 "Sensex gains 100 points, Nifty holds 8,650; ITC up 3%")
Markets continue to hold on to their gains supported by strong buying among index heavyweight ITC, auto and information technology shares.
By 10:47 am, the S&P BSE Sensex gained 113 points at 28,116 and the Nifty50 inched up 29 points to trade at 8,666.
Top gainers from the Sensex pack are ITC, Maruti Suzuki, Asian Paints, Hero MotoCorp and HUL, all surging between 1%-3%.
Shares of Maruti Suzuki India touched Rs 5,000 mark, a fresh record high on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), crossing the market capitalisation (m-cap) of Rs 150,000 crore on Tuesday.
FMCG majors like ITC and HUL firmed up on renewed buying interest on expectations that rural volume growth may pick up pace after the IMD said rains during August and September would be ‘above normal’. ITC has surged over 2.5%.
InterGlobe Aviation (IndiGo) dipped 7% to Rs 906 on the BSE in early morning trade after the company reported 7.3% year on year (YoY) decline in net profit of Rs 592 crore for the quarter ended June 30, 2016 (Q1FY17) due to higher non-fuel expenses.
Advanced Enzyme Technologies has rallied 10% to Rs 1,295 on the National Stock Exchange (NSE), extending its 30% surge on Monday, listing day, after Reliance Mutual Fund bought shares of the firm through the open market on debut.
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Updated at 9:30 am
Markets have turned positive after making a flat opening tracking subdued global cues and fall in crude oil prices.
Hopes of GST bill getting passed in Parliament tomorrow, favourable macro-economic data and forecast of above normal rains have kept the mood of domestic investors’ buoyant.
By 9:30 am, the S&P BSE Sensex gained 77 points at 28,080 and the Nifty50 inched up 21 points to trade at 8,658. Broader markets are trading positive- BSE Midcap and Smallcap indices are up 0.3%-0.4%.
"Nifty has to decisively cross and close above 8,665 zones to witness a fresh up move towards 8,750-8,777 zones while holding below 8,550 may cause a profit booking decline towards 8,475-8,445 zones", adds Anand Rathi in its morning note.
On Monday, markets ended flat with negative bias, amid a volatile trading session, with L&T and ICICI Bank leading the decline amid weak corporate earnings.
Among macro-economic front, growth in the eight core sectors rose 5.2% in June, on the back of robust growth in coal and cement production. The index recovered from a five-month low in May, when it had grown 2.8%.
Besides, the India Meteorological Department (IMD) on Monday retained its earlier forecast of ‘above normal’ rains during the four-month season of monsoon that started in June.
In the overseas markets, Asian shares edged lower in early trading on Tuesday, taking their cues from a modestly lower day on Wall Street as US crude oil prices slid.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2% in early trading. The S&P 500 had hit an intraday record high overnight, but was unable to hold gains.
Hong Kong was bracing for Typhoon Nida, shutting down most of the financial hub. Japan's Nikkei stock index slipped 0.8% in early trade, as the dollar edged lower against the yen.
US crude tumbled below $40 per barrel on Monday for the first time since April, on heightened worries of a supply glut despite peak summer gasoline demand.
Back home, Century Plyboards (India), EIH, Indian Bank, JM Financial, Tata Investment Corporation, Torrent Power and Voltas will unveil their first quarter earnings today.
Pharma majors like Lupin, Cipla, Sun Pharma and Dr Reddy’s Labs have gained 0.2%-1%.
Cipla has appointed Kedar Upadhye as its Global chief financial officer (CFO) effective from Monday.
Auto majors like Maruti Suzuki and M&M are up 1%-1.2% after registering strong growth in domestic sales in July on improved consumer sentiment.
Mahindra & Mahindra on Monday reported a 14% rise in total sales to 39,458 units in July. Maruti Suzuki clocked its highest-ever monthly sales in July, reporting a growth of 13.9%.
Tech Mahindra posted a consolidated profit after tax (PAT) of Rs 750 crore for the quarter ended June, up 20.5 per cent over the year-ago period. Revenue rose 10 per cent to Rs 6,921 crore. The stock is up over 3%.
