 "Markets pare early gains; pharma shares shine")
Benchmark are trading flat after paring early gains as the losses in banks and select index heavyweights wiped off the gains in pharma shares.
At 10:30 AM, the Sensex was down 19 points to trade at 27,849 mark whereas the Nifty has declined by 9 points to trade at 8,327.
In the broader market, BSE Mid-Cap and Small-Cap indices have gained close to 0.1% each outperforming their larger peers and the market breadth is marginally positive with 1,038 declines against 1,230 advances.
Sectors and Stocks
BSE FMCG index has gained around 1.4% followed by BSE Healthcare and Consumer Durables indices trading as major gaining sectors while the capital goods, auto and information technology sectors are the big losers.
Pharma shares have gained. Sun Pharma’s US subsidiary Taro Pharmaceutical Industries reported a strong 49% year on year growth in net profit to $143.4 million for the quarter ended September 2014 which has seen the stock moving up more than 3% followed by Dr Reddys Lab up around 0.3%. However, Cipla is the exception and has lost close to 1.5% in the otherwise firm pharma sector.
Metal shares have come under pressure after a bright start. Tata Steel and Hindalco have declined around 1-1.7% each while Sesa Sterlite is still up around 0.1% after trimming early morning gains.
IT shares are trading mixed. Wipro has gained around 0.5% while Infosys and TCS have lost 0.3-0.6% each.
Coal India has gained close to 1.3% despite posting a 28% decline in its net profit in the July-September quarter.
Bank shares are under pressure after weak set of numbers were posted by some public sector banks like Bank of Baroda and UCO Bank. Statements by RBI Deputy Governor H.R. Khan hinting against the possibility of a rate cut by the central bank has also dragged the stocks. HDFC Bank and ICICI Bank have declined 0.3-0.9% each and SBI is trading flat. However, breaking away from the trend, Axis Bank has gained around 0.2%.
Larsen and Toubro (L&T) has trimmed losses after losing around 3% in early morning deals on reports that the company management has said it might miss the annual revenue and margin forecast owing to delays in projects and problems in execution of hydrocarbon projects. The stock is currently down around 1.5%.
ONGC has declined around 0.6% however the stock is likely to recover later as the upstream oil regulator DGH has approved commerciality of the oil and gas discoveries in the northern area of state-owned ONGC's prolific KG-D5 block in Bay of Bengal.
Auto shares are in red except Hero Motocorp which has gained around 0.2%. Tata Motors has declined more than 1% while Maruti Suzuki and Bajaj Auto have declined around 0.2-0.4% each.
Among other shares, Jet Airways (India) has rallied 4% after reporting a net profit of Rs 69.82 crore for the quarter ended September 2014 (Q2) on the back of gains from the sale of its frequent-flyer programme (FFP) and higher other income. The company had net loss of Rs 891 crore in a year ago quarter.
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(updated at 9:35 AM)
Benchmark indices have extended gains on positive global cues along with buying in pockets like select financials, pharma and metal scrips. As a result, Nifty scaled a new record high,surpassing the earlier mark of 8,365.
At 9:35 AM, the Sensex was up 115 points to trade at 27,985 mark whereas the Nifty was up by 33 points to trade at 8,370.
In the broader market, BSE midcap and smalcap indices have gained close to 0.5% each marginally outperforming their larger peers and the market breath is positive 437 declines as against 1,010 advances.
Foreign institutional investors were net buyers in Indian equities worth Rs 2,537.13 crore on Friday, as per provisional stock exchange data. However, the high figure was also due to the massive purchase of Hero Motocorp shares which were offloaded by the private equity company Bain Capital.
Sectors and Stocks
BSE FMCG, Healthcare and Oil & gas indices are major sectoral gainers while BSE Capital goods and IT indices are in red in early trading.
Phrama shares have gained on the back of strong Q2 results by Sun Pharma which is up close to 3% followed by Dr Reddys Lab up around 1.6%.
Metal shares have shone in early trading with Sesa Sterlite and Tata Steel gaining. However, Hindalco shares have turned flat.
L&T shares have declined around 2.6% after posting Q2 results which disappointed the markets.
Global Markets
Meanwhile, Asian shares held firm in early Monday trade after U.S. jobs data pointed to solid economic growth, while China's export performance showed more resilience than some had expected. U.S. employers added 214,000 jobs in October, slightly below economists' median forecast of 231,000, but logging the ninth consecutive month of gains of more than 200,000, the longest stretch since 1994.
Unemployment fell to a six-year low of 5.8%, but that did not improve wage growth, with average hourly earnings rising a slim 0.1%, falling short of a projected 0.2% gain.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%. Japan's Nikkei, however, slipped as the yen rebounded on profit-taking in the dollar following the U.S. payroll data.
US share prices ended flat on Friday following the payrolls data as some investors took some money off the table after the market's rally to record highs.
With Reuters inputs
At 10:30 AM, the Sensex was down 19 points to trade at 27,849 mark whereas the Nifty has declined by 9 points to trade at 8,327.
