 "Nifty hits 6,100 mark; Tata Motors gains 2%")
Benchmark indices are trading higher tracking firm global cues along with banks, capital goods and auto shares leading the gains.
By 10:10, the Sensex was higher by 120 points at 20,484 mark and the Nifty has gained by 35 points at 6,097 levels.
Adds Manav Chopra -Technical Research Analyst from Nirmal Bang, "The markets have bounced from the oversold levels and the Nifty is likely to test the levels of 6150-6180 and Sensex around the 20750. Nifty can be bought with a stop loss of 6050, target 6180."
The government will also release inflation based on the consumer price index for January and the industrial production for December today.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 165.40 crore on Tuesday, as per provisional data from the stock exchanges.
On the global front, Asian shares rallied for a fourth straight session on Wednesday as risk appetites was whetted by an optimistic economic outlook from Federal Reserve Chair Janet Yellen, which diminished the need for safe havens such as the yen and bonds.
Regional markets face a potential pitfall later Wednesday when China releases trade figures for January. Any weakness will stoke concerns about a slowdown and the risks would seem to be sizable given January last year was a very strong month for export growth, making for a tough comparison.
Back home, Apollo Tyres, BPCL, Cipla, Coal India, Eicher Motors, HT Media, NCC, Oil India, Radico Khaitan and Tata Comm will unveil their third quarter earnings today.
The rupee today appreciated by 16 paise to 62.06 against the US dollar in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.
Dealers said besides increased dollar selling by exporters, a higher opening in the domestic equity market supported the rupee.
On the sectoral front, BSE Bankex, Capital Goods, Realty, Auto, Oil & Gas, TECk and IT indices have surged by 1% each. Apart from Metal, all the major BSE sectoral indices are trading in positive zone. BSE Metal index has plunged by over 1%.
The main gainers on the Sensex at this hour include Tata Motors, ICICI Bank, GAIL, BHEL, L&T, Sun Pharma, RIL, Hero Moto and Bajaj Auto.
Tata Motors has surged ahead, extending Tuesday's 2.82% gains triggered by the company reporting strong Q3 earnings. Citigroup has raised Tata Motors target price to Rs 421 from Rs 393; rating buy.
Delhi's chief minister Arvind Kejriwal reportedly has asked for an investigation to be launched into Reliance Industries' (RIL) Chairman Mukesh Ambani and policymakers over pricing of gas produced from the D6 block in the east coast.
On the losing side, Tata Steel, Coal India, Sesa Sterlite, NTPC and Maruti Suzukui have declined between 1-2.5%.
Tata Steel is trading lower by 2.5% at Rs 381 after reporting a lower than expected net profit of Rs 503 crore for the third quarter ended December 31, 2013 (Q3), due to higher interest cost.
Among other shares, Kothari Products is locked in upper circuit of 20% at Rs 465, extending its previous day’s 12% rally, after its board has recommended the issue of bonus shares in the ratio of 2 (two) bonus equity shares for every 1 (one) existing equity share.
OnMobile Global has surged 10.69% to Rs 33.65 after the company's parent firm announced a voluntary open offer to the public shareholders.
JB Chemicals& Pharmaceuticals has dipped 5% to Rs 124 after reporting a net loss of Rs 6.5 crore for the third quarter ended December 31, 2013 (Q3FY14), mainly on account of one-time loss of Rs 65 crore due to revision of sale price of Russia-CIS OTC business undertaking.
The broader markets are under performing the benchmark indices- BSE Midcap and Smallcap indices have gained by 0.4-0.5%.
The market breadth in BSE remains firm with 952 shares advancing and 565 shares declining.
By 10:10, the Sensex was higher by 120 points at 20,484 mark and the Nifty has gained by 35 points at 6,097 levels.
Adds Manav Chopra -Technical Research Analyst from Nirmal Bang, "The markets have bounced from the oversold levels and the Nifty is likely to test the levels of 6150-6180 and Sensex around the 20750. Nifty can be bought with a stop loss of 6050, target 6180."
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Further, the interim Rail Budget will be presented by Railway Minister Mallikarjun Kharge later today. There are reportedly indications that passenger fares may not be touched barring minor changes in a few segments in the first rail budget to be presented by Kharge.
The government will also release inflation based on the consumer price index for January and the industrial production for December today.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 165.40 crore on Tuesday, as per provisional data from the stock exchanges.
On the global front, Asian shares rallied for a fourth straight session on Wednesday as risk appetites was whetted by an optimistic economic outlook from Federal Reserve Chair Janet Yellen, which diminished the need for safe havens such as the yen and bonds.
Regional markets face a potential pitfall later Wednesday when China releases trade figures for January. Any weakness will stoke concerns about a slowdown and the risks would seem to be sizable given January last year was a very strong month for export growth, making for a tough comparison.
Back home, Apollo Tyres, BPCL, Cipla, Coal India, Eicher Motors, HT Media, NCC, Oil India, Radico Khaitan and Tata Comm will unveil their third quarter earnings today.
The rupee today appreciated by 16 paise to 62.06 against the US dollar in early trade at the Interbank Foreign Exchange market on increased selling of the American currency by exporters.
Dealers said besides increased dollar selling by exporters, a higher opening in the domestic equity market supported the rupee.
On the sectoral front, BSE Bankex, Capital Goods, Realty, Auto, Oil & Gas, TECk and IT indices have surged by 1% each. Apart from Metal, all the major BSE sectoral indices are trading in positive zone. BSE Metal index has plunged by over 1%.
The main gainers on the Sensex at this hour include Tata Motors, ICICI Bank, GAIL, BHEL, L&T, Sun Pharma, RIL, Hero Moto and Bajaj Auto.
Tata Motors has surged ahead, extending Tuesday's 2.82% gains triggered by the company reporting strong Q3 earnings. Citigroup has raised Tata Motors target price to Rs 421 from Rs 393; rating buy.
Delhi's chief minister Arvind Kejriwal reportedly has asked for an investigation to be launched into Reliance Industries' (RIL) Chairman Mukesh Ambani and policymakers over pricing of gas produced from the D6 block in the east coast.
On the losing side, Tata Steel, Coal India, Sesa Sterlite, NTPC and Maruti Suzukui have declined between 1-2.5%.
Tata Steel is trading lower by 2.5% at Rs 381 after reporting a lower than expected net profit of Rs 503 crore for the third quarter ended December 31, 2013 (Q3), due to higher interest cost.
Among other shares, Kothari Products is locked in upper circuit of 20% at Rs 465, extending its previous day’s 12% rally, after its board has recommended the issue of bonus shares in the ratio of 2 (two) bonus equity shares for every 1 (one) existing equity share.
OnMobile Global has surged 10.69% to Rs 33.65 after the company's parent firm announced a voluntary open offer to the public shareholders.
JB Chemicals& Pharmaceuticals has dipped 5% to Rs 124 after reporting a net loss of Rs 6.5 crore for the third quarter ended December 31, 2013 (Q3FY14), mainly on account of one-time loss of Rs 65 crore due to revision of sale price of Russia-CIS OTC business undertaking.
The broader markets are under performing the benchmark indices- BSE Midcap and Smallcap indices have gained by 0.4-0.5%.
The market breadth in BSE remains firm with 952 shares advancing and 565 shares declining.