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Markets pare early gains; IT shares shine

The 30-share Sensex was down 45 points at 229,639 and the 50-share Nifty was down 11 points at 8,947

SI Reporter Mumbai
Last Updated : Jan 30 2015 | 9:40 AM IST
Benchmark indices have turned marginally weak , amid range bound trading, after paring the early gains which had helped the markets to touch their fresh record highs in today’s session.
 
At 9:35AM, the 30-share Sensex was down 45 points at 229,639 and the 50-share Nifty was down 11 points at 8,947.
 
The Sensex has hit the all-time high of 29,844.16 and Nifty has touched the life-time high of 8,996.60 in today's session.
 

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In the broader market, both the BSE Midcap index, up 0.6% and Smallcap index, up 0.4%, have performed better than the front-liners. Market breadth in BSE is positive with 1,001 advances against 497 declines.     
 
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 1,723.77 crore on Thursday, as per provisional stock exchange data
 
Buzzing Stocks
 
6 of the 12 sectoral indices of BSE are in green. BSE Realty index has gained 1.6% and is the top gainer followed by BSE IT index, up 1.4% and BSE Capital Goods index, up 0.5%.
 
Coal India has declined over 3% after the government fixed Rs 358 a share as the floor price for up to 10% stake sale in the company, which may help the exchequer garner about Rs 22,600 crore in the biggest sale of shares. The floor price or minimum selling price is nearly 5% below yesterday's closing price of Rs 375.15 a share.
 
IT shares are trading higher tracking the strong gains in HCL Tech which has gained around 7% on better-than-expected Q2 results. Wipro has gained 1.3%, Infosys is up 0.5% and TCS is up 0.8%.
 
IT major HCL Tech today reported a Q2 net profit of Rs 1,915 crore, up 2.3% sequentially. On a year-on-year basis, the net profit was up 28%.
 
Adani Enterprises, the holding company of the Adani group, is set to restructure the shareholding of group companies to offer its shareholders stakes in its listed power and port subsidiaries. Adani Enterprise has gained over 4%
 
ICICI Bank is down 0.5% head of the release of its quarterly result later today.

Global Markets
 
Asian markets are trading marginally higher. After falling over 1% in yesterday's session, Nikkei is trading higher by 0.6%. Chinese markets have rebounded too, however their gains are rather muted. Hang Seng index is marginally up by 0.1% while Shanghai Composite index is trading flat.
 
 
Overnight, US stocks ended higher following an upturn in oil prices, and a rally in Apple and Boeing shares helped offset some disappointing earnings and lingering questions over U.S. monetary policy. The Dow Jones industrial average rose 1.3%, the S&P 500 gained 0.9% and the Nasdaq Composite added   0.9%.
 
 

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First Published: Jan 30 2015 | 9:35 AM IST

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