 "Market open tad higher amid firm Asian cues")
Markets continued to trade higher, amid firm Asian cues, led by financial shares after they rebounded from their recent lows following the central bank's stance to squeeze rupee liquidity.
At 9:30AM, the 30-share Sensex was up 75 points at 20,024 and the 50-share Nifty was up 19 points at 5,992.
Global risk appetite surged after Federal Reserve Chairman Ben Bernanke pledged to keep monetary policy flexible in the near-term till US economy shows signs of recovery.
Among the key Asian indices, Japan’s Nikkei was up 0.5%, Singapore’s Straits Times gained 0.3%. However, Shanghai Composite was down 0.4% while Hang Seng was trading flat.
Overnight, US stocks rallied on expectations of stimulus. The Dow Jones industrial average rose 18.67 points, or 0.12 percent, to end at 15,470.52. The Standard & Poor's 500 Index gained 4.65 points, or 0.28 percent, to finish at 1,680.91. The Nasdaq Composite Index advanced 11.50 points, or 0.32 percent, to close at 3,610.00.
In the financial segment, HDFC, ICICI Bank, HDFC Bank and SBI were up 0.4-0.8% each.
Other Sensex gainers include, L&T, ONGC and Reliance Industries.
TCS pared early gains and was marginally down ahead of its results later today. As per consensus brokerage expectations, TCS’ revenues are pegged at Rs 17,575 crore translating into 6.97 per cent sequential growth. Its net profit is seen at Rs 3722 crore, up 3.48 per cent over the March 2013 quarter. This is in contrast to the net profit de-growth posted by Infosys. The company is likely to post volume growth of 4 per cent with 1 per cent dip in realisations. Thanks to the wage hikes and visa related costs, TCS’ EBITDA margins are likely to be under pressure. Infosys was down 0.6%.
Hindustan Unilever which surged nearly 9% yesterday witnessed profit taking at higher levels and was down 0.5%.
Among other shares, Heritage Foods (India) has rallied 6% to Rs 524 after its board approved the issue of bonus shares in the ratio of 1:1, i.e. one share for every equity share held.
In the broader market, the BSE Mid-cap and Small-cap indices were up 0.3% each.
Market breadth was strong with 589 gainers and 287 losers on the BSE.
At 9:30AM, the 30-share Sensex was up 75 points at 20,024 and the 50-share Nifty was up 19 points at 5,992.
Global risk appetite surged after Federal Reserve Chairman Ben Bernanke pledged to keep monetary policy flexible in the near-term till US economy shows signs of recovery.
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Meanwhile Asian shares rose in early trades after Bernanke's remarks came as the Fed's Beige Book report of anecdotal information on business activity showed the US. economy continued to grow at a modest to moderate pace in June and early July, but housing data was disappointing.
Among the key Asian indices, Japan’s Nikkei was up 0.5%, Singapore’s Straits Times gained 0.3%. However, Shanghai Composite was down 0.4% while Hang Seng was trading flat.
Overnight, US stocks rallied on expectations of stimulus. The Dow Jones industrial average rose 18.67 points, or 0.12 percent, to end at 15,470.52. The Standard & Poor's 500 Index gained 4.65 points, or 0.28 percent, to finish at 1,680.91. The Nasdaq Composite Index advanced 11.50 points, or 0.32 percent, to close at 3,610.00.
In the financial segment, HDFC, ICICI Bank, HDFC Bank and SBI were up 0.4-0.8% each.
Other Sensex gainers include, L&T, ONGC and Reliance Industries.
TCS pared early gains and was marginally down ahead of its results later today. As per consensus brokerage expectations, TCS’ revenues are pegged at Rs 17,575 crore translating into 6.97 per cent sequential growth. Its net profit is seen at Rs 3722 crore, up 3.48 per cent over the March 2013 quarter. This is in contrast to the net profit de-growth posted by Infosys. The company is likely to post volume growth of 4 per cent with 1 per cent dip in realisations. Thanks to the wage hikes and visa related costs, TCS’ EBITDA margins are likely to be under pressure. Infosys was down 0.6%.
Hindustan Unilever which surged nearly 9% yesterday witnessed profit taking at higher levels and was down 0.5%.
Among other shares, Heritage Foods (India) has rallied 6% to Rs 524 after its board approved the issue of bonus shares in the ratio of 1:1, i.e. one share for every equity share held.
In the broader market, the BSE Mid-cap and Small-cap indices were up 0.3% each.
Market breadth was strong with 589 gainers and 287 losers on the BSE.