 "Nifty finding resistance at 6,700; RIL up 1%")
Markets continued to trade higher, led by gains in index heavyweights and financials. Further, better-than-expected fourth quarter earnings from TCS and HCL Tech boosted sentiment.
At 9:35AM, the 30-share Sensex was up 52 points at 22,329 and the 50-share was up 16 points at 6,691.
The rupee firmed up against the US dollar and was up at Rs 60.28 compared to the previous close of Rs 60.39. The rupee had dropped for a third straight session on Wednesday to end at 60.39, its worst falling streak since late-January, as profit-taking in the domestic share market by offshore investors hurt the rupee.
Major US stock indices surged on Wednesday as the US Fed stance to continue with low interest rate regime. The Dow Jones ended up 0.1% at 16,425, the S&P 500 gained 1% to close at 1,862 and the tech-laden Nasdaq ended up 1.3% at 4,086.
Reliance Industries was up nearly 1% ahead of its fourth quarter earnings to be released on Friday.
TCS posted a 48.2% rise in net profit for the quarter ended March 31 (according to Indian generally-accepted accounting principles, or GAAP), in line with the Street’s expectations. Its consolidated revenue rose 31.2 per cent over the year-ago quarter to Rs 21,551 crore. The stock was down 1%.
HCL Tech also saw buying demand after reporting strong earnings for the fourth quarter. Net profit stood at Rs 1,624 crore and rupee revenue was at Rs 8,349 crore, Dollar revenue stood at $1,361 million. The stock trimmed early gains and was up 1%. Further, Infosys and Wipro were up 0.4%.
In the financials segment, ICICI Bank, HDFC, SBI, Axis Bank were up 0.7-1% each.
However, HDFC Bank was down on reports that MSCI has cut the bank's weightage in MSCI India index.
In the broader market, the BSE Mid-cap index was up 0.5% and BSE Small-cap index was up 0.7%.
The market breadth was strong, with 890 advances and 326 losers on the BSE.
At 9:35AM, the 30-share Sensex was up 52 points at 22,329 and the 50-share was up 16 points at 6,691.
The rupee firmed up against the US dollar and was up at Rs 60.28 compared to the previous close of Rs 60.39. The rupee had dropped for a third straight session on Wednesday to end at 60.39, its worst falling streak since late-January, as profit-taking in the domestic share market by offshore investors hurt the rupee.
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Asian stocks were trading flat with IT and telecom shares witnessing profit taking tracking weak earnings from global tech giants Google and IBM. The Nikkei was down 0.4%, Straits Times slipped 0.1%, Shanghai Composite was down 0.2% while Hong Kong was trading flat with positive bias.
Major US stock indices surged on Wednesday as the US Fed stance to continue with low interest rate regime. The Dow Jones ended up 0.1% at 16,425, the S&P 500 gained 1% to close at 1,862 and the tech-laden Nasdaq ended up 1.3% at 4,086.
Reliance Industries was up nearly 1% ahead of its fourth quarter earnings to be released on Friday.
TCS posted a 48.2% rise in net profit for the quarter ended March 31 (according to Indian generally-accepted accounting principles, or GAAP), in line with the Street’s expectations. Its consolidated revenue rose 31.2 per cent over the year-ago quarter to Rs 21,551 crore. The stock was down 1%.
HCL Tech also saw buying demand after reporting strong earnings for the fourth quarter. Net profit stood at Rs 1,624 crore and rupee revenue was at Rs 8,349 crore, Dollar revenue stood at $1,361 million. The stock trimmed early gains and was up 1%. Further, Infosys and Wipro were up 0.4%.
In the financials segment, ICICI Bank, HDFC, SBI, Axis Bank were up 0.7-1% each.
However, HDFC Bank was down on reports that MSCI has cut the bank's weightage in MSCI India index.
In the broader market, the BSE Mid-cap index was up 0.5% and BSE Small-cap index was up 0.7%.
The market breadth was strong, with 890 advances and 326 losers on the BSE.