 "Nifty holds 8,800 amid choppy trades; midcap, smallcap outperform")
Benchmark indices are trading higher amid choppy trades led by firm Asian peers along with index heavyweights leading the gains.
At 10:40 am, the S&P BSE Sensex was up 73 points at 28,672 and the Nifty50 gained 32 points at 8,812. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.6% each.
Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments said, “Expect market to take further cues from the Fed event and remain twirling on the global tunes. Further, domestically, we expect auto and consumption driven stocks to remain in focus on account of on-going festive season and bountiful of pouring rains. We recommend a sell on rally strategy on Nifty and near term range place at 8,860–8,700”.
Top gainers from the Sensex pack are ICICI Bank, Asian Paints, ONGC, M&M, HUL and Tata Motors, all gaining by 1% each. Amongst losers, Maruti Suzuki, HDFC, Axis Bank, Bajaj Auto and Infosys are down 0.1%-1%.
Among other shares, Petron Engineering Construction has rallied 11% to Rs 174 on the BSE in early morning trade after the company received a Letter of Intents (LOIs) from Shree Cement, for civil work at their cement plants at Aurangabad, Bihar and at Gulbarga, Karnataka for a total contract value of approximately Rs 50 crore.
Vipul has surged over 9% after the company said it received environmental clearance for its project Aarohan at Golf Course road in Gurgaon.
Shares of select textile companies are trading higher by up to 8% on the BSE on expectation of pick- up in sales in coming months in light of good monsoon, 7th pay commission payouts and festive season.
Raymond, Alok Textiles, Himatsingka Seide, Aarvee Denims, Trident, DCM and Maxwell Industries were up between 2%-7% on the BSE.
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Updated at 9:30 am
Markets have turned flat after making a higher opening amid firm cues from its Asian peers.
At 9:30 am, the S&P BSE Sensex was down 8 points at 28,591 and the Nifty50 gained 10 points at 8,790. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.4%.
"Positional traders should trail their long positions at 8,500 Nifty50 levels and buy on dips with stops Investors are advised to stay on the sidelines at the current levels. Existing long positions should be trailed at 8,500" adds Jimeet Modi, CEO, SAMCO Securities.
ICICI Prudential Life Insurance's IPO, worth up to Rs 6,057 crore and biggest for Indian markets in about six years, will hit the capital market today.
Stock markets would keenly await the outcome of the US Federal Reserve policy meeting this week, which would influence trading sentiment going ahead, say experts.
Foreign investors have pumped in Rs 5,790 into the country's capital markets within a fortnight this month, driven by global and domestic factors.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 660.59 crore on Friday, as per provisional data released by the stock exchanges.
Globally, Asian stocks edged higher on Monday ahead of the meetings of central banks in Japan and the US. All markets in the region trading with positive bias led by Taiwan which gained over 2% followef by Hong Kong.
The Taiwan Weighted was up 2.5% while Hong Kong's benchmark, Hang Seng was up 0.8% and Shanghai Composite was up 0.5%. The Nikkei was up 0.7% and Straits Times gained 0.3%.
US stocks ended lower on Friday amid profit taking in energy shares on the back of weakness in crude oil prices. Further, investors also remained cautious ahead of the meetings of the central banks in Japan and the US this week.
Back home, ICICI Bank, State Bank of India, Tata Motors, GAIL and Bajaj Auto are up 1%-2%.
ICICI Bank has surged over 1.5%. ICICI Bank has around 68% stake in the insurer, while Prudential has 26%.
On the losing side, Infosys, Maruti Suzuki, Power Grid, TCS and Dr Reddy’s Labs are down 0.4%-1%.
Power Grid Corporation of India said that the company's board of directors in their meeting held on 16 September 2016 has accorded investment approval for "System Strengthening in Southern Region - XXI" at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval.
Axis Bank announced revision in its Marginal Cost of Funds based Lending Rate (MCLR) with effect from 17 September 2016. The stock is down almost 1%.
