 "Markets pare gains after firm opening")
Markets opened marginally higher but failed to sustain gains on profit taking with both the benchmark share indices trading flat with negative bias.
At 9:40am, the S&P BSE Sensex was down 29 points at 25,224 and the Nifty50 was down 13 points at 7,670.
In the broader market, the BSE Mid-cap and Small-cap indices were up 0.2% each.
As for the day, support is placed at 7,600 and then at 7,540 levels, while resistance is observed at 7,740 and then at 7,830 levels," Reliance Securities said in a note.
Further, foreign institutional investors were net sellers in equities to the tune of Rs 580 crore on Thursday as per provisional stock exchange data.
Investors will keenly await October's industrial production data, which is expected to be announced after market hours. Indian industrial output was forecast to rise 7.8% annually in October, its strongest pace in more than three years and much faster than the 3.6% seen in September.
Consumer Durables, Metal and Healthcare indices were among the top sectoral gainers on the BSE while FMCG, Bankex, Oil &Gas indices were among the top losers.
Infosys extended gains and was up 0.7% after positive comments from CEO Vishal Sikka at an Barclay's conference saying that the strategies are working and the company is on track to industry leading growth.
Sensex gainers include Lupin, Tata Motors, HUL and Dr Reddy's Labs among others.
Maruti Suzuki was trading flat. The auro major will hike prices of its vehicles across models by up to Rs 20,000 from January to offset impact of rising costs and weakening of rupee against dollar, joining rivals in making such a move.
Among other stocks, Havells India extended gains and was up over 1%. The company on Thursday announced that it has sold 80% stake in Sylvania Malta, and Havells Exim Hong Kong to Shanghai Feilo Acoustics for Rs 1,340 crore. Havells had invested Rs 980 crore in both the subsidiaries.
Global Markets
Asian markets were trading mixed with Nikkei up 1% while Shanghai Composite was trading 0.9% lower. Further, Straits Times and Hang Seng were trading 0.1%-0.6% lower.
US stocks ended higher on Thursday with Dow Jones industrial average up 0.5% at 17,575 while the broader S&P 500 gained 0.2% at 2,052 and the tech-laden Nasdaq ended 0.4% higher at 5,045.
At 9:40am, the S&P BSE Sensex was down 29 points at 25,224 and the Nifty50 was down 13 points at 7,670.
In the broader market, the BSE Mid-cap and Small-cap indices were up 0.2% each.
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"As mentioned earlier, on the lower side CNX Nifty will find support around 7,540-7,500 range (September month’s low & 76.4% Fibonacci Extention level of prior fall), however in case of further up-move, it will first face hurdle in the range of 7,830-7,870 (20-days EMA & inter-mediate falling trend line) and later at the psychological mark-8,000.
As for the day, support is placed at 7,600 and then at 7,540 levels, while resistance is observed at 7,740 and then at 7,830 levels," Reliance Securities said in a note.
Further, foreign institutional investors were net sellers in equities to the tune of Rs 580 crore on Thursday as per provisional stock exchange data.
Investors will keenly await October's industrial production data, which is expected to be announced after market hours. Indian industrial output was forecast to rise 7.8% annually in October, its strongest pace in more than three years and much faster than the 3.6% seen in September.
Consumer Durables, Metal and Healthcare indices were among the top sectoral gainers on the BSE while FMCG, Bankex, Oil &Gas indices were among the top losers.
Infosys extended gains and was up 0.7% after positive comments from CEO Vishal Sikka at an Barclay's conference saying that the strategies are working and the company is on track to industry leading growth.
Sensex gainers include Lupin, Tata Motors, HUL and Dr Reddy's Labs among others.
Maruti Suzuki was trading flat. The auro major will hike prices of its vehicles across models by up to Rs 20,000 from January to offset impact of rising costs and weakening of rupee against dollar, joining rivals in making such a move.
Among other stocks, Havells India extended gains and was up over 1%. The company on Thursday announced that it has sold 80% stake in Sylvania Malta, and Havells Exim Hong Kong to Shanghai Feilo Acoustics for Rs 1,340 crore. Havells had invested Rs 980 crore in both the subsidiaries.
Global Markets
Asian markets were trading mixed with Nikkei up 1% while Shanghai Composite was trading 0.9% lower. Further, Straits Times and Hang Seng were trading 0.1%-0.6% lower.
US stocks ended higher on Thursday with Dow Jones industrial average up 0.5% at 17,575 while the broader S&P 500 gained 0.2% at 2,052 and the tech-laden Nasdaq ended 0.4% higher at 5,045.