 "Sensex gains over 100 points; BoJ keeps rate unchanged")
Benchmark indices are trading near day’s high after BOJ maintained the 0.1% negative interest rate. The Bank of Japan on Wednesday decided to adopt a target for long-term interest rates in an overhaul of its massive stimulus programme.
By 11:02 am, the S&P BSE Sensex gained 138 points at 28,661 and the Nifty50 rose 42 points to trade at 8,818. Among broader markets, BSE Midcap and Smallcap indices gained 0.5%-1%.
Top gainers from the Sensex pack are Bajaj Auto, Tata Steel, Tata Motors, Axis Bank and Adani Ports, all surging between 1%-2%. On the losing side, ICICI Bank, TCS, Cipla, Dr Reddy’s Labs and Coal India are down 0.1%-0.4%.
Among other shares, Monsanto India is trading higher by 5% at Rs 2,505 on the BSE after German pharma and chemical major Bayer group announced an open offer to buy up to 4.49 million shares representing 26% of the paid-up capital of the agrochemicals Company at Rs 2,481.60 per share.
Essel Propack hits a record high of Rs 245, up 10% on the BSE in early morning trade, after the company announced the acquisition of the remaining stake in Essel Deutschland Germany.
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Updated at 9:55 am
Markets have started the session on a flat note amid mixed Asian cues after the Bank of Japan at its policy meet today kept the deposit rate unchanged.
By 9:55am, the S&P BSE Sensex gained 97 points at 28,621 and the Nifty50 rose 32 points to trade at 8,808. Among broader markets, BSE Midcap and Smallcap indices gained 0.3%-1%.
On Tuesday, Indian equities ended a four-day advance as investors awaited policy decisions from the US Federal Reserve and the Bank of Japan.
"Yesterday’s range trading amidst negative bias prevailed on anticipated lines, which has given a base for an upswing today. Such a move would be in order if early dips to 8,780 finds buying interest. Meanwhile, extent of up move is not clear, suggesting that traders with a positive view need to see 8,870 & 8,780 as critical levels. Break beyond 8,780 may negate the upswing possibilities, may not trigger long liquidation either. Directional downsides are expected only on break beyond 8,580," adds Geojit BNP Paribas in a technical note.
Globally, Asian shares got off to a tentative start on Wednesday, while the yen was steady as investors braced for the outcome of the Bank of Japan's policy meeting amid heightened speculation the central bank will make crucial changes to its massive easing programme.
The BOJ is expected to make negative interest rates the centrepiece of a new policy framework - widely seen as a desperate attempt to show it still has the firepower to lift Japan out of years of stagnation.
Ahead of the decision, MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15%, perched at its highest levels since September 12. Markets in New Zealand and Australia were flat.
US stocks closed marginally higher yesterday on the heels of disappointing housing data, while investors awaited the latest monetary policy decisions from the Federal Reserve at the conclusion of its two-day policy meeting today.
Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,147 crore yesterday as per provisional data released by the stock exchanges.
Besides this, breaking from tradition, the general budget of the union government is likely to be presented on February 1 instead of the last day of the month, as part of an overhaul that would also scrap the practice of a separate railway budget.
Top gainers from the Sensex pack are Adani ports, Axis Bank, Bharti Airtel, GAIL and HDFC Bank, all surging between 0.4%-2%.
Indian Oil and GAIL will sign an agreement on Wednesday with coal trader Adani Enterprises Ltd , which will be building the five million tonne LNG regasification terminal, Indian Oil said in a statement on Tuesday.
On the losing side, Tata Motors, Maruti Suzuki, ICICI Bank, M&M and Coal India are down 0.2%-1%.
Coal India (CIL) is looking for newer ways to invest its surplus into technological innovations. It plans to invest Rs 10,000-12,000 crore over the next three to four years in producing hydrocarbons from coal.
Mahindra & Mahindra (M&M) announced regarding incorporation of a subsidiary company in Brazil namely CMN Solutions Q013 Participacoes Ltda (target). M&M along with its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) (MOICML) would acquire 100% of the capital stock of the target which would further acquire assets of a tractor distributor in Brazil viz.
NBCC (India) has secured contract worth approximately Rs 440 crore from ESIC, Ministry of Labour & Employment, Government of India for construction of 100 bedded hospital(s) at Haridwar and Dehradun (Uttarakhand) and 300 bedded hospital at Indore. The stock is up almost 2%.
