 "Sensex hovers around 24,500; Sun Pharma up 1%")
Markets continued to remain rangebound oscillating in positive and negative terrain as investors turned cautious ahead of the expiry of January derivative contracts tomorrow. Further, investors will also await outcome of the US Fed meet which ends later today.
At 10:30am, the S&P BSE Sensex was up 18 points at 24,504 and Nifty50 was up 2 points at 7,438.
In the broader market, the BSE Midcap and Smallcap index were up 0.2%-0.4% each. Market breadth was positive with 1147 gainers and 847 losers on the BSE.
Sun Pharma was up 1.4% after drug discovery firm Sun Pharma Advanced Research Co. (SPARC) has received market regulator Securities and Exchange Board of India’s (Sebi) approval to raise up to Rs.250 crore through a rights issue. Among others, Dr Reddy's Labs was up 1%.
In the auto pack, passenger car makers were the top gainers with Tata Motors and Maruti Suzuki was 1%-1.3% each.
NTPC was up 2% ahead of its third quarter earnings on Friday, January 29.
Among other shares, National Building Construction Corporation (NBCC) is trading higher by 3% at Rs 959 on the BSE in early morning trade after the company announced that it has bagged a work order from India Trade Promotion Organization (ITPO) for re-development of Pragati Maidan in New Delhi for an estimated cost of Rs 2,149 crore.
SpiceJet has rallied 12% to Rs 88.45, also its 52-week high on the BSE in otherwise subdued market, extending its Friday’s surge after the company reported robust earnings for the third quarter ended December 31, 2015 (Q3FY16).
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(Updated at 9:40am)
Markets trimmed early gains tracking weakness in China after the benchmark Shanghai Composite was down nearly 3%.
However, caution ahead of the expiry of January derivative contracts and outcome of the US Fed meet is likely to cap upside gains in the latter half of the trading session.
At 9:40am, the S&P BSE Sensex was down 15 points at 24,470 and the Nifty50 was down 12 points at 7,424.
Foreign institutional investors were net sellers in equities to the tune of Rs 91 crore, as per provisional stock exchange data.
"The Nifty now needs to hold above 7400 zones to continue this positive action towards next hurdle of 7470 and 7520 zones while if it fails to hold 7350 zones then the hope of bounce may wipe out and index may drift down towards 7300 and 7200 levels. Traders are required to remain cautious ahead of the Derivatives expiry week and 3rd quarterly season," Anand Rathi said in a note.
BSE Power, Realty and Healthcare indices were among the top sectoral gainers while FMCG, Capital Goods, Metal, Oil and Gas were the top losers.
In the auto pack, Tata Motors was up 1.4%, Maruti Suzuki and Hero MotoCorp were up 0.2%-1.4% each.
Among Sensex heavyweights, ICICI Bank and Infosys were up 0.4%-0.9% each.
Pharma shares were also trading firm in early trades led by Sun Pharma up 1.7% followed by Lupin and Dr Reddy's Labs.
GLOBAL MARKETS
Asian markets were trading mixed with Japanese shares gaining the most ahead of the outcome of the US Federal Reserve two-day meet which ends later today. The benchmark Nikkei was up 2.2% while Hang Seng was up 1.2% and Straits Times was up 0.7%. However, shares in China pared early gains and was trading lower economic slowdown. The benchmark Shanghai Composite extended losses and was down nearly 3%.
US stocks ended over 1% higher on Tuesday tracking a rebound in crude oil prices and encouraging earnings from select corporates. The Dow Jones industrial average ended up 1.8% at 16,167, the broader S&P 500 ended up 1.4% at 1,904 while the tech-laden Nasdaq ended up 1.1% at 4,568.
At 10:30am, the S&P BSE Sensex was up 18 points at 24,504 and Nifty50 was up 2 points at 7,438.
In the broader market, the BSE Midcap and Smallcap index were up 0.2%-0.4% each. Market breadth was positive with 1147 gainers and 847 losers on the BSE.
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"For the Nifty resistance is seen at 7470 above 7488, 7500 and 7524 while supports for the Nifty is at 7421 below 7395, 7386, 7340," Geojit BNP Paribas Financial Services said in a note.
Sun Pharma was up 1.4% after drug discovery firm Sun Pharma Advanced Research Co. (SPARC) has received market regulator Securities and Exchange Board of India’s (Sebi) approval to raise up to Rs.250 crore through a rights issue. Among others, Dr Reddy's Labs was up 1%.
In the auto pack, passenger car makers were the top gainers with Tata Motors and Maruti Suzuki was 1%-1.3% each.
NTPC was up 2% ahead of its third quarter earnings on Friday, January 29.
Among other shares, National Building Construction Corporation (NBCC) is trading higher by 3% at Rs 959 on the BSE in early morning trade after the company announced that it has bagged a work order from India Trade Promotion Organization (ITPO) for re-development of Pragati Maidan in New Delhi for an estimated cost of Rs 2,149 crore.
SpiceJet has rallied 12% to Rs 88.45, also its 52-week high on the BSE in otherwise subdued market, extending its Friday’s surge after the company reported robust earnings for the third quarter ended December 31, 2015 (Q3FY16).
_____________________
(Updated at 9:40am)
Markets trimmed early gains tracking weakness in China after the benchmark Shanghai Composite was down nearly 3%.
However, caution ahead of the expiry of January derivative contracts and outcome of the US Fed meet is likely to cap upside gains in the latter half of the trading session.
At 9:40am, the S&P BSE Sensex was down 15 points at 24,470 and the Nifty50 was down 12 points at 7,424.
Foreign institutional investors were net sellers in equities to the tune of Rs 91 crore, as per provisional stock exchange data.
"The Nifty now needs to hold above 7400 zones to continue this positive action towards next hurdle of 7470 and 7520 zones while if it fails to hold 7350 zones then the hope of bounce may wipe out and index may drift down towards 7300 and 7200 levels. Traders are required to remain cautious ahead of the Derivatives expiry week and 3rd quarterly season," Anand Rathi said in a note.
BSE Power, Realty and Healthcare indices were among the top sectoral gainers while FMCG, Capital Goods, Metal, Oil and Gas were the top losers.
In the auto pack, Tata Motors was up 1.4%, Maruti Suzuki and Hero MotoCorp were up 0.2%-1.4% each.
Among Sensex heavyweights, ICICI Bank and Infosys were up 0.4%-0.9% each.
Pharma shares were also trading firm in early trades led by Sun Pharma up 1.7% followed by Lupin and Dr Reddy's Labs.
GLOBAL MARKETS
Asian markets were trading mixed with Japanese shares gaining the most ahead of the outcome of the US Federal Reserve two-day meet which ends later today. The benchmark Nikkei was up 2.2% while Hang Seng was up 1.2% and Straits Times was up 0.7%. However, shares in China pared early gains and was trading lower economic slowdown. The benchmark Shanghai Composite extended losses and was down nearly 3%.
US stocks ended over 1% higher on Tuesday tracking a rebound in crude oil prices and encouraging earnings from select corporates. The Dow Jones industrial average ended up 1.8% at 16,167, the broader S&P 500 ended up 1.4% at 1,904 while the tech-laden Nasdaq ended up 1.1% at 4,568.