, Finolex Industries, Johnson Control Hitachi, Jain irrigation, PNC Infratech, Omaxe, Repco Home, Rupa, Shipping Corporation, MEP Infra, Kolte Patil, HG Infra, Shalimar Paints, Entertainment Network, Vaibhav Global, Ramco cement, Vindhya Telelinks, Eros International, SML Isuzu, Setco Auto, Ion Exchange, Cheviot, Apollo pipes, TD Power, Peninsula Land, Amrit Corp, Cosmo Films, Universal Cables, SPML Infra and Viaan.
Market Update: Benchmark indices were flat in pre-opening amid weakness in Asian stocks.
The 30-share BSE Sensex gained 8.37 points at 34,659.61 and the 50-share NSE Nifty rose 3.10 points to 10,539.80.
HPCL and Vedanta fell 3 percent each. Cipla gained 3 percent.
Asian stocks traded lower after US President Donald Trump's dissatisifed with the latest round of trade talks with China. Japan's Nikkei, Hong Kong's Hang Seng and China's Shanghai Composite are down a percent each.
US stocks ended lower on Tuesday, weighed down by lingering uncertainty over the outcome of trade talks between the United States and China and declines in energy and industrial shares, said a Reuters report.