 "Nifty facing stiff resistance around 7,970; DLF down 2%")
Markets were trading firm in noon trades on Thursday led by select index heavyweights. Meanwhile, markets are likely to witness volatility in the latter half of the trading session.
At 12PM, the 30-share Sensex was up 66 points at 26,625 and the 50-share Nifty was up 20 points at 7,956.
Further, the government will release first quarter GDP data on Friday. On Wednesday, two ahead of the GDP numbers being officially announced, ratings agency Moody’s raised the first quarter growth estimate to 5.1% from the sub-five levels that has been clocked over the past two years. Sonal Varma and Aman Mohunta of Nomura are even more bullish than Moody’s, predicting Q1 GDP growth to hit 5.9% per cent annually, compared to their initial estimate of 4.7%.
Asian markets were trading lower amid profit taking at higher levels. Japan's benchmark Nikkei was down 0.5% after the yen appreciated slightly against the US dollar. China's Shanghai Composite were both down 0.5% each while Hang Seng lost 0.4%. However, Straits Times was trading 0.4% higher.
BSE Oil and Gas index was the top sectoral gainer up 0.9% followed by Capital Goods, Auto and Bankex among others.
In the oil and gas segment, ONGC was up 1% on talk that the subsidy burden will be shared between the government and upstream oil companies. Meanwhile, the government plans to divest partial stake in the oil exploration major soon. Index heavyweight Reliance Industries was up 0.4%.
Capital goods shares were up on expectations of first quarter GDP growth, data for which will be released tomorrow. L&T and BHEL were up 0.9% each.
Financials which are proxy to the economy also firmed up led by ICICI Bank which gained 1%, HDFC gained 0.7% while HDFC Bank rose 0.3%.
Other Sensex gainers include, Tata Motors, Sesa Sterlite and ITC among others.
IT shares were trading weak amid profit taking at higher levels after recent gains post upbeat US economic data. Infosys and TCS were down 0.3-0.9% each.
Sun Pharma was down 0.7% and Ranbaxy Labs lost 1.2% after the Competition Commission of India (CCI) has ordered a public scrutiny of a proposed merger and acquisition (M&A) deal to ensure compliance to fair trade regulations. CCI has asked the two pharma majors to make public specific details of their proposed merger within ten days.
Among other shares, Rollatainers has hit an upper circuit limit of 5% at Rs 314 on BSE after the company said it signed a pact to launch Wendy's hamburger restaurant chain in India.
Shares of SKS Microfinance have surged 3% to Rs 301 on the BSE after Morgan Stanley initiated coverage on the stock with an "overweight" rating and a target price of Rs 385.
Nitesh Estates has jumped 7% to Rs 14 on the BSE after the company said it signed a joint development agreement for Rs 170 crore project at Bangalore.
PSU OMCs have gained after the government on Wednesday, 27 August 2014, removed the restriction of one subsidized LPG cylinder per month for each consumer. The restriction of 12 subsidized cylinders per consumer per annum continues. HPCL, IOC and BPCL were up 1-3% each.
In the broader market, BSE Mid-cap index was trading flat and the BSE Small-cap index was up 0.4%.
Market breadth turned weak with 1,299 losers and 1,233 gainers on the BSE.
At 12PM, the 30-share Sensex was up 66 points at 26,625 and the 50-share Nifty was up 20 points at 7,956.
Further, the government will release first quarter GDP data on Friday. On Wednesday, two ahead of the GDP numbers being officially announced, ratings agency Moody’s raised the first quarter growth estimate to 5.1% from the sub-five levels that has been clocked over the past two years. Sonal Varma and Aman Mohunta of Nomura are even more bullish than Moody’s, predicting Q1 GDP growth to hit 5.9% per cent annually, compared to their initial estimate of 4.7%.
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The Indian rupee which was higher at Rs 60.37 in early trades pared gains and was trading unchanged at Rs 60.45 to the US dollar as dollar demand from importers capped upside gains.
Asian markets were trading lower amid profit taking at higher levels. Japan's benchmark Nikkei was down 0.5% after the yen appreciated slightly against the US dollar. China's Shanghai Composite were both down 0.5% each while Hang Seng lost 0.4%. However, Straits Times was trading 0.4% higher.
BSE Oil and Gas index was the top sectoral gainer up 0.9% followed by Capital Goods, Auto and Bankex among others.
In the oil and gas segment, ONGC was up 1% on talk that the subsidy burden will be shared between the government and upstream oil companies. Meanwhile, the government plans to divest partial stake in the oil exploration major soon. Index heavyweight Reliance Industries was up 0.4%.
Capital goods shares were up on expectations of first quarter GDP growth, data for which will be released tomorrow. L&T and BHEL were up 0.9% each.
Financials which are proxy to the economy also firmed up led by ICICI Bank which gained 1%, HDFC gained 0.7% while HDFC Bank rose 0.3%.
Other Sensex gainers include, Tata Motors, Sesa Sterlite and ITC among others.
IT shares were trading weak amid profit taking at higher levels after recent gains post upbeat US economic data. Infosys and TCS were down 0.3-0.9% each.
Sun Pharma was down 0.7% and Ranbaxy Labs lost 1.2% after the Competition Commission of India (CCI) has ordered a public scrutiny of a proposed merger and acquisition (M&A) deal to ensure compliance to fair trade regulations. CCI has asked the two pharma majors to make public specific details of their proposed merger within ten days.
Among other shares, Rollatainers has hit an upper circuit limit of 5% at Rs 314 on BSE after the company said it signed a pact to launch Wendy's hamburger restaurant chain in India.
Shares of SKS Microfinance have surged 3% to Rs 301 on the BSE after Morgan Stanley initiated coverage on the stock with an "overweight" rating and a target price of Rs 385.
Nitesh Estates has jumped 7% to Rs 14 on the BSE after the company said it signed a joint development agreement for Rs 170 crore project at Bangalore.
PSU OMCs have gained after the government on Wednesday, 27 August 2014, removed the restriction of one subsidized LPG cylinder per month for each consumer. The restriction of 12 subsidized cylinders per consumer per annum continues. HPCL, IOC and BPCL were up 1-3% each.
In the broader market, BSE Mid-cap index was trading flat and the BSE Small-cap index was up 0.4%.
Market breadth turned weak with 1,299 losers and 1,233 gainers on the BSE.