 "Oil stocks flare up in a rangebound market; ONGC up 4%")
Markets continued to trade in a narrow range with state-owned oil explorers emerging as the top gainers on the proposed hike in kerosene prices by the government.
At 10:40am, the S&P BSE Sensex was up 46 points at 27,854 and the Nifty50 was up 3 points at 8,524. In the broader market, the BSE Midcap and Smallcap indices were trading with marginal losses. Market breadth was negative with 1128 losers and 1007gainers on the BSE.
ONGC was the top Sensex gainer up over 4% as the proposed hike by 25 paise a month till August 2017 by the government would help the company save substantially on subsidies. Oil India was up over 3%.
Among other shares, Shares of Great Eastern Shipping Company (GE Shipping) rose 2.31% to Rs 325.20 at 9:56am on the Bombay Stock Exchange (BSE) after the company said it signed a contract to buy a medium-range product tanker. The announcement was made after market hours on Tuesday.
Kwality has surged almost 5% to Rs 116.40 on the BSE after the company said it has received capital commitment of upto Rs 520 crore via structured finance from private equity fund KKR India to fuel its aggressive growth plans.
__________________________
(Updated at 9;35am)
Markets opened flat with positive bias but upside gains were capped as investors booked profits at higher levels after sharp gains in the previous sessions.
At 9:35am, the S&P BSE Sensex was up 46 points at 27,854 and the Nifty50 was up 3 points at 8,524.
Foreign institutional investors were net buyers in equities to the tune of Rs 213 crore on Tuesday, as per provisional stock exchange data.
ECONOMIC DATA
India's industrial output rose 1.2 per cent in May 2016, recovering slightly from the 1.3 per cent fall in April. However, important segments such as capital goods and consumer non-durables continued to show contraction, while growth in electricity generation slowed down.
Consumer price inflation edged up to a 22-month high of 5.77 per cent in June, from 5.76 per cent in May. However, inflation in rural areas declined from 6.45 to 6.20 per cent, while urban areas witnessed a rise from 4.89 to 5.26 per cent.
WINNERS & LAGGARDS
ONGC was the top Sensex gainer up nearly 4% after the government’s proposal to allow oil companies to hike kerosene price marginally every month to reduce the revenue loss on cooking fuel. Oil India was up 2.5%.
ICICI Bank extended gains and was up 1.4%. The private banking major in a release said that S&P Global Ratings affirmed its 'BBB-' long-term issue ratings on the senior unsecured bonds issued by the Bahrain branch of ICICI Bank(foreign currency: BBB-/Stable/A-3).
BHEL was up over 2% on reports that the PSU engineering major has bagged huge overseas orders to supply super critical power equipment.
TCS was trading with marginal gains ahead of its first quarter earnings.
ALSO READ: Top trading ideas from Chandan Taparia of Anand Rathi
GLOBAL MARKETS
Asian markets extended gains on Wednesday with Japanese shares gaining the most on the back of a softer yen and hopes of stimulus from Japan's central bank. The benchmark Nikkei was up 0.9% while Shanghai Composite was up 0.4%. Straits Times was up 0.2% while Hang Seng was trading 0.7% higher.
US stocks surged to record highs with the broader S&P 500 and Dow Jones Industrial Average after encouraging second quarter earnings from global aluminium major, Alcoa. The Dow Jones Industrial Average ended up 0.7% at 18,348, S&P 500 rose 0.7% to 2,152 and Nasdaq ended up 0.7% at 5,023.
At 10:40am, the S&P BSE Sensex was up 46 points at 27,854 and the Nifty50 was up 3 points at 8,524. In the broader market, the BSE Midcap and Smallcap indices were trading with marginal losses. Market breadth was negative with 1128 losers and 1007gainers on the BSE.
ONGC was the top Sensex gainer up over 4% as the proposed hike by 25 paise a month till August 2017 by the government would help the company save substantially on subsidies. Oil India was up over 3%.
Among other shares, Shares of Great Eastern Shipping Company (GE Shipping) rose 2.31% to Rs 325.20 at 9:56am on the Bombay Stock Exchange (BSE) after the company said it signed a contract to buy a medium-range product tanker. The announcement was made after market hours on Tuesday.
Kwality has surged almost 5% to Rs 116.40 on the BSE after the company said it has received capital commitment of upto Rs 520 crore via structured finance from private equity fund KKR India to fuel its aggressive growth plans.
__________________________
(Updated at 9;35am)
Markets opened flat with positive bias but upside gains were capped as investors booked profits at higher levels after sharp gains in the previous sessions.
At 9:35am, the S&P BSE Sensex was up 46 points at 27,854 and the Nifty50 was up 3 points at 8,524.
"The Nifty has now come closer to our first target of 8540. Since, there is no major change in the chart structure, we continue with our optimistic view and expect the Nifty to ascend towards the next target of 8654.75. Hence, traders should refrain from creating positions in the opposite direction," says a morning technical note from Angel Broking.
"However, going forward, similar to yesterday’s session, we are likely to witness a lot of stock specific moves and thus, traders are now advised to focus on individual stocks which may fetch higher returns as compared to the index. The immediate support zone for the Nifty is now seen at 8479 – 8443," it adds.
Foreign institutional investors were net buyers in equities to the tune of Rs 213 crore on Tuesday, as per provisional stock exchange data.
ECONOMIC DATA
India's industrial output rose 1.2 per cent in May 2016, recovering slightly from the 1.3 per cent fall in April. However, important segments such as capital goods and consumer non-durables continued to show contraction, while growth in electricity generation slowed down.
Consumer price inflation edged up to a 22-month high of 5.77 per cent in June, from 5.76 per cent in May. However, inflation in rural areas declined from 6.45 to 6.20 per cent, while urban areas witnessed a rise from 4.89 to 5.26 per cent.
WINNERS & LAGGARDS
ONGC was the top Sensex gainer up nearly 4% after the government’s proposal to allow oil companies to hike kerosene price marginally every month to reduce the revenue loss on cooking fuel. Oil India was up 2.5%.
ICICI Bank extended gains and was up 1.4%. The private banking major in a release said that S&P Global Ratings affirmed its 'BBB-' long-term issue ratings on the senior unsecured bonds issued by the Bahrain branch of ICICI Bank(foreign currency: BBB-/Stable/A-3).
BHEL was up over 2% on reports that the PSU engineering major has bagged huge overseas orders to supply super critical power equipment.
TCS was trading with marginal gains ahead of its first quarter earnings.
ALSO READ: Top trading ideas from Chandan Taparia of Anand Rathi
GLOBAL MARKETS
Asian markets extended gains on Wednesday with Japanese shares gaining the most on the back of a softer yen and hopes of stimulus from Japan's central bank. The benchmark Nikkei was up 0.9% while Shanghai Composite was up 0.4%. Straits Times was up 0.2% while Hang Seng was trading 0.7% higher.
US stocks surged to record highs with the broader S&P 500 and Dow Jones Industrial Average after encouraging second quarter earnings from global aluminium major, Alcoa. The Dow Jones Industrial Average ended up 0.7% at 18,348, S&P 500 rose 0.7% to 2,152 and Nasdaq ended up 0.7% at 5,023.