 "Nifty hovers around 8,700; RIL flat ahead of Q2 earnings")
Benchmark indices continue to maintain the positive trend amid choppy trades led by buying demand among financial shares. However, selling among defensive sectors has capped the upside gains.
At 14:15 pm, the S&P BSE Sensex was up 134 points at 28,119 and the Nifty50 gained 31 points at 8,690. In the broader markets, BSE Midcap and Smallcap indices are up 0.2%-0.6%.
Top gainers are ICICI Bank, Adani Ports, SBI, HDFC and GAIL, all up between 1%-4%. On the losing side, HDFC, Lupin, Sun Pharma, Infosys and ITC are trading lower.
YES Bank has moved higher by 2.5% to Rs 1,324 on the National Stock Exchange (NSE) after the bank reported a better-than-expected 31% year on year (YoY) growth in net profit at Rs 802 crore for the quarter ended September 30, 2016 (Q2FY17). The private sector lender had profit of Rs 610 crore in year ago quarter.
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Updated at 12:15 PM
Markets came off their early highs amid profit taking at higher levels even as financials continued to firm up with ICICI Bank leading the gains.
At 12:15pm, the S&P BSE Sensex was up 132 points at 28,117 and the Nifty50 gained 36 points at 8,695. In the broader markets, BSE Midcap and Smallcap indices are up 0.5%-0.7%.
Meanwhile, foreign institutional investors were net sellers in equities worth Rs 283 crore on Wednesday as per provisional data released by the stock exchanges.
Back home, Reliance Industries, YES Bank, Biocon, DB Corp, Gulf Oil Lubricants India, Praj Industries and LIC Housing Finance will unveil their second quarter earnings today.
GST Council Meet
Industry and consumers would have to wait at least a fortnight to know the much-awaited goods and services tax (GST) rates, as the meeting of the Council to decide it ended abruptly on Wednesday, a day ahead of schedule. The Centre and the states failed to reach any consensus on it. Also, the issue of administrative control over tax assesses or dual control - claimed to have been settled earlier - cropped up again. It was decided the GST Council would meet again on November 3 and 4.
STOCKS
ICICI Bank witnessed was up 4% amid renewed buying interest. The Essar group last week signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte. to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat. The private banker is a lender to the Essar Group.
Bharti Airtel was up 0.5%^. The telecom major has announced a plan wherein any customer buying a new 4G handset will get 10 GB of 3G/4G data on a recharge of Rs 259.
GAIL was marginally down. The Competition Commission of India (CCI) has ordered an investigation against public sector GAIL India for alleged unfair business practices regarding supply and distribution of gas to industrial players.
SBI was up nearly 2%. The country's largest lender is planning to raise up to Rs 3,300 crore through additional tier-1 (AT1) bonds to shore up capital adequacy.
At 14:15 pm, the S&P BSE Sensex was up 134 points at 28,119 and the Nifty50 gained 31 points at 8,690. In the broader markets, BSE Midcap and Smallcap indices are up 0.2%-0.6%.
Top gainers are ICICI Bank, Adani Ports, SBI, HDFC and GAIL, all up between 1%-4%. On the losing side, HDFC, Lupin, Sun Pharma, Infosys and ITC are trading lower.
YES Bank has moved higher by 2.5% to Rs 1,324 on the National Stock Exchange (NSE) after the bank reported a better-than-expected 31% year on year (YoY) growth in net profit at Rs 802 crore for the quarter ended September 30, 2016 (Q2FY17). The private sector lender had profit of Rs 610 crore in year ago quarter.
*************************
Updated at 12:15 PM
Markets came off their early highs amid profit taking at higher levels even as financials continued to firm up with ICICI Bank leading the gains.
At 12:15pm, the S&P BSE Sensex was up 132 points at 28,117 and the Nifty50 gained 36 points at 8,695. In the broader markets, BSE Midcap and Smallcap indices are up 0.5%-0.7%.
Meanwhile, foreign institutional investors were net sellers in equities worth Rs 283 crore on Wednesday as per provisional data released by the stock exchanges.
Back home, Reliance Industries, YES Bank, Biocon, DB Corp, Gulf Oil Lubricants India, Praj Industries and LIC Housing Finance will unveil their second quarter earnings today.
GST Council Meet
Industry and consumers would have to wait at least a fortnight to know the much-awaited goods and services tax (GST) rates, as the meeting of the Council to decide it ended abruptly on Wednesday, a day ahead of schedule. The Centre and the states failed to reach any consensus on it. Also, the issue of administrative control over tax assesses or dual control - claimed to have been settled earlier - cropped up again. It was decided the GST Council would meet again on November 3 and 4.
STOCKS
ICICI Bank witnessed was up 4% amid renewed buying interest. The Essar group last week signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte. to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat. The private banker is a lender to the Essar Group.
Bharti Airtel was up 0.5%^. The telecom major has announced a plan wherein any customer buying a new 4G handset will get 10 GB of 3G/4G data on a recharge of Rs 259.
GAIL was marginally down. The Competition Commission of India (CCI) has ordered an investigation against public sector GAIL India for alleged unfair business practices regarding supply and distribution of gas to industrial players.
SBI was up nearly 2%. The country's largest lender is planning to raise up to Rs 3,300 crore through additional tier-1 (AT1) bonds to shore up capital adequacy.