 "Markets trading in a tight range; Midcaps outperform")
Benchmark indices are trading in a tight range with Sensex and Nifty oscillating between negative and positive zone.
By 10:20, the Sensex was up by 38 points at 20,935 mark and the Nifty gained by 10 points at 6,215 levels.
Adds Ravi Nathani, Technical analyst of Nsetoday.com, “I shall not suggest buying Nifty at current market price as Nifty is very close to its stiff resistance level of 6230. Best trading strategy for traders would be selling on rise with a strict stoploss of 6230 as per closing basis, whereas support expected in short term is around 5990.”
Investors were expected to be reluctant to make aggressive bets after U.S. stocks ended little changed, partly on concerns that equities have become overpriced after the S&P 500 index's run to record highs last week.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3%, dropping from a five-month peak. Technical charts indicated it remained in "overbought" territory, indicating there could be a further retreat. Tokyo's Nikkei share average dipped 0.2%.
Back home, Cairn India, ING Vysya Bank, Wipro and YES Bank will announce the second quarter earnings today.
The rupee weakened in early trades due to month-end dollar demand from importers. At 10:07 AM, the rupee was trading at Rs 61.75 compared with previous close of Rs 61.52 per dollar.
On the sectoral front, BSE IT and TECk indices have gained by nearly 1% followed by counters like Metal, PSU, Power, Capital Goods, Auto, Realty and Healthcare, all gaining marginally. However, BSE FMCG and Oil & Gas indices are trading marginally lower.
Wipro is the top Sensex gainer, up nearly 2% ahead of Q2 earnings today. Other notable gainers are Coal India, TCS, Hindalco, Tata Steel, Maruti Suzuki, BHEL and GAIL.
On the losing side, HDFC, Hero Moto, ITC, RIL and NTPC have declined between 0.3-1.44%.
Mortgage lender HDFC yesterday posted a 10.27% jump in its standalone post tax profit for the September quarter at Rs 1,266.33 crore.
It had posted a net profit of Rs 1,151.12 crore in the corresponding July-September quarter last year. Its net interest income grew 11% to Rs 1,814 crore.
The growth was slower because of the dividend from its associate HDFC Bank coming in the first quarter itself, unlike the usual second quarter, its Vice Chairman and Chief Executive Keki Mistry said.
Among other shares, Asian Paints is trading higher by 2% at Rs 527, extending its previous day’s 6% rally on the BSE, after reporting a strong 37% year on year (yoy) growth jump in consolidated net profit after minority interest at Rs 327 crore for the second quarter ended September 2013 (Q2FY14) on back of strong volume growth.
The broader markets continue to outperform the benchmark indices- BSE Midcap and Smallcap indices are up by nearly 1%.
The market breadth in BSE remains positive 909 shares advancing and 508 shares declining.
By 10:20, the Sensex was up by 38 points at 20,935 mark and the Nifty gained by 10 points at 6,215 levels.
Adds Ravi Nathani, Technical analyst of Nsetoday.com, “I shall not suggest buying Nifty at current market price as Nifty is very close to its stiff resistance level of 6230. Best trading strategy for traders would be selling on rise with a strict stoploss of 6230 as per closing basis, whereas support expected in short term is around 5990.”
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Asian shares pulled backed from a five-month high and the dollar stabilised after recent heavy losses as markets waited for U.S. jobs data that could shape expectations as to whether the Federal Reserve will start withdrawing stimulus this year.
Investors were expected to be reluctant to make aggressive bets after U.S. stocks ended little changed, partly on concerns that equities have become overpriced after the S&P 500 index's run to record highs last week.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3%, dropping from a five-month peak. Technical charts indicated it remained in "overbought" territory, indicating there could be a further retreat. Tokyo's Nikkei share average dipped 0.2%.
Back home, Cairn India, ING Vysya Bank, Wipro and YES Bank will announce the second quarter earnings today.
The rupee weakened in early trades due to month-end dollar demand from importers. At 10:07 AM, the rupee was trading at Rs 61.75 compared with previous close of Rs 61.52 per dollar.
On the sectoral front, BSE IT and TECk indices have gained by nearly 1% followed by counters like Metal, PSU, Power, Capital Goods, Auto, Realty and Healthcare, all gaining marginally. However, BSE FMCG and Oil & Gas indices are trading marginally lower.
Wipro is the top Sensex gainer, up nearly 2% ahead of Q2 earnings today. Other notable gainers are Coal India, TCS, Hindalco, Tata Steel, Maruti Suzuki, BHEL and GAIL.
On the losing side, HDFC, Hero Moto, ITC, RIL and NTPC have declined between 0.3-1.44%.
Mortgage lender HDFC yesterday posted a 10.27% jump in its standalone post tax profit for the September quarter at Rs 1,266.33 crore.
It had posted a net profit of Rs 1,151.12 crore in the corresponding July-September quarter last year. Its net interest income grew 11% to Rs 1,814 crore.
The growth was slower because of the dividend from its associate HDFC Bank coming in the first quarter itself, unlike the usual second quarter, its Vice Chairman and Chief Executive Keki Mistry said.
Among other shares, Asian Paints is trading higher by 2% at Rs 527, extending its previous day’s 6% rally on the BSE, after reporting a strong 37% year on year (yoy) growth jump in consolidated net profit after minority interest at Rs 327 crore for the second quarter ended September 2013 (Q2FY14) on back of strong volume growth.
The broader markets continue to outperform the benchmark indices- BSE Midcap and Smallcap indices are up by nearly 1%.
The market breadth in BSE remains positive 909 shares advancing and 508 shares declining.