Mid Session Market

The BSE Sensex is still reeling under pressure as selling of scrips continued in the selective scrips mainly led by Bank and IT stocks. However the good amount of buying is seen in the Oil & gas and Pharma stocks. The broader market has outperformed the benchmark indices toady as the BSE mid cap is higher by 92.78 points at 7,515.21 and small cap advanced by 85.49 points to 9,185.42.
The overall market breadth is positive as 1527 stocks are advancing while 1024 stocks are declining and 81 stocks remained unchanged on BSE.
At 12.40 pm, BSE Sensex was at 17,212.80 down by 78.30 points while Nifty was at 5,027.55 up by 6.2 points.

BSE Oil & Gas index was trading 4.58 points higher at 9,566.53 as GAIL (7.12%), HPCL (2.62%), BPCL (1.96%), RPL (1.96%) and ONGC (1.88%) are trading in positive.
BSE Metal index dropped 48.33 points to trade at 13,897.06. The major losers are Tata Steel (1.53%), NALCO (1.32%), SAIL (0.97%) and Sterlite Industries (0.93%).
BSE Capital goods index slipped 70.35 points to 14,609.49. The main losers are BHEL (2.16%), Siemens (0.81%) and L&T (0.36%).
BSE Banks index decreased by 155.28 points to trade at 9,313.98. Lead to the fall are SBI (2.52%), ICICI Bank (2.17%), HDFC Bank (1.25%) and PNB (1.10%).
State Bank of India has cleared the draft scheme of its merger with its associate bank, the State Bank of Saurashtra (SBS). The merger of SBS with SBI is likely to cost the parent bank around Rs 250 to 300 crore.
BSE IT index down by 77.82 points to trade at 4,550.01 as TCS (3.11%), Wipro (2.61%), Satyam (2.24%), HCL Tech. (1.99%) and Infosys (1.48%).
BSE Auto index dropped 9.78 points to trade at 5,322.48. The main losers are Hero Honda (1.61%), Maruti Udyog (1.40%), Bajaj Auto (0.79%) and Tata Motors (0.77%).
Mahindra and Mahindra is trading up by (2.85%) at Rs.773.10 as the Mahindra group is planning to hive off its logistic division called Mahindra logistics into a different company and will invest at least Rs1200 Crore for expansion of the business.