 "Markets remain sideways, Smallcaps outperform; ONGC dips 3%")
Benchmark indices continue to trade in a narrow range with positive bias aided by buying among metal and telecom stocks. However, the upside is capped due to selling among oil shares and weak global cues.
By 10:55 am, the benchmark S&P Sensex was at 27,562 up 35 points and the Nifty50 index was trading at 8,528 up 14 points. Among broader markets, BSE Midcap and Smallcap indices are up 0.3%-1%.
Top gainers from the Sensex pack are Tata Steel, Hero MotoCorp, L&T, ICICI Bank and Maruti Suzuki, all surging between 0.8%-1.3%. On the losing side, ONGC, NTPC, Asian Paints, Infosys and Sun Pharma are down 1%-3%.
Among other shares, Shree Pushkar Chemicals & Fertilisers has rallied to its record high of Rs 196, up 17% on BSE, after the company announced the start of commercial production of Sulphate of Potash (SOP) around end September 2016.
Indo Amines hit an upper circuit limit of 20% at Rs 80.45 on BSE after the company said it received approval from United States Environmental Protection Agency to sell certain products in the US market.
Strides Shasun was up 4% to Rs 1,095 on BSE in early morning trade after the pharmaceuticals company announced that Mylan agreed to settle regulatory and general claims on Agila transaction.
****************************************
Updated at 9:30 am
Markets have taken a breather today and have opened flat with negative bias mirroring mixed trend among global peers amid uncertainty over next week's US presidential election sending investors rushing to the sidelines.
Further, the Federal Reserve kept interest rates unchanged on Wednesday in its last policy decision before the US election, but signalled it could hike in December as the economy gathers momentum and inflation picks up.
By 9:25 am, the benchmark S&P Sensex was at 27,514 down 13 points and the Nifty50 index was trading at 8,510 down 2 points. Among broader markets, BSE Midcap and Smallcap indices are up 0.5% each.
On Wednesday, benchmark share indices ended over 1% lower on Wednesday, tracking a sell-off in global markets, amid growing uncertainty over the US elections and the Fed's stance on interest rates.
Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments says, “From short term prospective Nifty is trading at closer to the short term support level of 8,450 – 8,520 and on daily chart it is making lower highs. Going ahead we expect market to trade near the said support level and take cues on future direction".
Besides, foreign portfolio investors (FPIs) sold shares worth a net Rs 667.37 crore yesterday as per provisional data released by the stock exchanges.
On the macro front, Markit Economics will announce the India Services PMI data for October 2016 today. The seasonally adjusted Nikkei India Services Business Activity Index registered 52 in September down from August's 43-month high of 54.7.
The GST Council will begin its crucial 2-day meeting on Thursday to decide on tax rate including the levy of cess and sort out the vexed issue of jurisdiction over assessees.
GLOBAL MARKETS
Asia shares joined the U.S. dollar on the defensive on Thursday as the nail-biting US presidential race saw the S&P 500 suffer its longest losing streak in five years as investors sailed to safer harbours.
Sovereign bonds, gold, the yen and Swiss franc were all in favour, and even the prospect of a December rate increase from the Federal Reserve could not save the dollar.
Oil prices steadied for a moment after taking a beating on data showing a record weekly build in U.S. crude inventories.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat with only minor moves across the region. Shanghai and South Korea barely budged.
Tokyo markets were closed for a holiday, which was likely just as well as the Nikkei would have been hard pressed by the rising yen.
STOCK TRENDS & CORPORATE NEWS
State Bank of India (SBI) and ICICI Bank have cut their respective lending rates for home loans to boost housing credit during the festive season. SBI has slashed interest rates by 0.15 per cent for its home loans up to Rs 75 lakh, while ICICI Bank is offering overdraft facility along with home loan.
Tech Mahindra, India’s fifth largest IT services is betting big on Nordic regions as it has bagged two deals from leading players in Finland and Norway.
Strides Shasun, a Bengaluru-based pharmaceutical company, plans to list its biotechnology business, Stelis Biopharma.
The state-owned insurer Life Corporation of India (LIC), a major investor in Tata group stocks, reduced its stake in the companies during Cyrus Mistry’s tenure at the helm.
The National Aluminium Company (Nalco) is likely to keep in abeyance its plans to put up a greenfield smelter in Iran.
Public sector IDBI Bank is exploring a tie-up with a stressed asset fund to tackle big-ticket non-performing loans.
Telecom operator Reliance Jio Infocomm will install around 45,000 mobile towers in the next six months to boost its 4G network.
