 "Markets pare gains; Nifty holds 8,400")
Markets trimmed early gains amid profit booking at higher levels in financials while losses in Infosys and Sun Pharmaceutical also weighed on sentiment.
At 11AM, the 30-share Sensex was down 108 points at 27,782 and the 50-share Nifty was down 20 points at 8,410.
Other losers include, M&M, SBI, Wipro, HDFC and ICICI Bank among others
(Updated at 10:35AM)
Markets came off their early highs but continued to remain in positive terrain after the first hour of trade led by financials after robust earnings by Yes Bank while FMCG majors also added to the gains.
At 10:35AM, the 30-share Sensex was up 47 points at 27,938 and the 50-share Nifty was up 26 points at 8,456.
"The market is likely to trade sideways to positive. Selling at higher levels is expected. For the Sensex resistance is seen at 27920 above 28150. Support is at 27738 below 27756 and 27483. For the Nifty resistance is at 8456 above 8477 and 8505. Support is at 8406 below 8385, 8350, 8302, 8274 and more," Geojit BNP Paribas Financial Services said in a technical note.
Foreign institutional investors (FIIs) from countries with which India has double taxation avoidance agreements (DTAAs) that specifically exempt them from capital gains tax may escape minimum alternate tax (MAT) demands from the income tax department, a Business Standard report suggests.
Meanwhile, the India Meteorological Department said Southwest monsoon received by the country this year could be below normal, at 93% of the long-period average.
Sectors & Stocks
All sectoral indices on the BSE were in the green led by BSE Metal index up 2.1% along with Realty, Bankex, Healthcare, FMCG, Power and Consumer Durables among others.
Mortgage lender HDFC was up 1% contributing the most to the Sensex gains along with private lenders such as HDFC Bank, ICICI Bank and Axis Bank.
Yes Bank was up 3.5% after foreign brokerage recommended 'buy' on the stock after the private lender posted a 28.1% rise in net profit at Rs 551 crore for the quarter ended March 31, 2015. Veekesh Gandhi and Rajeev Varma, analysts at Bank of America Merrill Lynch reiterate ‘Buy’ rating and raised target price to Rs 1,100.
FMCG majors ITC and Hindustan Unilever were up 0.7% each on buying interest at lower levels.
Index heavyweight Reliance Industries was up also 0.7%.
Tata Steel was up 4.5% on talk that a foreign brokerage has a 'buy' call on the stock.
Other gainers include, TCS, Maruti Suzuki, HCL Tech among others.
Everest Industries jumped 15% after the company reported an over three-fold jump in its net profit at Rs 10.07 crore for the fourth quarter ended March 2015 (Q4), on the back of strong operational performance. The cement & cement products maker had recorded a profit of Rs 3.04 crore in a year ago quarter.
Ramco Systems has rallied 10% to Rs 692 on the National Stock Exchange (NSE) after the information technology (IT) & software services provider said it opened its qualified institutional placement (QIP) issue for subscription on Wednesday. The company has fixed a floor price of Rs 668.03 per equity share.
In the broader market, the BSE Mid-cap index was up 1.2% and the Small-cap index was up 0.9%.
Market breadth improved further with 1,512 gainers and 537 losers on the BSE.
At 11AM, the 30-share Sensex was down 108 points at 27,782 and the 50-share Nifty was down 20 points at 8,410.
Other losers include, M&M, SBI, Wipro, HDFC and ICICI Bank among others
More From This Section
________________________
(Updated at 10:35AM)
Markets came off their early highs but continued to remain in positive terrain after the first hour of trade led by financials after robust earnings by Yes Bank while FMCG majors also added to the gains.
At 10:35AM, the 30-share Sensex was up 47 points at 27,938 and the 50-share Nifty was up 26 points at 8,456.
"The market is likely to trade sideways to positive. Selling at higher levels is expected. For the Sensex resistance is seen at 27920 above 28150. Support is at 27738 below 27756 and 27483. For the Nifty resistance is at 8456 above 8477 and 8505. Support is at 8406 below 8385, 8350, 8302, 8274 and more," Geojit BNP Paribas Financial Services said in a technical note.
Foreign institutional investors (FIIs) from countries with which India has double taxation avoidance agreements (DTAAs) that specifically exempt them from capital gains tax may escape minimum alternate tax (MAT) demands from the income tax department, a Business Standard report suggests.
Meanwhile, the India Meteorological Department said Southwest monsoon received by the country this year could be below normal, at 93% of the long-period average.
Sectors & Stocks
All sectoral indices on the BSE were in the green led by BSE Metal index up 2.1% along with Realty, Bankex, Healthcare, FMCG, Power and Consumer Durables among others.
Mortgage lender HDFC was up 1% contributing the most to the Sensex gains along with private lenders such as HDFC Bank, ICICI Bank and Axis Bank.
Yes Bank was up 3.5% after foreign brokerage recommended 'buy' on the stock after the private lender posted a 28.1% rise in net profit at Rs 551 crore for the quarter ended March 31, 2015. Veekesh Gandhi and Rajeev Varma, analysts at Bank of America Merrill Lynch reiterate ‘Buy’ rating and raised target price to Rs 1,100.
FMCG majors ITC and Hindustan Unilever were up 0.7% each on buying interest at lower levels.
Index heavyweight Reliance Industries was up also 0.7%.
Tata Steel was up 4.5% on talk that a foreign brokerage has a 'buy' call on the stock.
Other gainers include, TCS, Maruti Suzuki, HCL Tech among others.
Everest Industries jumped 15% after the company reported an over three-fold jump in its net profit at Rs 10.07 crore for the fourth quarter ended March 2015 (Q4), on the back of strong operational performance. The cement & cement products maker had recorded a profit of Rs 3.04 crore in a year ago quarter.
Ramco Systems has rallied 10% to Rs 692 on the National Stock Exchange (NSE) after the information technology (IT) & software services provider said it opened its qualified institutional placement (QIP) issue for subscription on Wednesday. The company has fixed a floor price of Rs 668.03 per equity share.
In the broader market, the BSE Mid-cap index was up 1.2% and the Small-cap index was up 0.9%.
Market breadth improved further with 1,512 gainers and 537 losers on the BSE.