BSE Sensex closes weak; investors shun realty, cap goods

Benchmark indices drifted lower Wednesday, as buyers chose to await cues from the US Federal Reserve before deciding on the next course of action. Renewed weakness in the rupee and tepid fourth quarter earnings from engineering major Larsen & Toubro weighed on sentiment.

The BSE Sensex closed at 20062.24 , down 49.37 points over the previous close. The Nifty shed 19.60 points to close at 6094.50.

Equity investors across the globe are keen waiting for US Federal Reserve chief Ben Bernanke's speech tonight to see if he will signal a reversal of the monetary easing policy. If the Fed starts raising interest rates, it is expected that investors will start cutting exposure to commodities, especially gold, and plough a part of that money into equities.

Larsen & Toubro's fourth quarter net profit declined 7 percent year-on-year, weighed down by higher interest cost, and was way below analyst estimates. A one-share-for-two-held bonus issue failed to pacify the market, and the stock fell 6 percent percent to close at Rs 1517.10.

Realty and capital goods shares were the worst performers today, while FMCG, healthcare and IT shares gained as investors sought refuge in defensive sectors.

The rupee fell to a near 6-month low today, and this has raised concerns that foreign investors may be tempted to book profits, fearing further weakness in the currency.

But experts feel the weakness is not specific to India.

"The rupee has depreciated more against the dollar than other Asian currencies, which primarily has to do with the fact that we have moved pretty rapidly in the last couple of days. So yes, we have weakened a bit more than the Asian currencies, but it is not substantially or significantly more," Agam Gupta of Standard Chartered Bank told CNBC-TV18 in an interview.

Berger Paints, Castrol, Glaxosmithkl Consumer, Tech Mahindra and United Spirits were among the key gainers, climbing 3-4 percent.

Adani Power, DLF, L&T, Financial Technologies and Future Retail were the big losers, shedding between 5-7 percent.

3:50 pm Index losers: BSE Capital Goods index (down 3.8 percent) and BSE Realty index (down 3.6 percent) were laggards of the day. BSE Oil and Gas index fell 0.9 percent from its previous close.

3:45 pm Midcap gainers: Berger Paints and Manappuram Fin were major gainers among the midcap stocks.

3:40 pm Midcap losers: India Cements, Apollo Hospital, AstraZeneca,Dena Bank, HDIL, Muthoot Finance, Omaxe,Puravankara Projects, Shree Renuka, TataTeleservice are major losers in the Sensex.

3:30 pm Market check: The Sensex closed up 32.78 points at 20078.83 while the Nifty ended 13.75 points to be 6100.35.

3:20 pm Puravankara slumps 6% as the price band for the Institutional placement programme (IPP) has been set between Rs 80 to 85a share. The issue opens and closes tomorrow.

Puravankara slumps 6% as the price band for the Institutional placement programme (IPP) has been set between Rs 80 to 85a share. The issue opens and closes tomorrow.

3:15 pm Losers: L&T, Hero Motocorp, Tata Power, GAIL and RIL are major losers in the Sensex.

Slideshow: Balance sheet check: 7 stocks to `hold` in your portfolio post March quarter

3:10 pm Buzzing: India Cements was quoting at Rs 75.75, down Rs 8.90, or 10.51 percent.

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The market is growing weak dragged by capital goods, realty and oil & gas.  The Sensex is down 94.62 points or 0.47% at 20016.99, and the Nifty down 35.60 points or 0.58% at 6078.50. About 834 shares have advanced, 1437 shares declined, and 136 shares are unchanged.

Sun Pharma, Bharti Airtel, Dr Reddys Labs, NTPC and ITC are big gainers in the Sensex.

Big boy L&T disappoints with profit at Rs 1,788 crore, lower than street expectations of Rs 1,944 crore. Margins too are a miss at 12 percent versus estimates of 13.5 percent. The only positive is a bonus issue of 1 share for every 2 held.

03:00pm Tech Mahindra came off day's high, gaining 3 percent on profit booking. Shares rallied nearly 8 percent due to strong Q4 earnings.

02:55pm Zee Entertainment shares fell more than 2% despite strong fourth quarter results. Consolidated net profit rose by 12.25 percent year-on-year to Rs 179.6 crore and operating profit margin grew by 670 basis points Y-o-Y to 25.1 percent during the quarter.

