 "Sensex up 100 points, Nifty holds 7,700; HDFC, Tata Motors lead")
Benchmark indices continue to trade higher led by buying demand among pharma and index heavyweights HDFC and Tata Motors.
At 11:38 am, the S&P BSE Sensex was up 147 points at 25,248 and Nifty50 was up 30 points at 7,737.
In overseas stock markets, Asian stocks edged lower on data showing slowdown in growth in China's services sector last month. The China Caixin services purchasing managers' index (PMI) dropped to 51.8 in April from 52.2 in March.
Back home, HDFC, Tata Motors, BHEL, Sun Pharma and Lupin are top five Sensex gainers, all up between 1%-3%.
Shares of United Breweries (Rs 726), Alstom T&D India (Rs 344) and Ricoh India (Rs 272) have touched their respective 52-week lows on the BSE in intra-day trade in an otherwise firm market.
Hexaware Technologies slumped nearly 10% to Rs 206 on the National Stock Exchange (NSE) after the company reported 15% decline in consolidated net profit at Rs 84 crore for the quarter ended March 31, 2016 (Q1FY16) on a sequential basis.
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Updated at 10:30 am
Benchmark shares indices continued to trade near their day's high with pharma and financial shares leading the gains.
At 10:30am, the S&P BSE Sensex was up 144 points at 25,245 and Nifty50 was up 29 points at 7,737. In the broader market, the BSE Midcap and Smallcap were up 0.1%-0.3% each. Market breadth improved further with 1091 gainers and 778 losers on the BSE.
Sun Pharma was up nearly 2% amid reports that the pharma major is scouting for a partner to market 14 brands it acquired from Novartis in Japan. Among others Lupin was up 1.8%.
In the financial segment, HDFC was up 2.5% after a foreign brokerage upgraded the stock post its fourth quarter earnings. Other gainers include, ICICI Bank and HDFC Bank.
Among other shares, V-Guard Industries surged 15% to Rs 1,134, also its 52-week high on the BSE in early morning trade, after the company's net profit more than doubled to Rs 42 crore for the quarter ended March 31, 2016 (Q4FY16), on back of strong revenue growth. The company had reported a profit of Rs 20 crore in the year ago quarter.
Hexaware Technologies slumped nearly 10% to Rs 206 on the National Stock Exchange (NSE) in early morning trade after the company reported 15% decline in consolidated net profit at Rs 84 crore for the quarter ended March 31, 2016 (Q1FY16) on a sequential basis.
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(Updated at 9:30am)
Markets opened higher on Thursday with financial shares leading the gains along with pharma major Sun Pharma.
At 9:30am, the S&P BSE Sensex was up 93 points at 25,195 and the Nifty50 was up 20 points at 7,726. In the broader market, the BSE Midcap and Smallcap indices were up 0.2% each. Market breadth was firm with 768 gainers and 467 losers on the BSE.
"Oscillators have moved into oversold territory, the potential for upswings can be played early in the day, but the strength of the same may be expected to be acutely challenged on moves towards 7790. Direct rise above the same, should shrug off bearish bias, but it would be prudent to wait until another 100 points above before following the upmove with more vigour. Until then the prospects of fall back needs to be carefully played with caution," Geojit BNP Paribas said in a technical note.
The government on Wednesday said the monsoon is expected to hit Kerala by May-end or early June and that a formal forecast may be issued by May 15.
BSE Capital Goods, Healthcare and FMCG were among the top sectoral gainers while Metal, Oil & Gas indices were among the top losers.
Mortgage lender HDFC extended gains and was up over 1% after a foreign brokerage upgraded the stock post its fourth quarter earnings.
Sun Pharma was up over 2% amid reports that the pharma major is scouting for a partner to market 14 brands it acquired from Novartis in Japan.
Tata Motors recovered after losses in the previous session amid weak US JLR sales. The stock was up over 1%.
Among the index heavyweights Reliance Industries and Infosys were up 0.3% each.
Adani Ports which had slumped 12% in the previous session extended losses and was down over 3% after the company reported a operational weak quarter. The company also said that its board has approved plans to raise funds upto Rs 10,000 crore through issue of equity shares and various other financial instruments.
GLOBAL MARKETS
Asian shares are trading lower for the seventh consecutive trading session after a mixed set of US economic data failed to enthuse the investors. Hong Kong’s Hang Seng and China’s Shanghai Composite are trading lower between 0.2%-0.4%. Meanwhile, Japanese markets are shut on account of a public holiday.
Overnight, the US equities fell on account of mixed economic data. US services sector expanded in April as new orders and employment advanced while, the ADP private sector employment report indicated that hiring for the month of April touched its lowest in three years. The Dow Jones Industrial Average fell 0.6% to close at 17,651.26 and the S&P500 dipped 0.6% to end 2,051.12.