With Reuters inputs
By 10:55 am, the benchmark S&P Sensex was at 27,562 up 35 points and the Nifty50 index was trading at 8,528 up 14 points. Among broader markets, BSE Midcap and Smallcap indices are up 0.3%-1%.
Top gainers from the Sensex pack are Tata Steel, Hero MotoCorp, L&T, ICICI Bank and Maruti Suzuki, all surging between 0.8%-1.3%. On the losing side, ONGC, NTPC, Asian Paints, Infosys and Sun Pharma are down 1%-3%.
More From This Section
Hero MotoCorp rose 0.64% to Rs 3,345.50 on BSE after the company said its total motorcycle sales rose 3.65% to 6.63 lakh units in October 2016 over October 2015.
Among other shares, Shree Pushkar Chemicals & Fertilisers has rallied to its record high of Rs 196, up 17% on BSE, after the company announced the start of commercial production of Sulphate of Potash (SOP) around end September 2016.
Indo Amines hit an upper circuit limit of 20% at Rs 80.45 on BSE after the company said it received approval from United States Environmental Protection Agency to sell certain products in the US market.
Strides Shasun was up 4% to Rs 1,095 on BSE in early morning trade after the pharmaceuticals company announced that Mylan agreed to settle regulatory and general claims on Agila transaction.
****************************************
Updated at 9:30 am
Markets have taken a breather today and have opened flat with negative bias mirroring mixed trend among global peers amid uncertainty over next week's US presidential election sending investors rushing to the sidelines.
Further, the Federal Reserve kept interest rates unchanged on Wednesday in its last policy decision before the US election, but signalled it could hike in December as the economy gathers momentum and inflation picks up.
By 9:25 am, the benchmark S&P Sensex was at 27,514 down 13 points and the Nifty50 index was trading at 8,510 down 2 points. Among broader markets, BSE Midcap and Smallcap indices are up 0.5% each.
On Wednesday, benchmark share indices ended over 1% lower on Wednesday, tracking a sell-off in global markets, amid growing uncertainty over the US elections and the Fed's stance on interest rates.
Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments says, “From short term prospective Nifty is trading at closer to the short term support level of 8,450 – 8,520 and on daily chart it is making lower highs. Going ahead we expect market to trade near the said support level and take cues on future direction".
Besides, foreign portfolio investors (FPIs) sold shares worth a net Rs 667.37 crore yesterday as per provisional data released by the stock exchanges.
On the macro front, Markit Economics will announce the India Services PMI data for October 2016 today. The seasonally adjusted Nikkei India Services Business Activity Index registered 52 in September down from August's 43-month high of 54.7.
The GST Council will begin its crucial 2-day meeting on Thursday to decide on tax rate including the levy of cess and sort out the vexed issue of jurisdiction over assessees.
GLOBAL MARKETS
Asia shares joined the U.S. dollar on the defensive on Thursday as the nail-biting US presidential race saw the S&P 500 suffer its longest losing streak in five years as investors sailed to safer harbours.
Sovereign bonds, gold, the yen and Swiss franc were all in favour, and even the prospect of a December rate increase from the Federal Reserve could not save the dollar.
Oil prices steadied for a moment after taking a beating on data showing a record weekly build in U.S. crude inventories.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat with only minor moves across the region. Shanghai and South Korea barely budged.
Tokyo markets were closed for a holiday, which was likely just as well as the Nikkei would have been hard pressed by the rising yen.
STOCK TRENDS & CORPORATE NEWS
State Bank of India (SBI) and ICICI Bank have cut their respective lending rates for home loans to boost housing credit during the festive season. SBI has slashed interest rates by 0.15 per cent for its home loans up to Rs 75 lakh, while ICICI Bank is offering overdraft facility along with home loan.
Tech Mahindra, India’s fifth largest IT services is betting big on Nordic regions as it has bagged two deals from leading players in Finland and Norway.
Strides Shasun, a Bengaluru-based pharmaceutical company, plans to list its biotechnology business, Stelis Biopharma.
The state-owned insurer Life Corporation of India (LIC), a major investor in Tata group stocks, reduced its stake in the companies during Cyrus Mistry’s tenure at the helm.
The National Aluminium Company (Nalco) is likely to keep in abeyance its plans to put up a greenfield smelter in Iran.
Public sector IDBI Bank is exploring a tie-up with a stressed asset fund to tackle big-ticket non-performing loans.
Telecom operator Reliance Jio Infocomm will install around 45,000 mobile towers in the next six months to boost its 4G network.
With Reuters inputs