 "Broader market outperform; Welspun up 5%, MCX zooms")
After opening higher,key indices maintained early gains led by buying in heavyweight stocks. The upmove came as market participants confirm their view that India is way better prepared to tackle the tapering of US Federal Reserve's easy money policy also known as Quantitative easing-3 (QE-3).
US Fed announced that it will taper its 85-billion-a-month bond buying program by by $10-billion-a-month starting January and vowed to keep interest rates at historic lows for a even longer duration as anticipated earlier.
The rupee fell for a fourth session, driven by weak Asian FX a day after US announced tapering of its stimulus. The unit is trading at 62.28 versus Thursday's close of 62.14/15.
At 1030hrs, the 30-share Bombay Stock Exchange (BSE) Sensex was 87.50 points higher at 20796.12 and the 50-share Nifty index of the National Stock Exchange (NSE) was at 6,186 levels, up 22.30 points.
Broader markets outrun bechmarks at this hour with both BSE small-cap and mid-cap indices trading 0.8% higher.
Key indices are trading higher led by buying in heavyweights; RIL gained 1.6% on CCEA decision to double the price of gas produced from its KG-D6 block to $8.4 a million British thermal unit (mBtu) from April 1, 2014.
Other heavyweights that are pulling key indices higher at this hour include TCS, ICICI Bank and ONGC which are 0.8-2.2% up, Infosys and Tata Motors are other top gainers.
Welspun Corp has rallied 12% to Rs 49.40 on back of heavy volumes on the BSE after promoter bought more than 50,000 shares through open market.
Shares in Multi Commodity Exchange of India (MCX) has surged over 7% to Rs 445 on back of heavy volumes on the bourses.
(Update at 1030 hours)
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Markets opened in green a day after closing lower on US Federal Reserve's announcement that it will taper its monetary quantitative easing by 10-billion-a-month and vowed to keep interest rates at historic lows even for a longer duration.
At 9:35am, the 30-share Bombay Stock Exchange (BSE) Sensex is trading 74 points higher at 20,783 levels and the 50-share Nifty index of the National Stock Exchange(NSE) is at 6,186 levels, up 19 points.
Benchmarks are trading up led by buying in heavyweightS; RIL gained 1.3% on CCEA decision to double the price of gas produced from its KG-D6 block to $8.4 a million British thermal unit (mBtu) from April 1, 2014.
Other heavyweights that are leading the key indices higher at this hour include TCS, ICICI Bank and ONGC which are 0.9-1.7% up, Infosys and Tata Motors are other top gainers.
Asian shares are trading mixed on Friday, though investors were reassessing the Federal Reserve's policy outlook following its decision this week to start tapering stimulus, with a more circumspect session on Wall Street overnight.
US stocks finished mostly flat on Thursday as investors paused after a rally in the previous session, though the Dow closed at its second record high in a row.
The Nasdaq declined slightly on weakness in tech shares, though its loss was limited by a rally in Oracle Corp shares a day after the company's results.
U.S. government bond prices fell overnight on emerging doubts about the Fed's commitment to rock-bottom interest rates.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent in early trade. It erased early gains to end a touch softer in the previous session following the Fed's taper decision.
Japanese shares are lower today as the Nikkei 225 falls 0.35%. The stock markets in Hong Kong and Shanghai are closed at this time. Japanese shares are down ahead of the outcome of a two-day Bank of Japan policy meeting. The index rallied 1.7 percent to its highest closing level in six years on Thursday as the yen slid.
Shares of sugar companies will be watched after the cabinet on Thursday, 19 December 2013, reportedly approved providing interest-free loan worth at least Rs 6600 crore to mills for making payment to farmers. The entire interest burden, estimated at Rs 2750 crore over the next five years, will be borne by the government, according to reports.
Reliance Industries is trading higher by nearly 3% at Rs 878 in early morning deals on the BSE, after the Cabinet Committee on Economic Affairs (CCEA) allowed the company to double the price of gas produced from its KG-D6 block to $8.4 a million British thermal unit (mBtu) from April 1, 2014.
