 "Markets continue to trade firm led by index heavyweights")
Markets continued to trade higher, amid Asian cues, with index heavyweights Reliance Industries and Infosys leading the gains. However, investors are likely to remain cautious later in the day ahead of the futures and options expiry for July contracts this Thursday.
At 9:40, the 30-share Sensex was up 154 points at 20,314 and the 50-share Nifty was up 45 points at 6,077.
According to technical experts, " Levels of 6000 and 6065 on Nifty can be used as stop loss for long and short futures positions respectively. Breakouts could go till 5950 or till 6125. A bullspread of long 6100c (14) and short 6200c (4) costs 10. It could double if 6100 is hit."
The Dow Jones Industrial Average was up 1.81 points, or 0.01 percent, at 15,545.55. The Standard & Poor's 500 Index rose 3.44 points, or 0.20 percent, at 1,695.53, and the Nasdaq Composite Index added 12.77 points, or 0.36 percent, at 3,600.39.
Asian markets rebounded after a cautious start. The Nikkei, Shanghai Composite, Straits Times and Hang Seng are up 0.4-2.0% each.
Index heavyweight Reliance Industries rebounded after recent correction and was among the top Sensex gainers up 1.2% at Rs 920.
Software exporters also gained in early trades with Infosys and TCS up nearly 1% each.
In the financial space, ICICI Bank, HDFC Bank, HDFC rose between 1-1.5% each.
FMCG majors ITC and Hindustan Unilever were also among the Sensex gainers up 0.5-1.0% each.
Larsen & Tubro extended losses and was marginally down after the engineering major on Monday reported 12% drop in net profit at Rs 756 crore for the first quarter ended June 30, 2013 compared with Rs 864 crore in the same quarter last fiscal. Further, select brokerages have revised their earnings estimates downwards as margins are likely to remain under pressure during the current fiscal and next given the macro environment.
Other Sensex losers include, telecom major Bharti Airtel and mortgage lender HDFC.
Among other shares, Lupin was up 1% at Rs 898 after the pharmaceutical major said it has received US health regulator’s approval to sell its generic version of Glumetza HCl ER tablets, a diabetes drug, in the American market.
Bayer CropScience has plunged 8.5% to Rs 1,605 after agrochemicals firm has fixed share buyback price at Rs 1,580 per share through tender offer. The proposed buyback is 10% discount to Monday’s closing price of Rs 1,753 on NSE.
In the broader market, the BSE Mid-cap index was up 0.6% and the Small-cap index was up 0.4%.
Market breadth was strong with 649 advances and 300 declines on the BSE.
At 9:40, the 30-share Sensex was up 154 points at 20,314 and the 50-share Nifty was up 45 points at 6,077.
According to technical experts, " Levels of 6000 and 6065 on Nifty can be used as stop loss for long and short futures positions respectively. Breakouts could go till 5950 or till 6125. A bullspread of long 6100c (14) and short 6200c (4) costs 10. It could double if 6100 is hit."
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Overnight, US stocks ended marginally higher after McDonald's Corp, the world's largest restaurant chain posted weaker-than-expected results.
The Dow Jones Industrial Average was up 1.81 points, or 0.01 percent, at 15,545.55. The Standard & Poor's 500 Index rose 3.44 points, or 0.20 percent, at 1,695.53, and the Nasdaq Composite Index added 12.77 points, or 0.36 percent, at 3,600.39.
Asian markets rebounded after a cautious start. The Nikkei, Shanghai Composite, Straits Times and Hang Seng are up 0.4-2.0% each.
Index heavyweight Reliance Industries rebounded after recent correction and was among the top Sensex gainers up 1.2% at Rs 920.
Software exporters also gained in early trades with Infosys and TCS up nearly 1% each.
In the financial space, ICICI Bank, HDFC Bank, HDFC rose between 1-1.5% each.
FMCG majors ITC and Hindustan Unilever were also among the Sensex gainers up 0.5-1.0% each.
Larsen & Tubro extended losses and was marginally down after the engineering major on Monday reported 12% drop in net profit at Rs 756 crore for the first quarter ended June 30, 2013 compared with Rs 864 crore in the same quarter last fiscal. Further, select brokerages have revised their earnings estimates downwards as margins are likely to remain under pressure during the current fiscal and next given the macro environment.
Other Sensex losers include, telecom major Bharti Airtel and mortgage lender HDFC.
Among other shares, Lupin was up 1% at Rs 898 after the pharmaceutical major said it has received US health regulator’s approval to sell its generic version of Glumetza HCl ER tablets, a diabetes drug, in the American market.
Bayer CropScience has plunged 8.5% to Rs 1,605 after agrochemicals firm has fixed share buyback price at Rs 1,580 per share through tender offer. The proposed buyback is 10% discount to Monday’s closing price of Rs 1,753 on NSE.
In the broader market, the BSE Mid-cap index was up 0.6% and the Small-cap index was up 0.4%.
Market breadth was strong with 649 advances and 300 declines on the BSE.