 "Markets remain rangebound; Sensex holds 26,000")
Markets continued to trade higher after foreign institutional investors continued to remain buyers in equities. Private banking majors HDFC Bank and ICICI Bank were the top gainers.
At 10:35AM, the 30-share Sensex was up 106 points at 26,026 and the 50-share Nifty was up 24 points at 7,764
Foreign institutional investors bought equities worth Rs 718 crore, as per provisional stock exchange data.
The rupee was trading higher as Rs 61.05 against the US dollar compared to the previous close of Rs 61.22 tracking weakness in the dollar against Asian currencies and gains in domestic stock markets.
Asian markets were trading mixed with Japanese shares gaining the most. The benchmark Nikkei was up 0.7% and Straits Times was up 0.2%. However, Hang Seng and Shanghai COmposite were trading flat with negative bias.
ICICI Bank was up 1.6% and HDFC Bank gained 1.5% contributing the most to the Sensex gains.
Other Sensex gainers include, ITC, TCS and L&T among others.
Sun Pharma extended gains and was up 1.3%. The pharma major reported a better-than-expected consolidated net profit at Rs 1,391 crore for the first quarter ended June 2014 (Q1), on back of higher sales. The country’s largest drug maker by market value had loss of Rs 1,276 crore in the same quarter year ago.
Tata Steel was down 1%. The steel major posted a 70 per cent year-on-year fall in consolidated net profit for the quarter ended June this year at Rs 337.33 crore, against the Bloomberg estimate of Rs 1,048.5 crore.
ONGC was up 1%. The oil exploration major reported a 19 per cent jump in net profit for the quarter ended June. However, it missed analyst estimates of earnings, due to higher discounts for oil marketing companies (OMCs).
Among other shares, Timken India has surged 10% to Rs 355 on National Stock Exchange (NSE) after reporting 107% year on year (yoy) jump in net profit at Rs 26 crore for the quarter ended June 2014 (Q1). The company had profit of Rs 12 crore in the same quarter last fiscal.
Voltas has rallied 5% to Rs 213 on National Stock Exchange (NSE) after reporting an over two-fold jump in consolidated net profit at Rs 109 crore for the first quarter ended on June 30, 2014 (Q1), on back of strong operational performance. The company had a consolidated net profit of Rs 41 crore in the April-June quarter of the previous fiscal.
In the broader market, the Mid-cap index was up 0.4% and Small-cap index was up 0.1%.
Market breadth was neutral with 1,056 losers and 1,040 gainers on the BSE.
At 10:35AM, the 30-share Sensex was up 106 points at 26,026 and the 50-share Nifty was up 24 points at 7,764
Foreign institutional investors bought equities worth Rs 718 crore, as per provisional stock exchange data.
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The government will released data for July WPI later today.
The rupee was trading higher as Rs 61.05 against the US dollar compared to the previous close of Rs 61.22 tracking weakness in the dollar against Asian currencies and gains in domestic stock markets.
Asian markets were trading mixed with Japanese shares gaining the most. The benchmark Nikkei was up 0.7% and Straits Times was up 0.2%. However, Hang Seng and Shanghai COmposite were trading flat with negative bias.
ICICI Bank was up 1.6% and HDFC Bank gained 1.5% contributing the most to the Sensex gains.
Other Sensex gainers include, ITC, TCS and L&T among others.
Sun Pharma extended gains and was up 1.3%. The pharma major reported a better-than-expected consolidated net profit at Rs 1,391 crore for the first quarter ended June 2014 (Q1), on back of higher sales. The country’s largest drug maker by market value had loss of Rs 1,276 crore in the same quarter year ago.
Tata Steel was down 1%. The steel major posted a 70 per cent year-on-year fall in consolidated net profit for the quarter ended June this year at Rs 337.33 crore, against the Bloomberg estimate of Rs 1,048.5 crore.
ONGC was up 1%. The oil exploration major reported a 19 per cent jump in net profit for the quarter ended June. However, it missed analyst estimates of earnings, due to higher discounts for oil marketing companies (OMCs).
Among other shares, Timken India has surged 10% to Rs 355 on National Stock Exchange (NSE) after reporting 107% year on year (yoy) jump in net profit at Rs 26 crore for the quarter ended June 2014 (Q1). The company had profit of Rs 12 crore in the same quarter last fiscal.
Voltas has rallied 5% to Rs 213 on National Stock Exchange (NSE) after reporting an over two-fold jump in consolidated net profit at Rs 109 crore for the first quarter ended on June 30, 2014 (Q1), on back of strong operational performance. The company had a consolidated net profit of Rs 41 crore in the April-June quarter of the previous fiscal.
In the broader market, the Mid-cap index was up 0.4% and Small-cap index was up 0.1%.
Market breadth was neutral with 1,056 losers and 1,040 gainers on the BSE.