Sensex, Nifty hit record highs; TCS, HDFC up 2%

Markets are trading firm after Nifty touched 7,958 levels in the early trades and Sensex touched 26,591 mark led by gains in select financials and IT major TCS contributing the most to the rise on the benchmark indices. 

 

At 11 AM, the 30-share Sensex is up 165 points at 26, 584 and the 50-share Nifty is up 37 points at 7,951.

 

BHEL, TCS, Maruti Suzuki, HDFC and SBI are the top 5 gainers on the BSE. BHEL, TCS, Indusind Bank, Kotak Mahindra and HDFC are the top 5 gainers on the NSE.

 

In the broader market, the BSE Mid-cap and Small-cap indices are trading 0.2-0.5% higher.

 

Market breadth is strong with 1373 gainers and 970 losers on the BSE.

Among other shares, Jet Airways has dipped nearly 5% to Rs 232 in early morning deals on BSE on reports that the credit rating agency Icra has downgraded the company’s loan ratings from “”BB” to “D”. Instruments with “D” rating are in default or are expected to be in default soon.

 

Ranbaxy Laboratories has gained 1.5% to Rs 655, also its record high on National Stock Exchange (NSE), on reports that UBS has maintained buy rating on the stock with a target price of Rs 784 per share.

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(updated at 10.20 AM)
Markets are trading steady in the morning trades after Nifty touched 7,958 levels in the early trades led by gains in select financials and IT major TCS contributing the most to the rise on the 50-share Nifty. 

 

At 10.20 AM, the 30-share Sensex is up 126 points at 26, 541 and the 50-share Nifty is up 30 points at 7,943.

 

BHEL, SBI, Maruti Suzuki, HDFC and M&M are the top 5 gainers on the BSE. BHEL, Maruti Suzuki, Indusind Bank, Kotak Mahindra and SBI are the top 5 gainers on the NSE.

 

In the broader market, the BSE Mid-cap and Small-cap indices are trading 0.2-0.5% higher.

 

Market breadth is strong with 1309 gainers and 808 losers on the BSE.

Rupee:

The rupee is trading at 60.45/46, little changed from its its Friday close of 60.4650/4750.

 

The dollar gained against the euro and the yen as investors bet that interest rates were set on a divergent course in the United States, Europe and Japan.
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(updated at 9.38 AM)

Markets have opened on a positive note with Nifty touching fresh record high on sustained buying by foreign investors shrugging off mixed trend in Asian markets. 

However, markets are likely to remain volatile as investors will remain cautious on account of August derivative contracts on Thursday.
 

At 9:38AM, the 30-share Sensex is up 121 points at 26, 541 and the 50-share Nifty is up 32 points at 7,945 after hitting a fresh record high of 7,950.75 so far.

 

In the broader market, the BSE Mid-cap and Small-cap indices are trading 0.3% higher.

 

Market breadth is strong with 635 gainers and 183 losers on the BSE.

Meanwhile, foreign portfolio investors bought shares worth a net Rs 302 crore on Friday, as per provisional data from the stock exchanges.

 

Across the Globe:

 

On the global front, Tokyo stocks rebounded on Monday morning, spurred by gains for exporters as the yen weakened to a seven-month low against the dollar after a gathering of central bankers underlined the diverging paths of interest rates in Japan and the United States.

The benchmark Nikkei average rose 0.2% to 15,569.57 points. It shed 0.3% on Friday, breaking a nine-day winning streak - the longest since December.

Wall Street and other stock markets paused on Friday, halting the week's strong gains, as worsening Ukraine tensions dogged trading, while the dollar rose after Federal Reserve Chair Janet Yellen said policymakers eyeing interest rate hikes need to move cautiously.

 

Ukraine on Friday said Russia had launched a "direct invasion" of its territory after Moscow sent a convoy of aid trucks across the border into eastern Ukraine, where pro-Russian rebels are fighting government forces.

Sectors & Stocks:

 

On the sectoral front, BSE Oil and Gas index is leading the rally along with Capital goods up over 0.5% followed by Auto, Healthcare and Metal indices. In contrast, Consumer durables index is losing sheen on the BSE down 0.3%. However, BSE IT and Teck indices are trading flat with positive bias.

 

Auto stocks are witnessing an upsurge during the early trades with Index heavyweight Tata Motors and Maruti Suzuki up over 1%. Hero Motocorp and M&M are trading marginally in green.

 

Engineering conglomerate L&T is up over 0.55. BHEL has added 0.5% to the rise.

 

Oil and Gas major RIL has surged 1%. ONGC has gained nearly 1%.

 

In the financial space, ICICI Bank, HDFC, SBI and Axis Bank have climbed between 0.2-0.7%.

 

Bharti Airtel, Hindalco, sun Pharma are some of the prominent names in green up over 1%.

 

On the flip side, IT major Infosys is down 0.5%.

 

HDFC Bank, Bajaj Auto and Cipla are some of the notable names in red down over 0.5%.