 "Markets turn positive after negative opening")
Markets have turned positive after making a negative opening tracking global cues. By 9:30, the Sensex was at 18,794 mark up 64 points whereas the Nifty was higher by 16 points at 5,704 levels.
Global risk appetite was frail on rising concerns over pace of global growth recovery.
Asian shares inched lower on Thursday, taking their cues from an overnight drop in US and European equities on renewed concerns about global growth, which also weighed on commodities. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%, with Australian shares falling 0.4%, hit by sinking copper prices which deepened concerns about demand for Australia's raw materials.
Among the key Asian indices, China’s Shanghai Composite Index fell 0.02% to 2,193.78, Hong Kong’s Hang Seng declined 0.6 % to 21,440.33, Singapore’s Straits Times was flat at 3,291.69 while Japan’s Nikkei was down 1% to 13,233.66 in the opening deals.
Overnight, US stocks fell in a broad market selloff Wednesday, led by a sharp drop in Apple shares on worries about slowing demand for its products and weaker-than-expected results from Bank of America that battered the financial sector. Apple Inc slid 5.5% to $402.80 after falling below $400 for the first time since December 2011. A key supplier, chipmaker Cirrus Logic , gave a disappointing revenue forecast, fueling worries about weakening demand for the iPhone and iPad.
The Dow Jones industrial average was down 138.19 points, or 0.94 percent, at 14,618.59. The Standard & Poor’s 500 Index was down 22.56 points, or 1.43 percent, at 1,552.01. The Nasdaq Composite Index was down 59.96 points, or 1.84 percent, at 3,204.67.
Domestically, in the earnings calendar, we have Crisil, Essar Ports, IndusInd Bank and MRF which are slated to announce their fourth quarter performances today.
On the sectoral front, BSE Oil & Gas, Healthcare and Capital Goods indices have surged by nearly 1% each. However, BSE Bankex, Consumer Durable and Auto indices are trading marginally lower.
The main gainers on the Sensex at this hour include Bharti Airtel, HDFC, BHEL, RIL, HUL, Bajaj Auto, Coal India, Sterlite and NTPC, all gaining between 1-2%.
On the losing side, Tata Motors, TCS, ICICI Bank and Wipro have declined between 0.4-1%.
Tata Consultancy Services (TCS) is trading lower by 1.3% at Rs 1,440 in early morning deals after reporting 1.9% quarter-on-quarter growth in its consolidated net profit at Rs 3,597 crore for January-March quarter (Q4). Analyst on an average had expected profit of Rs 3,563 crore from the country's largest software exporter.
Meanwhile, BSE Midcap index has gained by 0.23% whereas BSE Smallcap index is higher by 0.18%.
The market breadth in BSE remains positive with 502 shares advancing and 326 shares declining.
Global risk appetite was frail on rising concerns over pace of global growth recovery.
Asian shares inched lower on Thursday, taking their cues from an overnight drop in US and European equities on renewed concerns about global growth, which also weighed on commodities. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%, with Australian shares falling 0.4%, hit by sinking copper prices which deepened concerns about demand for Australia's raw materials.
More From This Section
The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3%.
Among the key Asian indices, China’s Shanghai Composite Index fell 0.02% to 2,193.78, Hong Kong’s Hang Seng declined 0.6 % to 21,440.33, Singapore’s Straits Times was flat at 3,291.69 while Japan’s Nikkei was down 1% to 13,233.66 in the opening deals.
Overnight, US stocks fell in a broad market selloff Wednesday, led by a sharp drop in Apple shares on worries about slowing demand for its products and weaker-than-expected results from Bank of America that battered the financial sector. Apple Inc slid 5.5% to $402.80 after falling below $400 for the first time since December 2011. A key supplier, chipmaker Cirrus Logic , gave a disappointing revenue forecast, fueling worries about weakening demand for the iPhone and iPad.
The Dow Jones industrial average was down 138.19 points, or 0.94 percent, at 14,618.59. The Standard & Poor’s 500 Index was down 22.56 points, or 1.43 percent, at 1,552.01. The Nasdaq Composite Index was down 59.96 points, or 1.84 percent, at 3,204.67.
Domestically, in the earnings calendar, we have Crisil, Essar Ports, IndusInd Bank and MRF which are slated to announce their fourth quarter performances today.
On the sectoral front, BSE Oil & Gas, Healthcare and Capital Goods indices have surged by nearly 1% each. However, BSE Bankex, Consumer Durable and Auto indices are trading marginally lower.
The main gainers on the Sensex at this hour include Bharti Airtel, HDFC, BHEL, RIL, HUL, Bajaj Auto, Coal India, Sterlite and NTPC, all gaining between 1-2%.
On the losing side, Tata Motors, TCS, ICICI Bank and Wipro have declined between 0.4-1%.
Tata Consultancy Services (TCS) is trading lower by 1.3% at Rs 1,440 in early morning deals after reporting 1.9% quarter-on-quarter growth in its consolidated net profit at Rs 3,597 crore for January-March quarter (Q4). Analyst on an average had expected profit of Rs 3,563 crore from the country's largest software exporter.
Meanwhile, BSE Midcap index has gained by 0.23% whereas BSE Smallcap index is higher by 0.18%.
The market breadth in BSE remains positive with 502 shares advancing and 326 shares declining.