 "Markets remain range-bound; ITC up 2%, IT shares weak")
Benchmark indices continue to trade in a narrow range with positive bias supported by buying among FMCG, pharma and financial shares. However, the upside is capped due to selling among IT shares.
By 10:50 am, the S&P BSE Sensex was up 70 points at 28,130 and the Nifty50 rose 22 points to trade at 8,673. Broader markets continue to outperform benchmark indices- BSE Midcap and Smallcap indices are up over 0.5%.
Top gainers from the Sensex pack are ITC, Axis Bank, Power Grid, Cipla and Dr Reddy’s Lab. On the losing side, Adani Ports, Wipro, Infosys, NTPC and TCS are down 0.5%-2.3%.
Among other shares, Welspun India gained 5% to Rs 62.40, bouncing back from its 52-week low of Rs 53.40 in early trade on the BSE on the back of heavy volumes.
AstraZeneca Pharma India has dipped 8% to Rs 1,050 on the BSE in intra-day trade after the company said it has received notice from AstraZeneca UK for termination of distribution arrangements for Meronem in India.
Natco Pharma has surged 7% to hit fresh lifetime high of Rs 703 on the National Stock Exchange (NSE) after the drug maker announced receipt of successful Establishment Inspection Report (EIR) for Chennai facility.
**************************************************
Updated at 9:40 am
Markets have started the session on a marginally positive note even as upside gains were capped as investors turned cautious ahead of August F&O expiry today.
Besides, market participants across the globe are keenly awaiting signals on key policy rates from US Federal Reserve Chair Janet Yellen at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming.
By 9:35 am, the S&P BSE Sensex was up 77 points at 28,137 and the Nifty50 rose 28 points to trade at 8,678. Broader markets continue to outperform benchmark indices- BSE Midcap and Smallcap indices are up over 0.5%.
"The 8790-8580 has remained intact so fra and, oscillators are truer now. Repeated close above 8580 and closer to 8650 suggests that an inclination to push higher has been persistent. To this end, positive bias may be expected early in the day. However, such intentions would be acutely tested once above 8700, and inability to clear the 8750-90 band could see a vertical drop towards 8440. Direct rise above 8790 could call for shor covering rallies to 8900-9000, but not much beyond in the near term," adds Geojit BNP Paribas in its technical note.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 39.28 crore yesterday as per provisional data released by the stock exchanges.
Globally, Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech tomorrow which could provide hints about the timing of the next rate hike from the Fed. US stocks closed lower yesterday, with healthcare stocks leading declines while investors eagerly awaited a speech from Federal Reserve Chairwoman Janet Yellen.
Yellen is due to speak tomorrow at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
Back home, Axis Bank, Bajaj Auto, Cipla, Hero MotoCorp and Coal India are up almost 1% each. On the losing side, Wipro, Infosys, Adani Ports, Bharti Airtel and HDFC are down 0.3%-1%.
Among other shares, PNC Infratech has rallied 12% to Rs 135, also its 52-week high on the BSE in early morning trade, after the company's consolidated net profit more than doubles to Rs 54.2 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of lower finance cost and lower tax expense.
Welspun India is locked in lower circuit for the fourth straight trading session down 10% at Rs 53.50 on the BSE, after a media report that US-based retailer, Wal-Mart, which said it would review the supply chain and cotton certification records of the company and take suitable action - if any quality issues are found in Welspun's supplies.
With Capital Market input
By 10:50 am, the S&P BSE Sensex was up 70 points at 28,130 and the Nifty50 rose 22 points to trade at 8,673. Broader markets continue to outperform benchmark indices- BSE Midcap and Smallcap indices are up over 0.5%.
Top gainers from the Sensex pack are ITC, Axis Bank, Power Grid, Cipla and Dr Reddy’s Lab. On the losing side, Adani Ports, Wipro, Infosys, NTPC and TCS are down 0.5%-2.3%.
Among other shares, Welspun India gained 5% to Rs 62.40, bouncing back from its 52-week low of Rs 53.40 in early trade on the BSE on the back of heavy volumes.
AstraZeneca Pharma India has dipped 8% to Rs 1,050 on the BSE in intra-day trade after the company said it has received notice from AstraZeneca UK for termination of distribution arrangements for Meronem in India.
Natco Pharma has surged 7% to hit fresh lifetime high of Rs 703 on the National Stock Exchange (NSE) after the drug maker announced receipt of successful Establishment Inspection Report (EIR) for Chennai facility.
**************************************************
Updated at 9:40 am
Markets have started the session on a marginally positive note even as upside gains were capped as investors turned cautious ahead of August F&O expiry today.
Besides, market participants across the globe are keenly awaiting signals on key policy rates from US Federal Reserve Chair Janet Yellen at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming.
By 9:35 am, the S&P BSE Sensex was up 77 points at 28,137 and the Nifty50 rose 28 points to trade at 8,678. Broader markets continue to outperform benchmark indices- BSE Midcap and Smallcap indices are up over 0.5%.
"The 8790-8580 has remained intact so fra and, oscillators are truer now. Repeated close above 8580 and closer to 8650 suggests that an inclination to push higher has been persistent. To this end, positive bias may be expected early in the day. However, such intentions would be acutely tested once above 8700, and inability to clear the 8750-90 band could see a vertical drop towards 8440. Direct rise above 8790 could call for shor covering rallies to 8900-9000, but not much beyond in the near term," adds Geojit BNP Paribas in its technical note.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 39.28 crore yesterday as per provisional data released by the stock exchanges.
Globally, Asian stocks witnessed a mixed trend ahead of Federal Reserve Chairwoman Janet Yellen's speech tomorrow which could provide hints about the timing of the next rate hike from the Fed. US stocks closed lower yesterday, with healthcare stocks leading declines while investors eagerly awaited a speech from Federal Reserve Chairwoman Janet Yellen.
Yellen is due to speak tomorrow at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
ALSO READ: Today's picks: 25 August 2016
Back home, Axis Bank, Bajaj Auto, Cipla, Hero MotoCorp and Coal India are up almost 1% each. On the losing side, Wipro, Infosys, Adani Ports, Bharti Airtel and HDFC are down 0.3%-1%.
Among other shares, PNC Infratech has rallied 12% to Rs 135, also its 52-week high on the BSE in early morning trade, after the company's consolidated net profit more than doubles to Rs 54.2 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of lower finance cost and lower tax expense.
Welspun India is locked in lower circuit for the fourth straight trading session down 10% at Rs 53.50 on the BSE, after a media report that US-based retailer, Wal-Mart, which said it would review the supply chain and cotton certification records of the company and take suitable action - if any quality issues are found in Welspun's supplies.
With Capital Market input