At 11:38 am, the S&P BSE Sensex was up 147 points at 25,248 and Nifty50 was up 30 points at 7,737.
Read more from our special coverage on "MARKETS"
In overseas stock markets, Asian stocks edged lower on data showing slowdown in growth in China's services sector last month. The China Caixin services purchasing managers' index (PMI) dropped to 51.8 in April from 52.2 in March.
Back home, HDFC, Tata Motors, BHEL, Sun Pharma and Lupin are top five Sensex gainers, all up between 1%-3%.
Shares of United Breweries (Rs 726), Alstom T&D India (Rs 344) and Ricoh India (Rs 272) have touched their respective 52-week lows on the BSE in intra-day trade in an otherwise firm market.
Hexaware Technologies slumped nearly 10% to Rs 206 on the National Stock Exchange (NSE) after the company reported 15% decline in consolidated net profit at Rs 84 crore for the quarter ended March 31, 2016 (Q1FY16) on a sequential basis.
***************************
Updated at 10:30 am
Benchmark shares indices continued to trade near their day's high with pharma and financial shares leading the gains.
At 10:30am, the S&P BSE Sensex was up 144 points at 25,245 and Nifty50 was up 29 points at 7,737. In the broader market, the BSE Midcap and Smallcap were up 0.1%-0.3% each. Market breadth improved further with 1091 gainers and 778 losers on the BSE.
Sun Pharma was up nearly 2% amid reports that the pharma major is scouting for a partner to market 14 brands it acquired from Novartis in Japan. Among others Lupin was up 1.8%.
In the financial segment, HDFC was up 2.5% after a foreign brokerage upgraded the stock post its fourth quarter earnings. Other gainers include, ICICI Bank and HDFC Bank.
Among other shares, V-Guard Industries surged 15% to Rs 1,134, also its 52-week high on the BSE in early morning trade, after the company's net profit more than doubled to Rs 42 crore for the quarter ended March 31, 2016 (Q4FY16), on back of strong revenue growth. The company had reported a profit of Rs 20 crore in the year ago quarter.
Hexaware Technologies slumped nearly 10% to Rs 206 on the National Stock Exchange (NSE) in early morning trade after the company reported 15% decline in consolidated net profit at Rs 84 crore for the quarter ended March 31, 2016 (Q1FY16) on a sequential basis.
________________________
(Updated at 9:30am)
Markets opened higher on Thursday with financial shares leading the gains along with pharma major Sun Pharma.
At 9:30am, the S&P BSE Sensex was up 93 points at 25,195 and the Nifty50 was up 20 points at 7,726. In the broader market, the BSE Midcap and Smallcap indices were up 0.2% each. Market breadth was firm with 768 gainers and 467 losers on the BSE.
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"Oscillators have moved into oversold territory, the potential for upswings can be played early in the day, but the strength of the same may be expected to be acutely challenged on moves towards 7790. Direct rise above the same, should shrug off bearish bias, but it would be prudent to wait until another 100 points above before following the upmove with more vigour. Until then the prospects of fall back needs to be carefully played with caution," Geojit BNP Paribas said in a technical note.
The government on Wednesday said the monsoon is expected to hit Kerala by May-end or early June and that a formal forecast may be issued by May 15.
BSE Capital Goods, Healthcare and FMCG were among the top sectoral gainers while Metal, Oil & Gas indices were among the top losers.
Mortgage lender HDFC extended gains and was up over 1% after a foreign brokerage upgraded the stock post its fourth quarter earnings.
Sun Pharma was up over 2% amid reports that the pharma major is scouting for a partner to market 14 brands it acquired from Novartis in Japan.
Tata Motors recovered after losses in the previous session amid weak US JLR sales. The stock was up over 1%.
Among the index heavyweights Reliance Industries and Infosys were up 0.3% each.
Adani Ports which had slumped 12% in the previous session extended losses and was down over 3% after the company reported a operational weak quarter. The company also said that its board has approved plans to raise funds upto Rs 10,000 crore through issue of equity shares and various other financial instruments.
GLOBAL MARKETS
Asian shares are trading lower for the seventh consecutive trading session after a mixed set of US economic data failed to enthuse the investors. Hong Kong’s Hang Seng and China’s Shanghai Composite are trading lower between 0.2%-0.4%. Meanwhile, Japanese markets are shut on account of a public holiday.
Overnight, the US equities fell on account of mixed economic data. US services sector expanded in April as new orders and employment advanced while, the ADP private sector employment report indicated that hiring for the month of April touched its lowest in three years. The Dow Jones Industrial Average fell 0.6% to close at 17,651.26 and the S&P500 dipped 0.6% to end 2,051.12.