 "Markets edge higher; Sun Pharma up 1%, JSPL up 3%")
Markets are opened flat with negative bias tracking weakness in Asia. However, volatility cannot be ruled out later today as traders shift positions ahead of expiry of March derivative contracts on Thursday.
At 9:35AM, the 30-share Sensex was up 33 points at 28, 224 and the 50-share Nifty was up 8 points at 8,558.
According to Angel Broking report, "The trend deciding level for the day is 28,247/8,567 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,330–28,468/ 8,593–8,634 levels. However, if NIFTY trades below 28,247/8,567 levels for the first half-an-hour of trade then it may correct towards 28,109–
28,026/ 8,525–8,499 levels."
Foreign Institutional Investors were net buyers in equities worth Rs 417 crore on Monday, as per provisional stock exchange data.
Investment trends by overseas investors, movement of rupee against the dollar and crude oil would also influence trading. The next major trigger for the Indian markets is Q4 results of India Inc. The Q4 results season starts during second week of April, 2015.
GLOBAL MARKETS
An index of Asian shares erased its early gains on Tuesday after a measure of Chinese factory activity unexpectedly skidded to an 11-month low.
The flash HSBC/Markit Purchasing Managers' Index (PMI) dipped to 49.2 in March, below the 50-point level. Economists polled by Reuters had forecast a reading of 50.6, slightly weaker than February's final PMI of 50.7.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1%.
The Shanghai Composite Index, which has recently pushed to seven-year highs, sagged 0.3% in early trading. Japan's Nikkei stock average slipped about 0.5%, pulling away from the previous session's 15-year highs.
SECTORS & STOCKS
BSE Healthcare index was the top gainer up 0.8% followed by Consumer Durbales, Capital Goods, Power and IT indices among others. Metal and Realty indices were trading with marginal losses.
Sun Pharma was up 1.4% after the Competition Commission of India (CCI) has given its approval to divest seven brands by Sun Pharmaceutical Industries and Ranbaxy Laboratories to Pune-based Emcure Pharmaceuticals paving the way for the proposed $4-billion merger deal.
Dr Reddy's Labs was up nearly 1% after the company said it has entered into a licencing agreement with Hyderabd-based Hetero Drugs Limited to distribute and market chronic Hepatitis C medicine Sofosbuvir 400 mg under the brand name Resof in India.
Jindal Steel & Power was up 3% after the Delhi High Court ordered status quo on the Tara block and asked the government to file a reply in the case of the Gare Palma IV/2 and IV/3 blocks. The stock had slumped over 6% in the previous session after the government decided to reject three bids of the company.
In the broader market, the BSE Mid-cap and Small-cap indices were trading flat with positive bias.
Market breadth was strong with 754 gainers and 650 losers on the BSE.
At 9:35AM, the 30-share Sensex was up 33 points at 28, 224 and the 50-share Nifty was up 8 points at 8,558.
According to Angel Broking report, "The trend deciding level for the day is 28,247/8,567 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,330–28,468/ 8,593–8,634 levels. However, if NIFTY trades below 28,247/8,567 levels for the first half-an-hour of trade then it may correct towards 28,109–
28,026/ 8,525–8,499 levels."
Also Read
Foreign Institutional Investors were net buyers in equities worth Rs 417 crore on Monday, as per provisional stock exchange data.
Investment trends by overseas investors, movement of rupee against the dollar and crude oil would also influence trading. The next major trigger for the Indian markets is Q4 results of India Inc. The Q4 results season starts during second week of April, 2015.
GLOBAL MARKETS
An index of Asian shares erased its early gains on Tuesday after a measure of Chinese factory activity unexpectedly skidded to an 11-month low.
The flash HSBC/Markit Purchasing Managers' Index (PMI) dipped to 49.2 in March, below the 50-point level. Economists polled by Reuters had forecast a reading of 50.6, slightly weaker than February's final PMI of 50.7.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1%.
The Shanghai Composite Index, which has recently pushed to seven-year highs, sagged 0.3% in early trading. Japan's Nikkei stock average slipped about 0.5%, pulling away from the previous session's 15-year highs.
SECTORS & STOCKS
BSE Healthcare index was the top gainer up 0.8% followed by Consumer Durbales, Capital Goods, Power and IT indices among others. Metal and Realty indices were trading with marginal losses.
Sun Pharma was up 1.4% after the Competition Commission of India (CCI) has given its approval to divest seven brands by Sun Pharmaceutical Industries and Ranbaxy Laboratories to Pune-based Emcure Pharmaceuticals paving the way for the proposed $4-billion merger deal.
Dr Reddy's Labs was up nearly 1% after the company said it has entered into a licencing agreement with Hyderabd-based Hetero Drugs Limited to distribute and market chronic Hepatitis C medicine Sofosbuvir 400 mg under the brand name Resof in India.
Jindal Steel & Power was up 3% after the Delhi High Court ordered status quo on the Tara block and asked the government to file a reply in the case of the Gare Palma IV/2 and IV/3 blocks. The stock had slumped over 6% in the previous session after the government decided to reject three bids of the company.
In the broader market, the BSE Mid-cap and Small-cap indices were trading flat with positive bias.
Market breadth was strong with 754 gainers and 650 losers on the BSE.