The company expects good growth in subscription revenue going forward and sees margins to remain at 25 percent level going ahead.

02:48pm The BSE Sensex shed more than 100 points to 20,008.77 and the Nifty lost 37 points to 6,076.

02:45pm Country's largest private sector lender ICICI Bank and software services exporter Infosys lose steam in afternoon trade.

02:40pm After declaring fourth quarter and full year numbers, Larsen & Toubro's non-executive chairman AM Naik says he expects 20 percent growth in order inflows for FY14.

He also expects a growth of 15-17 percent in revenues and sees margins in the range of 11.5 percent for financial year 2013-14. (Also Read - L&T Q4 disappoints, net down 7% to Rs 1,788cr )

02:32pm Redington's fourth quarter (January-March) consolidated net profit grew by 28 percent quarter-on-quarter to Rs 105 crore and net sales rose by 11 percent Q-o-Q to Rs 6,808 crore. Shares gained more than 1 percent amid large volumes on Bombay Stock Exchange.

02:25pm DLF is the biggest loser among Nifty 50 stocks, declining 6 percent to Rs 226.25.

Larsen and Toubro showed a bit of recovery, falling 4.5 percent. Jaiprakash Associates dropped 4.62 percent.

India Cements and Punj Lloyd are top midcap losers, down 7-8 percent.

02:20pm Telecom major Bharti Airtel extended gains, rising more than 2 percent.

Cigarette firm ITC too is supportive, advancing over one percent.

Oil marketing companies namely BPCL, HPCL and IOC are down between 4 percent and 5 percent.

02:15pm The NSE Nifty fell below the 6100 level, losing 26 points to 6088.

Larsen & Toubro is the leading loser, falling more than 6 percent after disappointing results in fourth quarter .

The BSE Sensex is down 73.48 points to 20,038.13.

02:10pm Sun Pharma surpassed the Rs 1000 level for the first time since listing. It touched a record high of Rs 1,013.70 on National Stock Exchange, gaining more than 3 percent.

02:06pm Oil&gas stocks recover from day's low after the news of export parity pricing scheme will not to be implemented for Q4FY13 under-recoveries.

02:03pm L&T said in a press conference, "The international order inflow constituted 17 percent of total inflow in FY13. The environment remains fairly challenging."

Indian shares retraced from day's high after the mood was dampened by capital goods major L&T's quarterly results. The company missed street expectations on all parameters.

At 13.59 hrs IST, the Sensex is up 29.18 points or 0.15% at 20140.79, and the Nifty up 4.75 points or 0.08% at 6118.85. About 941 shares have advanced, 1246 shares declined, and 141 shares are unchanged.

Engineering major Larsen and Toubro  (L&T) disappointed the street with the fourth quarter (January-March) net profit falling 6.88 percent year-on-year to Rs 1,788 crore (much lower than expectations), impacted by finance cost. The stock was down over 4 percent.

01:54 pm Top gainers in the BSE Midcap: Sun Pharma Advanced (Rs 160.30, 4.43%), Pipavav Defence (Rs 71.35, 2.81%), Jyothy Labs (Rs 172.00, 2.81%), Crompton Greaves (Rs 107.55, 2.28%) and Jain Irrigation (Rs 68.00, 2.18%)

IPO check: Just Dial IPO fully subscribed; QIB supports

Just Dial's pubilc issue has fully been subscribed Wednesday, with the support majorly from qualified institutional buyers (QIBs) and retail investors.

Stock alert: L&T down 4 percent on heavy volumes. The company's market-cap slipped below Rs 1 lakh crore.

01:34 pm Gold check: MCX Gold up Rs 130 or 0.5 percent at Rs 26240 per 10 grams.

Also Read: Gold rallied for years on 'misunderstanding'

01:30 pm L&T stock down over 3 percent

MUST READ: L&T Q4 disappoints, net down 7% to Rs 1,788cr

01:25 pm Market check: L&T poor results drag Nifty, Sensex lower

At 13.25 hrs IST, the Sensex is up 15.90 points or 0.08% at 20127.51, and the Nifty up 4.15 points or 0.07% at 6118.25. About 964 shares have advanced, 1206 shares declined, and 144 shares are unchanged.

01:13pm L&T announces Q4 results that were lower than street estimates. The stock tanks 2.9 percent.

