 "Markets trim gains; Shanghai Composite cracks 5%")
Markets have come off day’s high tracking losses in the Chinese markets. According to reports, Chinese authorities have initiated investigation against a host of brokerages for violating trading rules.
At 1:10 PM, the Sensex was trading 60 points higher at 26,018 levels and the Nifty 50 had gained 25 points to trade at 7,908.
CLICK HERE TO READ MORE ON ASIAN MARKETS
Investors also remained wary regarding the passage of the crucial GST bill in the ongoing winter session of the Parliament. However, buying is witnessed in metal, banks and capital goods stocks as participants take fresh positions following the beginning of the December series which capped the downside.
At 1:10 PM, the Sensex was trading 60 points higher at 26,018 levels and the Nifty 50 had gained 25 points to trade at 7,908.
CLICK HERE TO READ MORE ON ASIAN MARKETS
Investors also remained wary regarding the passage of the crucial GST bill in the ongoing winter session of the Parliament. However, buying is witnessed in metal, banks and capital goods stocks as participants take fresh positions following the beginning of the December series which capped the downside.
However, amid a firm rally in the equities, the Indian currency rupee is trading near a two-year low of 66.89 against the US dollar as the US greenback strengthens on prospects of an interest rate hike by the US Federal Reserve as early as December.
STOCKS IN FOCUS
Among the front liners, Tata Motors continues to remain one of the stellar performer and has moved higher by 1% after JLR said that it is to double the size of its Engine Manufacturing Centre (EMC) as part of a £450 million expansion programme. M&M also followed the tandem and gained 1% on the launch of the automatic variant of the XUV5OO priced at Rs 15.36 lakh (ex-showroom, Navi Mumbai).
Among its peers Ashok Leyland climbed 3% on receiving an order worth USD 200 million (around Rs 1,331 crore) from the West African country Cote D'Ivoire for the supply 3,600 trucks and buses.
More From This Section
Meanwhile, Metal pack is witnessing buying interest as the as copper prices jumped in global commodity markets. Tata Steel Hindalco and Vedanta have shot up between 0.5-1%.
Amid the ongoing winter session in the Parliament, shares of logistic companies surged for the second straight day on the bourses on reports that the government on Thursday exuded confidence of having the Goods and Services Tax (GST) Bill passed, with several Opposition parties coming out in open support.
Among individual stocks, Transport Corporation of India, Gati, Allcargo Logistics, VRL Logistics, Gateway Distriparks, Snowman Logistics, Sical Logistics, TCI Industries and Patel Integrated Logistics gained between 2-8%.
Welspun Corp gained 8% after it won an order for supply of 216 K MTs line pipes for an onshore project in Americas.
Action is seen in the energy space with Oil & Gas major Reliance Industries trading with marginal losses after UK's Hardy Oil & Gas plc said it is in talks to acquire Reliance Industries' entire 90% stake in a gas discovery block off the Gujarat coast. Further, GAIL has launched satellite surveillance portal to monitor its 13,000 km of gas pipeline network with a view to address security concerns, however, the stock is the biggest loser in the Sensex 30 pack.
Another notable loser is Dr Reddy's Laboratories on reports that the USFDA might withhold approval of the company's fresh drugs and stop import if no corrective action is taken. However, the pharma major said that the USFDA extended the time-frame for replying to the warning letter issued to the company by about two weeks to December 7. The stock is down 0.5%.