With Reuters inputs
By 11:02 am, the S&P BSE Sensex gained 138 points at 28,661 and the Nifty50 rose 42 points to trade at 8,818. Among broader markets, BSE Midcap and Smallcap indices gained 0.5%-1%.
Top gainers from the Sensex pack are Bajaj Auto, Tata Steel, Tata Motors, Axis Bank and Adani Ports, all surging between 1%-2%. On the losing side, ICICI Bank, TCS, Cipla, Dr Reddy’s Labs and Coal India are down 0.1%-0.4%.
Among other shares, Monsanto India is trading higher by 5% at Rs 2,505 on the BSE after German pharma and chemical major Bayer group announced an open offer to buy up to 4.49 million shares representing 26% of the paid-up capital of the agrochemicals Company at Rs 2,481.60 per share.
Essel Propack hits a record high of Rs 245, up 10% on the BSE in early morning trade, after the company announced the acquisition of the remaining stake in Essel Deutschland Germany.
************************************
Updated at 9:55 am
Markets have started the session on a flat note amid mixed Asian cues after the Bank of Japan at its policy meet today kept the deposit rate unchanged.
By 9:55am, the S&P BSE Sensex gained 97 points at 28,621 and the Nifty50 rose 32 points to trade at 8,808. Among broader markets, BSE Midcap and Smallcap indices gained 0.3%-1%.
On Tuesday, Indian equities ended a four-day advance as investors awaited policy decisions from the US Federal Reserve and the Bank of Japan.
"Yesterday’s range trading amidst negative bias prevailed on anticipated lines, which has given a base for an upswing today. Such a move would be in order if early dips to 8,780 finds buying interest. Meanwhile, extent of up move is not clear, suggesting that traders with a positive view need to see 8,870 & 8,780 as critical levels. Break beyond 8,780 may negate the upswing possibilities, may not trigger long liquidation either. Directional downsides are expected only on break beyond 8,580," adds Geojit BNP Paribas in a technical note.
Globally, Asian shares got off to a tentative start on Wednesday, while the yen was steady as investors braced for the outcome of the Bank of Japan's policy meeting amid heightened speculation the central bank will make crucial changes to its massive easing programme.
The BOJ is expected to make negative interest rates the centrepiece of a new policy framework - widely seen as a desperate attempt to show it still has the firepower to lift Japan out of years of stagnation.
Ahead of the decision, MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15%, perched at its highest levels since September 12. Markets in New Zealand and Australia were flat.
US stocks closed marginally higher yesterday on the heels of disappointing housing data, while investors awaited the latest monetary policy decisions from the Federal Reserve at the conclusion of its two-day policy meeting today.
Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,147 crore yesterday as per provisional data released by the stock exchanges.
Besides this, breaking from tradition, the general budget of the union government is likely to be presented on February 1 instead of the last day of the month, as part of an overhaul that would also scrap the practice of a separate railway budget.
Top gainers from the Sensex pack are Adani ports, Axis Bank, Bharti Airtel, GAIL and HDFC Bank, all surging between 0.4%-2%.
Indian Oil and GAIL will sign an agreement on Wednesday with coal trader Adani Enterprises Ltd , which will be building the five million tonne LNG regasification terminal, Indian Oil said in a statement on Tuesday.
On the losing side, Tata Motors, Maruti Suzuki, ICICI Bank, M&M and Coal India are down 0.2%-1%.
Coal India (CIL) is looking for newer ways to invest its surplus into technological innovations. It plans to invest Rs 10,000-12,000 crore over the next three to four years in producing hydrocarbons from coal.
Mahindra & Mahindra (M&M) announced regarding incorporation of a subsidiary company in Brazil namely CMN Solutions Q013 Participacoes Ltda (target). M&M along with its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) (MOICML) would acquire 100% of the capital stock of the target which would further acquire assets of a tractor distributor in Brazil viz.
NBCC (India) has secured contract worth approximately Rs 440 crore from ESIC, Ministry of Labour & Employment, Government of India for construction of 100 bedded hospital(s) at Haridwar and Dehradun (Uttarakhand) and 300 bedded hospital at Indore. The stock is up almost 2%.
With Reuters inputs