 "Nifty facing resistance above 8,350; Vedanta, Tata Steel surge")
Markets continued to trade firm with metal shares gaining the most after reduction of export duty on iron ore.
At 11.35 AM, the 30-share Sensex was up 61 points higher at 27,552 and the 50-share Nifty was up 14 points up at 8,346.
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BSE Metal index was the top gainer up 1.6% followed by Capital Goods, Realty, Auto, Healthcare, FMCG among others.
IT shares were trading mixed after US-based Cognizant reported 9.7% growth in net profit for the quarter to $382.9 million compared with the corresponding period last year. TCS and Wipro were up 0.6-1.7% each. However, Infosys, HCL Tech and Tech Mahindra were trading lower.
The ministry of finance has cut export duty on iron ore (for 58% fe grade and below) from 30% to 10% from June 1, 2015. Tata Steel and Vedanta are the top Nifty gainers up over 3.5% each.
Hindalco was up 2%. According to reports the company need not apply for fresh environment clearances (EC) for four blocks allotted to them in the recent auction as the government has transferred to them the approvals granted to the earlier allottees.
Sun Pharma’s subsidiary Taro Pharma hiked prices of its two products Enalapril Maleate and Econazole nitrate cream in US. Both drugs together could add incremental sales of $20-25 million. The move can boost Taro's current run-rate of sales by 3 per cent and EBITDA by 4 per cent. Sun Pharma was up 1.2%.
ONGC extended its yesterday’s rally and is up 3.5% on reports that the government will foot the entire subsidy bill that oil marketing companies incur on selling LPG and kerosene below market prices in FY2016. So far, ONGC, Oil India and Gail had to share a part of their profits to finance the subsidy burden of downstream firms such as Indian Oil, BPCL and HPCL.
Engineering and construction giant Larsen & Toubro (L&T) has made a renewed bid to secure mining rights over Sijimali and Kutrumali bauxite deposits across Kalahandi and Rayagada districts after the enforcement of the Mines & Minerals (Development & Regulation) Act, MMDR Act, 2015. The stock rose 1.8%.
Top four mobile carriers including Bharti Airtel have reduced roaming charges for their subscribers effective April 30, 2015. Bharti Airtel was down 2%.
Auto shares are trading mixed after gains yesterday on the back of good sales numbers. M&M, Hero MotoCorp and Bajaj Auto are down over 1% each. Maruti Suzuki, Tata Motors were up over 1% each.
Shares of defence equipment and manufacturers were in focus and rallied by up to 7% on expectation of favourable regulatory changes that will accelerate investment flow into the sector.
Among the individual stocks, Bharat Electronics has rallied 7% to Rs 3,364 on the BSE. BEML surged 5% to Rs 1,049, followed by Dynamatic Technologies and Walchandnagar Industries up 4% each at Rs 3,475 and Rs 196 respectively, while Astra Microwave Products up 3% at Rs 125 and Larsen & Toubro up 2% at Rs 1,664.
Kotak Mahindra Bank, Dabur India, ABB India, NIIT Technologies and Pfizer are among companies that will announce their March quarter earnings later today.
In the broader market, the BSE Mid-cap index was up 0.7% and Small-cap index was up 0.6%.
Market breadth was strong with 1,292 gainers and 972 losers on the BSE.
At 11.35 AM, the 30-share Sensex was up 61 points higher at 27,552 and the 50-share Nifty was up 14 points up at 8,346.
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The rupee was trading at 63.46 per dollar after a long trading holiday as foreign flows into debt have been slowing.
SECTORS & STOCKS
BSE Metal index was the top gainer up 1.6% followed by Capital Goods, Realty, Auto, Healthcare, FMCG among others.
IT shares were trading mixed after US-based Cognizant reported 9.7% growth in net profit for the quarter to $382.9 million compared with the corresponding period last year. TCS and Wipro were up 0.6-1.7% each. However, Infosys, HCL Tech and Tech Mahindra were trading lower.
The ministry of finance has cut export duty on iron ore (for 58% fe grade and below) from 30% to 10% from June 1, 2015. Tata Steel and Vedanta are the top Nifty gainers up over 3.5% each.
Hindalco was up 2%. According to reports the company need not apply for fresh environment clearances (EC) for four blocks allotted to them in the recent auction as the government has transferred to them the approvals granted to the earlier allottees.
Sun Pharma’s subsidiary Taro Pharma hiked prices of its two products Enalapril Maleate and Econazole nitrate cream in US. Both drugs together could add incremental sales of $20-25 million. The move can boost Taro's current run-rate of sales by 3 per cent and EBITDA by 4 per cent. Sun Pharma was up 1.2%.
ONGC extended its yesterday’s rally and is up 3.5% on reports that the government will foot the entire subsidy bill that oil marketing companies incur on selling LPG and kerosene below market prices in FY2016. So far, ONGC, Oil India and Gail had to share a part of their profits to finance the subsidy burden of downstream firms such as Indian Oil, BPCL and HPCL.
Engineering and construction giant Larsen & Toubro (L&T) has made a renewed bid to secure mining rights over Sijimali and Kutrumali bauxite deposits across Kalahandi and Rayagada districts after the enforcement of the Mines & Minerals (Development & Regulation) Act, MMDR Act, 2015. The stock rose 1.8%.
Top four mobile carriers including Bharti Airtel have reduced roaming charges for their subscribers effective April 30, 2015. Bharti Airtel was down 2%.
Auto shares are trading mixed after gains yesterday on the back of good sales numbers. M&M, Hero MotoCorp and Bajaj Auto are down over 1% each. Maruti Suzuki, Tata Motors were up over 1% each.
Shares of defence equipment and manufacturers were in focus and rallied by up to 7% on expectation of favourable regulatory changes that will accelerate investment flow into the sector.
Among the individual stocks, Bharat Electronics has rallied 7% to Rs 3,364 on the BSE. BEML surged 5% to Rs 1,049, followed by Dynamatic Technologies and Walchandnagar Industries up 4% each at Rs 3,475 and Rs 196 respectively, while Astra Microwave Products up 3% at Rs 125 and Larsen & Toubro up 2% at Rs 1,664.
Kotak Mahindra Bank, Dabur India, ABB India, NIIT Technologies and Pfizer are among companies that will announce their March quarter earnings later today.
In the broader market, the BSE Mid-cap index was up 0.7% and Small-cap index was up 0.6%.
Market breadth was strong with 1,292 gainers and 972 losers on the BSE.