Net profit at Rs 1788 crore.
Net sales at Rs 20294 crore.
Other income at Rs 374.4 crore.
EBITDA at Rs 2451 crore.
EBIDTA margin at 12.1 percent.
Finance costs at Rs 281 crore.

01:12 pm L&T approves bonus issue of 1 share for every 2 held

01:05pm Oil stocks under pressure

Shares of oil exploring and marketing stocks were under pressure after the reports of Finance Ministry keen on swith over to export parity pricing to cut subsidy burden. Currently, the subsidy is calculated based on trade parity pricing.

ONGC (Rs 325.00, -0.64%), Reliance Industries (Rs 818.25, -1.10%), IOC (Rs 297.00, -2.46%), HPCL (Rs 293.05, -3.89%) and BPCL (Rs 381.25, -5.23%)

Key equity benchmarks were consolidating in the afternoon trade. Selective buying was seen in FMCG, pharma, IT and capital goods stocks. Realty and oil&gas stocks were under pressure.

At 12.59 hrs IST, the Sensex is up 64.22 points or 0.32% at 20175.83, and the Nifty up 16.10 points or 0.26% at 6130.20. About 996 shares have advanced, 1113 shares declined, and 133 shares are unchanged.

Key gainers in the Nifty were Sun Pharma (Rs 1,009.70, 3.67%), Dr Reddys Labs (Rs 2,068.25, 2.35%), Bharti Airtel (Rs 310.05, 1.84%), Coal India (Rs 312.90, 1.76%) and NTPC (Rs 154.60, 1.51%).

Laggards included BPCL (Rs 382.50, 4.93%), DLF (Rs 233.40, 3.09%), Jaiprakash Associates (Rs 74.60, 2.86%), GAIL (Rs 331.40  1.5%) and Ranbaxy Labs (Rs 430.35, 1.38%)

12:52 pm: BSE realty index is down 1.3%.

12:50 pm News update: Max Life Insurance has been send a notice for service tax evasion worth Rs 100 crore, reports Cogencis quoting government  sources.

Check out: How broking firms rate Tech Mahindra's Q4 results

12:45 pm at 52-week low: Jubilant Life, Kingfisher Air, Novartis India, OracleFinancial, Simbhaoli Sugar, Tara Jewels are at 52-week low.

12:40 pm Slipping oil: ONGC, GAIL and RIL are major losers in the Sensex.

12:30 pm European markets: The European markets opens marginally lower.

12:24 pm Aviation update: Competition Commission is examining proposed deal between Jet Airways and Etihad.

12:20 pm Losing now: BPCL is down 4.5 percent at Rs 384.55 on the BSE.

12:15 pm Precious metals update: Govt cuts base import price of gold to USD 440/10 gm vs USD 466/10 gm.

12:07 pm Key gainers: Sun Pharma, Dr Reddys Labs and Coal India are major gainers in the Sensex.

12:03pm Buzzing now: SPML Infra receives new order worth Rs 488 crore. It is quoting at Rs 46.00, up Rs 4.40, or 10.58 percent.

Expert comments on rupee:
Indian rupee not as big a concern for FIIs now: Goldman
Rupee slide to end soon, won't breach 56/$: StanChart
Rupee to end 2013 in range of 56.50-57/$: Credit Suisse

It's flat day for the market with the Nifty holding above 6100. The Sensex was at 20154.88, up 43.27 points while the Nifty gained 7.70 points to be 6121.80.

Oil stocks are under selling pressure. HPCL, IOC and BPCL are down around 1.5 percent.

Oil Minister and FM may meet PMO today to resolve export parity issue. The ministry is still against OMCs switching to export parity while the FM not keen to compensate till companies switch to export parity. OMCs may take Rs 18,000 crore hit on switching to export parity.

Oil saw a downtick after five sessions of holding up with brent at USD103.5. Precious metals were in focus again with gold falling 1.3 percent and silver down 2.7 percent. The rupee continues to trade at multi month lows. The rupee weakness comes from a broad dollar rally on brighter prospects from the US.

Bonds saw some hardening to 7.36 percent vs a close of 7.35 percent. Bonds are under pressure after the governemnt failed to announce a buyback so far this week while cash availability amongst banks remains tight.

11:59 am IOC the midcap space, Sun Pharma Advanced rallied 6 percent while Shipping Corporation, AIA Engineering, Crompton Greaves and Jain Ir IOC ation gained 2.5-3 percent.

