 "Markets extend gains; Nifty hovers around 6,100")
Markets continued their upwards swing as Nifty crossed the 6,1000 mark before slippin below it, with index heavyweights ICICI Bank and Reliance Industries leading the gains.
At 11:30 hours, the Sensex was higher by 119.78 points at 20,483.15, while the Nifty gained 34.10 points to 6,096.80.
The rupee has appreciated by 9 paise to 62.13 against the US dollar on increased selling of the American currency by exporters. Dealers believe that apart from the increased selling by exporters, a higher opening in the domestic equity market supported the rupee.
Meanwhile, the interim Rail Budget is scheduled to be be presented later today, and initial reports indicate that passenger fares may not be touched barring minor changes in a few segments.
The government will also release inflation based on the consumer price index for January and the industrial production for December today.
Broader markets underperformed the benchmark index, with the BSE smallcap and midcap indices gaining between 0.4-0.% each, compared to Sensex's gain of more than 0.6%.
Market breadth was positive, with 1247 stocks advancing, 858 declining, and 111 remaining unchanged.
Asian markets maintained their upwards rally and made modest gains for the fouth straight session. Optimistic economic outlook from Federal Reserve Chair Janet Yellen and the US House of Representatives approving a bill with no provisions attached to extend the limit on the federal government's borrowing authority caused the increased investor confidence in these markets. Japan's Nikkei-225 was up by 0.42% at 14,788.35, while the Hang Seng increased by moe than 1% to 22,190.42
BSE Bankex is the lead gainer, increasing by 1.32%, while Capital Goods, Realty, Auto, Oil & Gas, and IT indices also gaining by 0.6-1.2%. BSE Metal remains the only index to be on the losing side, and has decreased by almost 1.2%.
On the Sensex, GAIL, HDFC Bank, Tata Motors, ICICI Bank, ONGC, Reliance Industries, and Sun Pharma, have gained by 1-3% each.
On the flipside, Tata Steel is down by almost 4% at Rs 375 after reporting a lower than expected net profit of Rs 503 crore for the third quarter ended December 31, 2013 (Q3), due to higher interest cost.
Coal India, Sesa Sterlite, and NTPC, were the other major losers, declining between 1-2% each. Cipla, Coal India, and BPCL are scheduled to announce their Q3 earnings later today.
Among other shares, Kingfisher Airlines posted Rs 822 cr loss in Q3, compared to a loss of Rs 755 crore a year earlier. Kingfisher has never reported a profit during its eight years of operations and is presently not operating any flights.
GMR Infrastructure was marginally flat at 19.65 after reporting a consolidated net loss of Rs 441 crore for the quarter ended December 2013, which widened from Rs 217 crore posted in the same period a year ago.
Kothari Products remained locked in its upper circuit of 20% at Rs 465, extending yesterday's 12% rally, after its board has recommended the issue of bonus shares in the ratio of 2 (two) bonus equity shares for every 1 (one) existing equity share.
Motherson Sumi has soared over 5% at Rs 230, touching its record high on the BSE, after the company has delivered its best ever results in revenues as well as operating margins for the third quarter ended December 31, 2013 (Q3). The company has reported almost two-and-half fold increase in its consolidated net profit at Rs 250 crore for Q3FY14 against Rs 103 crore in the same period last fiscal.
OnMobile Global has surged by more than 11% to Rs 33.80 after the company's parent firm announced a voluntary open offer to the public shareholders.
JB Chemicals & Pharmaceuticals was down 1.65% to Rs 127.80 after reporting a net loss of Rs 6.5 crore for the third quarter ended December 31, 2013 (Q3FY14), mainly on account of one-time loss of Rs 65 crore due to revision of sale price of Russia-CIS OTC business undertaking.
At 11:30 hours, the Sensex was higher by 119.78 points at 20,483.15, while the Nifty gained 34.10 points to 6,096.80.
The rupee has appreciated by 9 paise to 62.13 against the US dollar on increased selling of the American currency by exporters. Dealers believe that apart from the increased selling by exporters, a higher opening in the domestic equity market supported the rupee.
More From This Section
FIIs continued their selling spree and were net seller of shares worth Rs 165.40 crore on Tuesday, as per provisional data from the stock exchanges.
Meanwhile, the interim Rail Budget is scheduled to be be presented later today, and initial reports indicate that passenger fares may not be touched barring minor changes in a few segments.
The government will also release inflation based on the consumer price index for January and the industrial production for December today.
Broader markets underperformed the benchmark index, with the BSE smallcap and midcap indices gaining between 0.4-0.% each, compared to Sensex's gain of more than 0.6%.
Market breadth was positive, with 1247 stocks advancing, 858 declining, and 111 remaining unchanged.
Asian markets maintained their upwards rally and made modest gains for the fouth straight session. Optimistic economic outlook from Federal Reserve Chair Janet Yellen and the US House of Representatives approving a bill with no provisions attached to extend the limit on the federal government's borrowing authority caused the increased investor confidence in these markets. Japan's Nikkei-225 was up by 0.42% at 14,788.35, while the Hang Seng increased by moe than 1% to 22,190.42
BSE Bankex is the lead gainer, increasing by 1.32%, while Capital Goods, Realty, Auto, Oil & Gas, and IT indices also gaining by 0.6-1.2%. BSE Metal remains the only index to be on the losing side, and has decreased by almost 1.2%.
On the Sensex, GAIL, HDFC Bank, Tata Motors, ICICI Bank, ONGC, Reliance Industries, and Sun Pharma, have gained by 1-3% each.
On the flipside, Tata Steel is down by almost 4% at Rs 375 after reporting a lower than expected net profit of Rs 503 crore for the third quarter ended December 31, 2013 (Q3), due to higher interest cost.
Coal India, Sesa Sterlite, and NTPC, were the other major losers, declining between 1-2% each. Cipla, Coal India, and BPCL are scheduled to announce their Q3 earnings later today.
Among other shares, Kingfisher Airlines posted Rs 822 cr loss in Q3, compared to a loss of Rs 755 crore a year earlier. Kingfisher has never reported a profit during its eight years of operations and is presently not operating any flights.
GMR Infrastructure was marginally flat at 19.65 after reporting a consolidated net loss of Rs 441 crore for the quarter ended December 2013, which widened from Rs 217 crore posted in the same period a year ago.
Kothari Products remained locked in its upper circuit of 20% at Rs 465, extending yesterday's 12% rally, after its board has recommended the issue of bonus shares in the ratio of 2 (two) bonus equity shares for every 1 (one) existing equity share.
Motherson Sumi has soared over 5% at Rs 230, touching its record high on the BSE, after the company has delivered its best ever results in revenues as well as operating margins for the third quarter ended December 31, 2013 (Q3). The company has reported almost two-and-half fold increase in its consolidated net profit at Rs 250 crore for Q3FY14 against Rs 103 crore in the same period last fiscal.
OnMobile Global has surged by more than 11% to Rs 33.80 after the company's parent firm announced a voluntary open offer to the public shareholders.
JB Chemicals & Pharmaceuticals was down 1.65% to Rs 127.80 after reporting a net loss of Rs 6.5 crore for the third quarter ended December 31, 2013 (Q3FY14), mainly on account of one-time loss of Rs 65 crore due to revision of sale price of Russia-CIS OTC business undertaking.