By 10:47 am, the S&P BSE Sensex gained 113 points at 28,116 and the Nifty50 inched up 29 points to trade at 8,666.
Top gainers from the Sensex pack are ITC, Maruti Suzuki, Asian Paints, Hero MotoCorp and HUL, all surging between 1%-3%.
Shares of Maruti Suzuki India touched Rs 5,000 mark, a fresh record high on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), crossing the market capitalisation (m-cap) of Rs 150,000 crore on Tuesday.
FMCG majors like ITC and HUL firmed up on renewed buying interest on expectations that rural volume growth may pick up pace after the IMD said rains during August and September would be ‘above normal’. ITC has surged over 2.5%.
InterGlobe Aviation (IndiGo) dipped 7% to Rs 906 on the BSE in early morning trade after the company reported 7.3% year on year (YoY) decline in net profit of Rs 592 crore for the quarter ended June 30, 2016 (Q1FY17) due to higher non-fuel expenses.
Advanced Enzyme Technologies has rallied 10% to Rs 1,295 on the National Stock Exchange (NSE), extending its 30% surge on Monday, listing day, after Reliance Mutual Fund bought shares of the firm through the open market on debut.
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Updated at 9:30 am
Markets have turned positive after making a flat opening tracking subdued global cues and fall in crude oil prices.
Hopes of GST bill getting passed in Parliament tomorrow, favourable macro-economic data and forecast of above normal rains have kept the mood of domestic investors’ buoyant.
ALSO READ: Rajya Sabha to debate GST Bill Tuesday
By 9:30 am, the S&P BSE Sensex gained 77 points at 28,080 and the Nifty50 inched up 21 points to trade at 8,658. Broader markets are trading positive- BSE Midcap and Smallcap indices are up 0.3%-0.4%.
"Nifty has to decisively cross and close above 8,665 zones to witness a fresh up move towards 8,750-8,777 zones while holding below 8,550 may cause a profit booking decline towards 8,475-8,445 zones", adds Anand Rathi in its morning note.
On Monday, markets ended flat with negative bias, amid a volatile trading session, with L&T and ICICI Bank leading the decline amid weak corporate earnings.
Among macro-economic front, growth in the eight core sectors rose 5.2% in June, on the back of robust growth in coal and cement production. The index recovered from a five-month low in May, when it had grown 2.8%.
Besides, the India Meteorological Department (IMD) on Monday retained its earlier forecast of ‘above normal’ rains during the four-month season of monsoon that started in June.
In the overseas markets, Asian shares edged lower in early trading on Tuesday, taking their cues from a modestly lower day on Wall Street as US crude oil prices slid.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2% in early trading. The S&P 500 had hit an intraday record high overnight, but was unable to hold gains.
Hong Kong was bracing for Typhoon Nida, shutting down most of the financial hub. Japan's Nikkei stock index slipped 0.8% in early trade, as the dollar edged lower against the yen.
US crude tumbled below $40 per barrel on Monday for the first time since April, on heightened worries of a supply glut despite peak summer gasoline demand.
Back home, Century Plyboards (India), EIH, Indian Bank, JM Financial, Tata Investment Corporation, Torrent Power and Voltas will unveil their first quarter earnings today.
Pharma majors like Lupin, Cipla, Sun Pharma and Dr Reddy’s Labs have gained 0.2%-1%.
Cipla has appointed Kedar Upadhye as its Global chief financial officer (CFO) effective from Monday.
Auto majors like Maruti Suzuki and M&M are up 1%-1.2% after registering strong growth in domestic sales in July on improved consumer sentiment.
Mahindra & Mahindra on Monday reported a 14% rise in total sales to 39,458 units in July. Maruti Suzuki clocked its highest-ever monthly sales in July, reporting a growth of 13.9%.
Tech Mahindra posted a consolidated profit after tax (PAT) of Rs 750 crore for the quarter ended June, up 20.5 per cent over the year-ago period. Revenue rose 10 per cent to Rs 6,921 crore. The stock is up over 3%.