However, Puravankara Projects dropped 6 percent after the comp IOC set floor price at Rs 80 a piece for its IPP issue that opened for subscription today. The stock is trading at Rs 90.15.

Omaxe, Linde India and AstraZeneca Pharma are down 3-4 percent.

Apollo Hospital slipped 3 percent after JP Morgan downgraded the stock to neutral with a target price of Rs 900.

11:51 am Subex is locked at 10 percent lower circuit to Rs 8.43 after weak fourth quarter results.

Software firm posted a loss of Rs 1.57 crore in January-March quarter as against profit of Rs 7.68 crore in previous quarter, impacted by high finance cost. Revenues fell nearly 12 percent Q-o-Q to Rs 80 crore.

Margin crashed 620 basis points to 20 percent as against 26.2 percent on forex loss of Rs 4.41 crore.
Infosys STRONG>11:45 am Dr Reddy TCS Labs Wipro ed more than 2 percent to Rs 2,062.

Also Read - Trade deficit a Standard Chartered Bank rma: Mirae

Meanwhile, housing finance major HDFC and private oil & gas company Reliance Industries declined 0.5 percent each.

Goldman Sachs has a buy rating on Tech Mahindra a with a target price of Rs 1,300. "The stock is trading at attractive valuations, at a 31 percen Sun Pharma count to HCL Tech, its closest peer in terms of scale," Goldman in a report said.

The government cut base import price of gold to USD 440 per 10 gram as against USD 466/10 gram.

11:40 am Indian rupee not as big a concern for FIIs now: Goldman

Although rupee has been weak for almost 18 months, it should stabilise once the economy recovers, says Prashant Khemka, Co-CEO, CIO- Active Equity, Goldma Larsen s in an interview NCC CNBC-TV18. Khemka says the rupee has not been as big a concern for FIIs as it was 12 months back because the risk appetite of the investors has improved significantly over last year.

Also read: 55.30/USD key level for rupee now: Moses Harding

11:37 am Justdial IPO, which closes today, fully subscribed.

11:31 am United Spirits touched a new 52-week high of Rs 2,520 after Morgan Stanley resumes coverage with an "overweight" rating on the stock.

The brokerage firm set a target price at Rs 3,115 for the stock. "New owner Diageo Plc could implement a greater focus on profitable growth for the liquor maker," the firm reasoned.

Morgan Stanley also expects capital efficiencies, reduced leverage, strengthened leadership, and consistent disclosures to boost United Spirits' shares. The stock rallied more than 4 percent to Rs 2,513.25.
 
11:25 am IOC fell nearly 1 percent. Cogencis reported quoting government sources that the Cabinet panel may consider a plan of divestment in IOC during June. It is learnt that the government hopes to raise Rs 6,000-7,000 crore via 10 percent IOC stake sale.

Must Read - Gold charts point to fresh trouble ahead with eyes on $1,100/oz

11:20 am Expert talks - Tushar Mahajan, head of futures & options at Nomura (India) does not see Nifty crossing 6300 in the May series . However, he says the pullback over the last two trading session is "healthy" for the market.

11:15 am Technology stocks gained as the Indian rupee is trading below the 55 per dollar level. Infosys rose 0.8 percent while TCS and Wipro were up 0.4 percent each.

The Indian rupee is trading at 55.42. "Rupee weakened more than other Asian currencies," Ananth Narayan, Managing Director, Co-Head of Wholesale Banking at South Asia Standard Chartered Bank said.

He feels the RBI will step in and sell dollar when rupee touches 55.50-56/dollar. However, he expects rupee to be at 54.50 per dollar by end of June.

Tech Mahindra shares surged 6 percent after strong fourth quarter earnings.

11:08 am Sun Pharma shares hit new all-time high of Rs 999 Wednesday, rising more than 2.5 percent. The company will consider its fourth quarter and full year earnings on May 28.

11:00 am Equity benchmarks continued to trade higher since early trade, helped by major banks and healthcare stocks.

At 10.57 hours IST, the Sensex is up 81.69 points at 20193.30 and the Nifty gained 21 points at 6135.10.

Larsen & Toubro and NCC gained 0.5 percent & 2 percent ahead of their fourth quarter earnings while Thermax remained flat.

JSW Steel's crude steel production was down by 11 percent year-on-year to 0.64 million tonnes in April; shares advanced just 0.35 percent.