IDFC, which has applied to RBI for a bank licence, said it is not eligible to obtain one as foreign shareholding in the institution exceeds the permissible limit of 50% and is working to meet the norms. The stock slipped 1.5% on the BSE to Rs 102.35
US Fed announced that it will taper its 85-billion-a-month bond buying program by by $10-billion-a-month starting January and vowed to keep interest rates at historic lows for a even longer duration as anticipated earlier.
The rupee fell for a fourth session, driven by weak Asian FX a day after US announced tapering of its stimulus. The unit is trading at 62.28 versus Thursday's close of 62.14/15.
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Despite today's upmove marketmen however expect trades to be directionless in the short-term in lack of any clear trend on technical parameters.
At 1030hrs, the 30-share Bombay Stock Exchange (BSE) Sensex was 87.50 points higher at 20796.12 and the 50-share Nifty index of the National Stock Exchange (NSE) was at 6,186 levels, up 22.30 points.
Broader markets outrun bechmarks at this hour with both BSE small-cap and mid-cap indices trading 0.8% higher.
Key indices are trading higher led by buying in heavyweights; RIL gained 1.6% on CCEA decision to double the price of gas produced from its KG-D6 block to $8.4 a million British thermal unit (mBtu) from April 1, 2014.
Other heavyweights that are pulling key indices higher at this hour include TCS, ICICI Bank and ONGC which are 0.8-2.2% up, Infosys and Tata Motors are other top gainers.
Welspun Corp has rallied 12% to Rs 49.40 on back of heavy volumes on the BSE after promoter bought more than 50,000 shares through open market.
Shares in Multi Commodity Exchange of India (MCX) has surged over 7% to Rs 445 on back of heavy volumes on the bourses.
(Update at 1030 hours)
-------------------------------------------------------------------------------------------------------------------------------------------------
Markets opened in green a day after closing lower on US Federal Reserve's announcement that it will taper its monetary quantitative easing by 10-billion-a-month and vowed to keep interest rates at historic lows even for a longer duration.
At 9:35am, the 30-share Bombay Stock Exchange (BSE) Sensex is trading 74 points higher at 20,783 levels and the 50-share Nifty index of the National Stock Exchange(NSE) is at 6,186 levels, up 19 points.
Benchmarks are trading up led by buying in heavyweightS; RIL gained 1.3% on CCEA decision to double the price of gas produced from its KG-D6 block to $8.4 a million British thermal unit (mBtu) from April 1, 2014.
Other heavyweights that are leading the key indices higher at this hour include TCS, ICICI Bank and ONGC which are 0.9-1.7% up, Infosys and Tata Motors are other top gainers.
Asian shares are trading mixed on Friday, though investors were reassessing the Federal Reserve's policy outlook following its decision this week to start tapering stimulus, with a more circumspect session on Wall Street overnight.
US stocks finished mostly flat on Thursday as investors paused after a rally in the previous session, though the Dow closed at its second record high in a row.
The Nasdaq declined slightly on weakness in tech shares, though its loss was limited by a rally in Oracle Corp shares a day after the company's results.
U.S. government bond prices fell overnight on emerging doubts about the Fed's commitment to rock-bottom interest rates.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent in early trade. It erased early gains to end a touch softer in the previous session following the Fed's taper decision.
Japanese shares are lower today as the Nikkei 225 falls 0.35%. The stock markets in Hong Kong and Shanghai are closed at this time. Japanese shares are down ahead of the outcome of a two-day Bank of Japan policy meeting. The index rallied 1.7 percent to its highest closing level in six years on Thursday as the yen slid.
Shares of sugar companies will be watched after the cabinet on Thursday, 19 December 2013, reportedly approved providing interest-free loan worth at least Rs 6600 crore to mills for making payment to farmers. The entire interest burden, estimated at Rs 2750 crore over the next five years, will be borne by the government, according to reports.
Reliance Industries is trading higher by nearly 3% at Rs 878 in early morning deals on the BSE, after the Cabinet Committee on Economic Affairs (CCEA) allowed the company to double the price of gas produced from its KG-D6 block to $8.4 a million British thermal unit (mBtu) from April 1, 2014.
IDFC, which has applied to RBI for a bank licence, said it is not eligible to obtain one as foreign shareholding in the institution exceeds the permissible limit of 50% and is working to meet the norms. The stock slipped 1.5% on the BSE to Rs 102.35