 "Nifty hovers around 8,650; Aurobindo Pharma up 5%")
Markets opened higher on Wednesday with select index heavyweights gaining the most led by Infosys and HDFC. Further, upside gains are likely to be capped later in the day as traders roll-over positions to the September series with the August derivative contracts set to expire on Thursday.
At 9:45am, the S&P BSE Sensex was up 48 points at 28,038 and the Nifty50 was up 15 points at 8,647.
Meanwhile, India is keen to rework the two-decade old treaty because it wants to extend to Singapore the capital gains tax provisions of a revised tax pact with Mauritius, according to a PTI report.
Oil shares were also among the top gainers in early trades with Reliance Industries up 0.6%-1.2% each.
Maruti Suzuki was up nearly 2% on reports of a foreign brokerage upgrade.
NTPC rebounded to gain 1% post its June quarter earnings. The state-owned power major registered 4% growth in standalone net profit at Rs 2,370 crore for the June 2016 quarter compared with Rs 2,277 crore in the same quarter last year.
Aurobindo Pharma was up 5% after the pharma major reported a 24% increase in consolidated net profit at Rs 585 crore for the quarter ended June, 2016 driven by double-digit sales growth across major markets led by the US formulations business. The net profit for the year ago period was Rs 471 crore.
Among other shares, Welpsun India extended losses for the third straight session and was down 10%. US-based Target Corp announced last week it was terminating business with the Indian manufacturer for substituting the cotton in bedsheets with a different type than the contracted Egyptian one.
Majesco surged over 10% after its US-based subsidiary Majesco USA announced a strategic partnership with Elafris Inc., a supplier of an artificial intelligence powered chatbot messaging platform.
Engineers India was up over 4% after the state-owned company reported a net profit of Rs 80 crore for the quarter ended June 2016 compared with Rs 54 crore for the quarter ended June 2015.
GLOBAL MARKETS
Asian markets were trading mixed after profit taking emerged at higher levels even as global crude oil prices slipped after data indicated increase in US inventories. Japan's Nikkei was up 0.6% while Shanghai was trading flat with negative bias. Hong Kong shares were the top losers in the region with financials leading the decline. The benchmark Hang Seng was down nearly 1%.
US stocks edged higher wit realty shares among the top gainers on the back of encouraging growth in home sales in July. The Dow Jones industrial average ended up 0.1% at 18,547, the S&P 500 edged 0.2% higher at 2,187 and the Nasdaq Composite gained 0.3% to settle at 5,260.
At 9:45am, the S&P BSE Sensex was up 48 points at 28,038 and the Nifty50 was up 15 points at 8,647.
Meanwhile, India is keen to rework the two-decade old treaty because it wants to extend to Singapore the capital gains tax provisions of a revised tax pact with Mauritius, according to a PTI report.
Also Read
Infosys has extended gains rebounding from its 52-week lows on renewed buying interest to gain over 1%.
Oil shares were also among the top gainers in early trades with Reliance Industries up 0.6%-1.2% each.
Maruti Suzuki was up nearly 2% on reports of a foreign brokerage upgrade.
NTPC rebounded to gain 1% post its June quarter earnings. The state-owned power major registered 4% growth in standalone net profit at Rs 2,370 crore for the June 2016 quarter compared with Rs 2,277 crore in the same quarter last year.
Aurobindo Pharma was up 5% after the pharma major reported a 24% increase in consolidated net profit at Rs 585 crore for the quarter ended June, 2016 driven by double-digit sales growth across major markets led by the US formulations business. The net profit for the year ago period was Rs 471 crore.
Among other shares, Welpsun India extended losses for the third straight session and was down 10%. US-based Target Corp announced last week it was terminating business with the Indian manufacturer for substituting the cotton in bedsheets with a different type than the contracted Egyptian one.
Majesco surged over 10% after its US-based subsidiary Majesco USA announced a strategic partnership with Elafris Inc., a supplier of an artificial intelligence powered chatbot messaging platform.
Engineers India was up over 4% after the state-owned company reported a net profit of Rs 80 crore for the quarter ended June 2016 compared with Rs 54 crore for the quarter ended June 2015.
GLOBAL MARKETS
Asian markets were trading mixed after profit taking emerged at higher levels even as global crude oil prices slipped after data indicated increase in US inventories. Japan's Nikkei was up 0.6% while Shanghai was trading flat with negative bias. Hong Kong shares were the top losers in the region with financials leading the decline. The benchmark Hang Seng was down nearly 1%.
US stocks edged higher wit realty shares among the top gainers on the back of encouraging growth in home sales in July. The Dow Jones industrial average ended up 0.1% at 18,547, the S&P 500 edged 0.2% higher at 2,187 and the Nasdaq Composite gained 0.3% to settle at 5,260.