Market Outlook: Don't see Nifty crossing 6300 or falling below 6000: Nomura

Tushar Mahajan, head of futures & options at Nomura (India) does not see Nifty crossing 6300 in the May series. However, he says the pullback over the last two trading session is ''healthy'' for the market.

10:54am Intraday Block deals: Major ticket-size deals in IndusInd Bank, Idea Cellular, TCS, Amara Raja Batteries and AIA Engineering.

Dealer's Buzz: "Brokers said buying by funds in select stocks amid a better trend in the Asian region following overnight gains on the US market, mainly influenced the trading sentiment," reports PTI.

Brokerage Views: Karvy recommends to short Maruti Suzuki with a stop loss at Rs 1729 and target of Rs 1678. Maruti saw addition of short positions in yesterday's trade. The stock added more than 3 percent in open interest on the back of marginal rise in cost-of-carry to over 19 percent.

ICICI Direct recommends to buy TCS around Rs 1490 with a stop loss at Rs 1475 and target of Rs 1505-1520.

Gold Check: MCX Gold down Rs 25 or 0.1 percent at Rs 26085 per 10 gram.

MUST READ:  Gold charts point to fresh trouble, eyes on $1100/oz

Commerzbank analyst Axel Rudolph said the overall picture remains negative as long as gold remains below resistance around USD 1,500-1,532.20.

Earnings Poll: L&T will announce results today. The stock was trading flat.

Key factors that will impact L&T's Q4 nos

Heavy engineering and construction major L&T is expected to post 1.2% year-on-year growth in Q4 profit as higher interest cost continues to impact company financials.

Here's what to expect from Thermax in Q4

Capital goods maker Thermax is expected to post 11% decline in its March quarter profit as big-ticket orders were hard to come by in preceding quarters. The stock was down marginally.

Market Outlook: Nifty to consolidate; go long above 6200: ICICI Direct

Amit Gupta of ICICI Direct feels that 6,200 will remain a critical resistance for Nifty. One should wait for some profit bookings to reenter from lower levels.

Trade deficit a worry, positive on pharma: Mirae

Rahul Chadha of Mirae Asset Global Investments sees falling inflation and rate cuts as triggers for the economy. He remains overweight on pharma stocks and wary of refining and petchem stocks.

Global update: Bank of Japan keeps policy rates unchanged, says economy picking up

The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy of doubling the monetary base for the sake of reaching a 2 percent inflation target and jolting the economy out of two decades of stagnation.

10:23am IOC divestment plan

Government sources told Cogencis that cabinet panel may mull IOC divestment plan in June. The government hopes to raise Rs 6,000-7,000 crore via 10 percent stake sale in IOC. The stock was down 1 percent at Rs 301.80.

10:18am Indian Rupee at 2013 low on strength in US dollar. Rupee at 55.42 per dollar.

MUST READ: 55.30/USD key level for rupee now: Moses Harding

10:14am Sectoral Gainers: IT stocks rally

Shares of IT companies surged in the morning trade after a US Senate panel passed immigration bill.

TCS (Rs 1503.90, 0.73%), Infosys (Rs 2423.00, 1.07%), Wipro (Rs 340.80, 0.55%), HCL Tech (Rs 750.35, 1.92%) and Mahindra Satyam (Rs 113.35, 4.86%)

Also Read: Senate panel passes US immigration bill; Obama hails move

10:07am Buzzing Stocks

Tech Mahindra's Q4 consolidated net profit grew by 37%Q-o-Q to Rs 377.2 crore. The stock is up 7 percent.

Prestige Estates jumped 2 percent higher after company's Q4 net profit jumped 2.34 times year-on-year to Rs 89 crore.

Heidelberg Cement okays sale of Raigad Cement to JSW Group.

Zee Learn GDR issue fully subscribed. USD 20 million GDR issue for overseas investor closed for subscription yesterday

JK Paper's Q4 net profit rose by 90.9% Y-o-Y to Rs 21 crore. The stock was trading marginally in green.

Indian shares were trading firm tracking positive regional equities. Asian shares were trading in green while US markets ended at fresh record highs ahead of the Fed meet today. Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program.

At 09.56 hrs IST, the Sensex was up 65.63 points or 0.33% at 20177.24, and the Nifty was up 18.55 points or 0.30% at 6132.65. About 716 shares advanced, 467 shares declined, and 70 shares were unchanged.

