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Nifty hovers around 8,600; HDFC, HUL up over 2%

The rally was led by RIL along with HDFC and FMCG majors ITC and HUL

SI Reporter Mumbai
Last Updated : Jul 22 2015 | 1:12 PM IST
Benchmark share indices were trading near their day's highs with index heavyweight Reliance Industries leading the gains ahead of its first quarter earnings due on Friday.

At 1:10PM, the 30-share Sensex was up 239 points at 28,421 and the 50-share Nifty was up 72 points at 8,601.

The broader markets were also trading higher with BSE Midcap and Smallcap indices up by 0.7-0.8% each. Market breadth is positive with 1,632 advances against 915 declines on the BSE.

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Meanwhile, the monsoon session of the Parliament, which started on a stormy note on Tuesday, would be closely watched by the investors as the government is looking to pass the key bills including the controversial Land Acquisition Bill as well as the GST bill.

The Indian rupee trimmed losses and was trading flat at 63.54 against the US dollar.

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Bajaj Finserv, Ceat, JSW Energy, KPIT, Network 18, PVR and SKS Micro Finance are likely to unveil their April-June earnings later today.

SECTORS & STOCKS

BSE Oil & Gas index was the top sectoral gainer up 2.2% followed by Auto, FMCG and Healthcare indices among others.

Reliance Industries is the top Sensex gainer up 3.4% ahead of its April-June earnings on Friday. Analysts expect Reliance’s gross refining margins (GRM) to come at $9.5 in the June quarter, while petchem margins could compensate and provide the kicker.

In the financial space, HDFC, HDFC Bank, ICICI Bank and SBI were up 0.5-2.2% each.

FMCG majors were also among the top gainers with Hindustan Unilever up 2.7% after the company  reported volumes growth of 6% in the April-June quarter which was in line with expectations and recent trends, and expansion in Ebitda margins. ITC was up 1.1%.

Sun Pharma which had recorded its biggest single-day decline of 15% in the previous session because of profit warning rebounded today and was up 1.9%.

Other Sensex gainers include, L&T, M&M and ONGC among others.

Infosys was down 0.7% on profit-booking after the IT major surged 11% in the previous session on better-than-expected earnings and higher dollar revenue guidance.

Bharti Airtel was down 1% after it said it had no plans of exiting Africa and will continue to invest in the region, a day after it entered into a pact with France’s Orange for selling its four subsidiaries.

Vedanta has dropped nearly 3% after it said that it has scaled down operations and may make “huge” job cuts due to low world prices and rising imports.

Bajaj Auto is up over 2% ahead of its Q1 results that are due tomorrow.

Idea Cellular was down 2% on profit taking. The company posted a better-than-expected 28 % jump in quarterly profit, helped by higher data revenue.

Among other shares, PVR has moved higher by 5% to Rs 855, its new lifetime high on the NSE, after reporting a better-than-expected an eight-fold jump in consolidated net profit at Rs 58 crore for the quarter ended June 30, 2015 (Q1), on back of strong operational income.

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First Published: Jul 22 2015 | 1:10 PM IST

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