 "Markets trading flat; Eicher Motors up 3%")
Benchmark share indices continued to trade in a narrow range amid lack of participation with auto stocks in focus post their October sales.
At 10:45am, the S&P BSE Sensex was up 14 points at 27,916 and the Nifty50 was down 6 points at 8,631. In the broader market, the BSE Midcap and Smallcap indices were trading flat with mixed bias. Market breadth was slightly positive with 1199 gainers and 1144 losers on the BSE.
Maruti was trading with marginal losses amid weak sales in October on the back of sharp drop in exports.
Among other shares, Cadila Healthcare was trading marginally higher after the company said that new data of Saroglitazar will be presented at The Liver Meeting being held at Boston from 11 to 15 November 2016.
Ashok Leyland was up nearly 1% on better-than-expected sales in October which grew 28% to 12,533 units compared with 9,803 units in October 2015.
BGR Energy was up over 7% after the company in a release said that it has received a letter of intent from Tamil Nadu Generation and Distribution Corporation for a contract worth Rs 2,600 crore to be completed within a period of 36 months from the date of award.
Indian Hotels Company was down nearly 2% after the company in a release said that Dr. N. S. Rajan has resigned as a Non-Executive Director of the Company with effect from October 28, 2016.
Ujaas Energy was up 15% after the company registered 196% growth in net profit at Rs 9.71 crore for the quarter ended September 2016 compared with Rs 3.28 crore in the same quarter last fiscal.
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(Updated at 9:35am)
Markets opened marginally higher but failed to sustain gains at higher levels even as auto stocks remained in focus ahead of their October sales numbers which are expected to be released from today.
At 9:35am, the S&P BSE Sensex was down 9 points at 27,921 and the Nifty50 was up 6 points at 8,632.
"Nifty has formed a Bullish Hammer candle on second consecutive session and needs to hold above 8620 to witness an up move towards 8665 then 8720 zones. However trend is still range bound and it has multiple supports on decline near to 8580 then 8550 zones. Overall index has been moving in a falling channel from last eight weeks and needs to walk through the same for a decisive leg of rally in next coming sessions," Anand Rathi said in a technical note.
Foreign institutional investors were net sellers in equities in the 'Muhurat' trading session held on Sunday, October 30, 2016 worth Rs 107 crore.
IT majors Infosys and TCS were among the top losers in early trades along with Axis Bank and ONGC among others.
Gains were led by HDFC twins, HDFC Bank and HDFC.
In the auto space, Hero MotoCorp, Bajaj Auto, Tata Motors and Maruti Suzuki were trading with marginal gains.
Tata Steel was trading marginally higher. As part of review by Brickwork Ratings, the agency on October 27, 2016 revised Tata Steel Limited’s credit rating to BWR AA from BWR AA+ for NCD and BWR AA - from BWR AA for the perpetual debt,
with a negative outlook, Tata Steel said in a release.
Eicher Motors was up over 3% after the company registered 33% growth in motorcycle sales (Royal Enfield) to 59,127 units in October 2016 compared to 44,522 units in the same month last year.
Global Markets
Asian markets came off their intra-day lows after encouraging factory growth data in October from China aided investor sentiment. China's benchmark Shanghai Composite was up 0.2% while Hang Seng gained over 1 %. Japan's Nikkei was trading flat with negative bias while the Straits Times was up 0.4%.
US stocks ended flat with negative bias as investors turned cautious amid growing uncertainty over the Presidential elections and weakness in crude oil prices. However, robust consumer spending data helped cap further downside. The Dow Jones industrial average ended down 0.1% at 18,142, the S&P 500 ended flat at 2,126 and the Nasdaq ended down at 5,189.
At 10:45am, the S&P BSE Sensex was up 14 points at 27,916 and the Nifty50 was down 6 points at 8,631. In the broader market, the BSE Midcap and Smallcap indices were trading flat with mixed bias. Market breadth was slightly positive with 1199 gainers and 1144 losers on the BSE.
Maruti was trading with marginal losses amid weak sales in October on the back of sharp drop in exports.
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Bosch was up 1% after the company in a release made a post buy-back announcement dated October 28, 2016 for buyback of 878,160 equity shares at a price of Rs 23,000 per share.
Among other shares, Cadila Healthcare was trading marginally higher after the company said that new data of Saroglitazar will be presented at The Liver Meeting being held at Boston from 11 to 15 November 2016.
Ashok Leyland was up nearly 1% on better-than-expected sales in October which grew 28% to 12,533 units compared with 9,803 units in October 2015.
BGR Energy was up over 7% after the company in a release said that it has received a letter of intent from Tamil Nadu Generation and Distribution Corporation for a contract worth Rs 2,600 crore to be completed within a period of 36 months from the date of award.
Indian Hotels Company was down nearly 2% after the company in a release said that Dr. N. S. Rajan has resigned as a Non-Executive Director of the Company with effect from October 28, 2016.
Ujaas Energy was up 15% after the company registered 196% growth in net profit at Rs 9.71 crore for the quarter ended September 2016 compared with Rs 3.28 crore in the same quarter last fiscal.
________________________
(Updated at 9:35am)
Markets opened marginally higher but failed to sustain gains at higher levels even as auto stocks remained in focus ahead of their October sales numbers which are expected to be released from today.
At 9:35am, the S&P BSE Sensex was down 9 points at 27,921 and the Nifty50 was up 6 points at 8,632.
"Nifty has formed a Bullish Hammer candle on second consecutive session and needs to hold above 8620 to witness an up move towards 8665 then 8720 zones. However trend is still range bound and it has multiple supports on decline near to 8580 then 8550 zones. Overall index has been moving in a falling channel from last eight weeks and needs to walk through the same for a decisive leg of rally in next coming sessions," Anand Rathi said in a technical note.
Foreign institutional investors were net sellers in equities in the 'Muhurat' trading session held on Sunday, October 30, 2016 worth Rs 107 crore.
IT majors Infosys and TCS were among the top losers in early trades along with Axis Bank and ONGC among others.
Gains were led by HDFC twins, HDFC Bank and HDFC.
In the auto space, Hero MotoCorp, Bajaj Auto, Tata Motors and Maruti Suzuki were trading with marginal gains.
Tata Steel was trading marginally higher. As part of review by Brickwork Ratings, the agency on October 27, 2016 revised Tata Steel Limited’s credit rating to BWR AA from BWR AA+ for NCD and BWR AA - from BWR AA for the perpetual debt,
with a negative outlook, Tata Steel said in a release.
Eicher Motors was up over 3% after the company registered 33% growth in motorcycle sales (Royal Enfield) to 59,127 units in October 2016 compared to 44,522 units in the same month last year.
Global Markets
Asian markets came off their intra-day lows after encouraging factory growth data in October from China aided investor sentiment. China's benchmark Shanghai Composite was up 0.2% while Hang Seng gained over 1 %. Japan's Nikkei was trading flat with negative bias while the Straits Times was up 0.4%.
US stocks ended flat with negative bias as investors turned cautious amid growing uncertainty over the Presidential elections and weakness in crude oil prices. However, robust consumer spending data helped cap further downside. The Dow Jones industrial average ended down 0.1% at 18,142, the S&P 500 ended flat at 2,126 and the Nasdaq ended down at 5,189.