Sensex fails to hold 32,000-mark, PSU banks, FMCG, Metals hold correction

Sensex was up 51.64 points at 31,956.04 and the 50-share NSE Nifty gained 11.80 points at 9,885.10.

Indian shares fell on Thursday, dragged down by IT stocks such as Infosys Ltd , while investors await quarterly results from Wipro Ltd and Reliance Industries Ltd due later in the day.

The broader NSE Nifty closed 0.27 percent lower at 9,873.30, while the benchmark BSE Sensex fell 0.16 percent to 31,904.40.

Wipro shares closed 0.7 percent lower, while Reliance Industries ended down 0.3 percent. Infosys shares closed down 1.1 percent.

Jet Airways (India) Ltd declined 2.9 percent after Reuters reported the airline operator has asked junior pilots to accept 30-50 percent pay cuts, or quit, as it looks to trim costs. 

Sensex sheds 50.95 pts to end at 31,904.40; Nifty down 26.30 pts at 9,873.30.

Gold changed course today as prices came down by Rs 60 to Rs 29,050 per 10 grams, tracking a sluggish trend overseas amid easing demand from local jewellers.
The drop followed two sessions of back to back rise.
Silver showed a similar pattern and shed Rs 50 to Rs 38,500 per kg, hit by reduced offtake.

At 12.50 p.m., the wider Nifty of the National Stock Exchange (NSE) traded at 9,874.05 points -- down 25.55 points, or 0.26 per cent -- from its previous session`s close.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,033.82 points, traded at 31,895.33 points -- down 60.02 points, or 0.19 per cent, from the previous close at 31,955.35 points.

The Sensex has so far touched a high of 32,057.12 points and a low of 31,878.30 points during intra-day trade.

The BSE market breadth was bearish with 1,337 declines and 1,180 advances.

At the Multi Commodity Exchange (MCX), gold for delivery in August declined by Rs 75, or 0.27 percent to Rs 28,175 per ten grams.

Shares of IT firm Mindtree fell by over 4 percent after the company reported a 1.5 percent drop in consolidated net profit for the June quarter. After opening the day on a lower note, the company further declined by 4.29 percent to Rs 485 on the BSE. On the NSE, the stock went down by 4.27 percent to Rs 485.

The market breadth, indicating the overall health of the market was positive. On BSE, 1,196 shares rose and 1,050 shares fell. A total of 115 shares were unchanged.

Top 10 losers on NSE

Top 10 gainers on NSE

Stocks of ONGC emerged as the top gainer by climbing over 2  percent after the Cabinet yesterday approved sale of the government's stake in Hindustan Petroleum Corp Ltd (HPCL) to India's largest oil producer ONGC. Stocks of Kotak Mahindra Bank and Reliance Industries were trading higher by up to 1.83 percent ahead of earnings, to be released later in the day. Other prominent gainers were ITC Ltd, Axis Bank, M&M, Tata Motors and Coal India.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1,046.65 crore yesterday, as per provisional data.

The BSE Sensex pared most of its opening gains and dipped below the 32,000-mark. It was up 5.86 points or 0.02 percent at 31,961.21 after moving in range of 32,057.12-31,928.01.

The NSE Nifty quoted at 9,897.05, lower by 2.55 points or 0.03 percent.