Markets posted marginal gains in the afternoon session after swinging between gains and losses through the day.
The Nifty opened in the red following weak global cues, but reversed course in the morning session and touched a high of 5,520. However, deadlock of over US debt deal, put a lid on the gains. The Nifty was trading at 5,510, up 22 points and benchmark Sensex advanced 91 points, at 18,303.
The Asian indices posted losses after the US Congress further delayed a vote on plan to raise the debt ceiling, increasing concerns that the country could default.
Among individual stocks, ICICI Bank, India’s second largest private sector bank posted a 30% rise in quarterly profit, missing estimates by a small margin, as strong credit growth and lower provisions were offset by increase in expenditure. ICICI Bank advanced 2.4%, at Rs 1,042.
Idea Cellular reported higher than expected net profit at Rs 177 crore, on back of net sales at Rs 4516 crore. The share price zoomed 5%, at Rs 95.
On Thursday evening, capital market regulator Securities and Exchange Board of India raised the thresh hold trigger for open offer to 25% from 15%. This move would attract more private equity players and other investors into the companies which are listed. EIH zoomed 15% on market buzz that investors such as ITC and Reliance which owned 14.9% each could raise stakes above 15% after new ownership norms.
BSE Realty index was the top loser, down 2%. Top losers were Unitech, down 4.9%, HDIL slipped 3.3% and Phoenix Mills was down 2.2%.
Market breadth is negative, 1589 stocks declined for 1219 stocks which advanced.