In the broader market, BSE Mid-Cap and Small-Cap indices have gained close to 0.1% each outperforming their larger peers and the market breadth is marginally positive with 1,038 declines against 1,230 advances.
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"The Indian market is running very mildly ahead of fundamentals and valuations are not cheap, but they are not extremely expensive, either... The market is basically running on 2015-16 estimates and is hoping things will improve in that year. There is hope on improving macroeconomic conditions," said Vibhav Kapoor, chief investment officer, IL&FS speaking about the medium-term outlook of the markets.
Sectors and Stocks
BSE FMCG index has gained around 1.4% followed by BSE Healthcare and Consumer Durables indices trading as major gaining sectors while the capital goods, auto and information technology sectors are the big losers.
Pharma shares have gained. Sun Pharma’s US subsidiary Taro Pharmaceutical Industries reported a strong 49% year on year growth in net profit to $143.4 million for the quarter ended September 2014 which has seen the stock moving up more than 3% followed by Dr Reddys Lab up around 0.3%. However, Cipla is the exception and has lost close to 1.5% in the otherwise firm pharma sector.
Metal shares have come under pressure after a bright start. Tata Steel and Hindalco have declined around 1-1.7% each while Sesa Sterlite is still up around 0.1% after trimming early morning gains.
IT shares are trading mixed. Wipro has gained around 0.5% while Infosys and TCS have lost 0.3-0.6% each.
Coal India has gained close to 1.3% despite posting a 28% decline in its net profit in the July-September quarter.
Bank shares are under pressure after weak set of numbers were posted by some public sector banks like Bank of Baroda and UCO Bank. Statements by RBI Deputy Governor H.R. Khan hinting against the possibility of a rate cut by the central bank has also dragged the stocks. HDFC Bank and ICICI Bank have declined 0.3-0.9% each and SBI is trading flat. However, breaking away from the trend, Axis Bank has gained around 0.2%.
Larsen and Toubro (L&T) has trimmed losses after losing around 3% in early morning deals on reports that the company management has said it might miss the annual revenue and margin forecast owing to delays in projects and problems in execution of hydrocarbon projects. The stock is currently down around 1.5%.
ONGC has declined around 0.6% however the stock is likely to recover later as the upstream oil regulator DGH has approved commerciality of the oil and gas discoveries in the northern area of state-owned ONGC's prolific KG-D5 block in Bay of Bengal.
Auto shares are in red except Hero Motocorp which has gained around 0.2%. Tata Motors has declined more than 1% while Maruti Suzuki and Bajaj Auto have declined around 0.2-0.4% each.
Among other shares, Jet Airways (India) has rallied 4% after reporting a net profit of Rs 69.82 crore for the quarter ended September 2014 (Q2) on the back of gains from the sale of its frequent-flyer programme (FFP) and higher other income. The company had net loss of Rs 891 crore in a year ago quarter.
-------------------------------------------------------------------------------------------------------------------------------------
(updated at 9:35 AM)
Benchmark indices have extended gains on positive global cues along with buying in pockets like select financials, pharma and metal scrips. As a result, Nifty scaled a new record high,surpassing the earlier mark of 8,365.
At 9:35 AM, the Sensex was up 115 points to trade at 27,985 mark whereas the Nifty was up by 33 points to trade at 8,370.
In the broader market, BSE midcap and smalcap indices have gained close to 0.5% each marginally outperforming their larger peers and the market breath is positive 437 declines as against 1,010 advances.
Foreign institutional investors were net buyers in Indian equities worth Rs 2,537.13 crore on Friday, as per provisional stock exchange data. However, the high figure was also due to the massive purchase of Hero Motocorp shares which were offloaded by the private equity company Bain Capital.
Sectors and Stocks
BSE FMCG, Healthcare and Oil & gas indices are major sectoral gainers while BSE Capital goods and IT indices are in red in early trading.
Phrama shares have gained on the back of strong Q2 results by Sun Pharma which is up close to 3% followed by Dr Reddys Lab up around 1.6%.
Metal shares have shone in early trading with Sesa Sterlite and Tata Steel gaining. However, Hindalco shares have turned flat.
L&T shares have declined around 2.6% after posting Q2 results which disappointed the markets.
Global Markets
Meanwhile, Asian shares held firm in early Monday trade after U.S. jobs data pointed to solid economic growth, while China's export performance showed more resilience than some had expected. U.S. employers added 214,000 jobs in October, slightly below economists' median forecast of 231,000, but logging the ninth consecutive month of gains of more than 200,000, the longest stretch since 1994.
Unemployment fell to a six-year low of 5.8%, but that did not improve wage growth, with average hourly earnings rising a slim 0.1%, falling short of a projected 0.2% gain.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%. Japan's Nikkei, however, slipped as the yen rebounded on profit-taking in the dollar following the U.S. payroll data.
US share prices ended flat on Friday following the payrolls data as some investors took some money off the table after the market's rally to record highs.
With Reuters inputs