Japanese automobile major Suzuki plans to harness the strengths of Maruti Suzuki to grow its two-wheeler business in the world’s largest market.
At 10:40 am, the S&P BSE Sensex was up 73 points at 28,672 and the Nifty50 gained 32 points at 8,812. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.6% each.
Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments said, “Expect market to take further cues from the Fed event and remain twirling on the global tunes. Further, domestically, we expect auto and consumption driven stocks to remain in focus on account of on-going festive season and bountiful of pouring rains. We recommend a sell on rally strategy on Nifty and near term range place at 8,860–8,700”.
Top gainers from the Sensex pack are ICICI Bank, Asian Paints, ONGC, M&M, HUL and Tata Motors, all gaining by 1% each. Amongst losers, Maruti Suzuki, HDFC, Axis Bank, Bajaj Auto and Infosys are down 0.1%-1%.
Among other shares, Petron Engineering Construction has rallied 11% to Rs 174 on the BSE in early morning trade after the company received a Letter of Intents (LOIs) from Shree Cement, for civil work at their cement plants at Aurangabad, Bihar and at Gulbarga, Karnataka for a total contract value of approximately Rs 50 crore.
Vipul has surged over 9% after the company said it received environmental clearance for its project Aarohan at Golf Course road in Gurgaon.
Shares of select textile companies are trading higher by up to 8% on the BSE on expectation of pick- up in sales in coming months in light of good monsoon, 7th pay commission payouts and festive season.
Raymond, Alok Textiles, Himatsingka Seide, Aarvee Denims, Trident, DCM and Maxwell Industries were up between 2%-7% on the BSE.
***************************************
Updated at 9:30 am
Markets have turned flat after making a higher opening amid firm cues from its Asian peers.
At 9:30 am, the S&P BSE Sensex was down 8 points at 28,591 and the Nifty50 gained 10 points at 8,790. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.4%.
"Positional traders should trail their long positions at 8,500 Nifty50 levels and buy on dips with stops Investors are advised to stay on the sidelines at the current levels. Existing long positions should be trailed at 8,500" adds Jimeet Modi, CEO, SAMCO Securities.
ICICI Prudential Life Insurance's IPO, worth up to Rs 6,057 crore and biggest for Indian markets in about six years, will hit the capital market today.
Stock markets would keenly await the outcome of the US Federal Reserve policy meeting this week, which would influence trading sentiment going ahead, say experts.
Foreign investors have pumped in Rs 5,790 into the country's capital markets within a fortnight this month, driven by global and domestic factors.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 660.59 crore on Friday, as per provisional data released by the stock exchanges.
Globally, Asian stocks edged higher on Monday ahead of the meetings of central banks in Japan and the US. All markets in the region trading with positive bias led by Taiwan which gained over 2% followef by Hong Kong.
The Taiwan Weighted was up 2.5% while Hong Kong's benchmark, Hang Seng was up 0.8% and Shanghai Composite was up 0.5%. The Nikkei was up 0.7% and Straits Times gained 0.3%.
US stocks ended lower on Friday amid profit taking in energy shares on the back of weakness in crude oil prices. Further, investors also remained cautious ahead of the meetings of the central banks in Japan and the US this week.
Back home, ICICI Bank, State Bank of India, Tata Motors, GAIL and Bajaj Auto are up 1%-2%.
ICICI Bank has surged over 1.5%. ICICI Bank has around 68% stake in the insurer, while Prudential has 26%.
On the losing side, Infosys, Maruti Suzuki, Power Grid, TCS and Dr Reddy’s Labs are down 0.4%-1%.
Power Grid Corporation of India said that the company's board of directors in their meeting held on 16 September 2016 has accorded investment approval for "System Strengthening in Southern Region - XXI" at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval.
Axis Bank announced revision in its Marginal Cost of Funds based Lending Rate (MCLR) with effect from 17 September 2016. The stock is down almost 1%.
Japanese automobile major Suzuki plans to harness the strengths of Maruti Suzuki to grow its two-wheeler business in the world’s largest market.