Key gainers in the Nifty were HCL Tech (Rs 750.00, 1.81%), Coal India (Rs 312.15, 1.51%), Reliance Infra (Rs 420.80, 1.32%),
Infosys (Rs 2,427.25, 1.24%) and SBI (Rs 2,387.00, 1.11%)

Laggards included DLF (Rs 236.60, 1.76%), Hero Motocorp (Rs 1,668.15, 0.93%), Bank of Baroda (Rs 729.90, 0.74%), Jaiprakash Associates (Rs 76.25, 0.72%) and Bajaj Auto (Rs 1,841.25, 0.68%)

9:55 am Index gainer: BSE IT index gains 1.3 percent from its previous close. Technology stocks are excited as US Senate panel on Tuesday approved legislation to give millions of illegal immigrants a path to citizenship, setting up a spirited debate next month in the full Senate over the biggest changes in immigration policy in a generation.

By a vote of 13-5, the Senate panel approved the bill that would put 11 million illegal residents on a 13-year path to citizenship while further strengthening security along the southwestern border with Mexico, long a sieve for illegal crossings into the United States.

9:52 am: Coal India, Infosys, SBI, Bharti Airtel and Cipla are key gainers in the Sensex.

9:47 am Midcap gainer: Heidelberg Cement India was quoting at Rs 46.50, up Rs 1.00, or 2.20 percent. Heidelberg Cement India has  decided to sell its 0.6 million tonnes per annum (mtpa) cement grinding facility in Raigad to JSW Group "as a going concern on slump sale basis" for an undisclosed sum.

"The parties are currently negotiating and finalising the terms of the business transfer agreement. The transaction will be finalised only after obtaining all relevant approvals including that of shareholders," Heidelberg Cement India said in a statement.

9:40 am Expert's view: Given the fairly strong negative correlation between the Nifty and the rupee, Laurence Balanco of CLSA does not expect a move higher above the 2010 highs. "The market could move in a volatile sideways trading range instead," he adds.

9:34 am Mover: Tech Mahindra jumps 5.74 percent at Rs 961.95, up Rs 52.20 on the BSE. Software services exporter Tech Mahindra  's fourth quarter consolidated net profit rose 25 percent year-on-year (37 percent sequentially) to Rs 377 crore and said it remains optimistic of FY2014.

The Mahindra Group company's consolidated revenue in Jan-March was up 35 percent from a year ago (7 percent sequentially) to Rs 1,907 crore.

Here's what the management says .

9:32 am Market check: The Sensex is up 105.02 points at 20216.63, and the Nifty is up 32.50 points at 6146.60.

9:30 am Star of the day: Prestige Estates Projects jumped 3.87 percent at Rs 183.65, up Rs 6.85 on the BSE. Real estate firm Prestige Estates Projects on Tuesday reported a more than two-fold jump in standalone net profit at Rs 89.03 crore for the fourth quarter of 2012-13.

The Bangalore-based firm had posted a net profit of Rs 38.28 crore in the year-ago period. Total income from operations also jumped more than two fold to Rs 559.72 crore during January-March quarter of last fiscal against Rs 202.12 crore in the corresponding quarter of the previous year.

9:20am Currency talk: According to Moses Harding of IndusInd Bank the key level for the Indian currency is 55.30/USD and if it stays above then the next range to watch out for would be 55.88 and 56.37. The weakness seen in rupee is due to dollar strength and a weak macro-economic scenario in India, Harding told CNBC-TV18.

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The Sensex opened up 58.30 points at 20169.91, and the Nifty is up 12.95 points at 6127.05. About 331 shares have advanced, 83 shares declined, and 27 shares are unchanged.

The market opened in positive territory on the back of strong global cues. The Dow and S&P 500 closed at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program.

The Sensex opened up 58.30 points at 20169.91, and the Nifty is up 12.95 points at 6127.05. About 331 shares have advanced, 83 shares declined, and 27 shares are unchanged.

Coal India, Wipro, Infosys, Tata Motors and SBI are key gainers in the Sensex.

Meanwhile, Bajaj Auto, Hero Motocorp, HDFC and M&M are major losers.

The rupee opened on lowest level since January 8, 2013 at 55.38 per dollar.

Companies that are expected to announce March quarter earnings are L&T and Thermax.