 "Airline shares zoom in a firm market; Jet Airways up 11%")
After four days of decline, markets have taken a breather in today’s session and are trading in the positive territory owing to buying at attractive valuations ahead of June F&O Expiry tomorrow. Meanwhile, investors will keenly await for the outcome of the two-day US Federal Reserve policy meet later today.
By 12.35PM, the Sensex was higher by 113 points at 27,572 and the Nifty gained 33 points at 8,370.The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up nearly 0.5% and 0.85 each. The market breadth is strong with 1,552 advancing stocks as against 971 declines
STOCK TRENDS
On the sectoral front, BSE Consumer Durables, Realty and FMCG indices are trading lower between 0.2-2%. However, BSE IT, Auto and Capital Goods indices are up between 0.3-1.5%.
Airline shares are gaining in today’s trade. Jet Airways is up 11.7% on relative valuation, fuel price cut hopes and SpiceJet has soared 4% after it posted a net profit of Rs 71.8 crore in April-June quarter from a loss of Rs 124 crore in year-ago period making it the highest-ever Q1 profit. Crude oil has plunged nearly 20% this month and it slightly dipped below $47 a barrel on Tuesday.
Top three Indian information technology companies, TCS, Wipro and Infosys together added 12,187 employees in the June quarter. This is a nearly 68% net increase over the same quarter last year. TCS, Wipro and Infosys are up between 0.1-2%.
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Shares of Glenmark Pharmaceuticals are trading lower by 5% at Rs 941 on the NSE on reports that US court rejects drug firm's patent plea for Finacea.
Shares of public sector (PSU) banks continued to reel under pressure, trading at their fresh 52-week lows on the bourses after reporting a weak set of numbers for April-June (Q1FY16) quarter. Bank of India, Allahabad Bank, Canara Bank, Dena Bank, Oriental Bank of Commerce, Syndicate Bank, Uco Bank and Vijaya Bank have touched their respective 52-week lows on the National Stock Exchange (NSE) today.
Rise in the commodity prices and rebound in the China shares have lifted the metal pack. Tata Steel, Vedanta and Hindalco are trading higher between 0.3-0.8%. Vedanta will announce its Q1 results later today.
L&T and ICICI Bank are up 0.3% and 1% ahead of the Q1 results due this week.
Tata Motors has gained 1% on renewed buying interest.