 "Nifty reclaims 6,700; ICICI Bank up 2%")
Markets extended gains after the first hour of trade led by a rebound in IT majors post better-than-expected fourth quarter earnings from TCS and HCL Tech coupled with gains in index heavyweight Reliance Industries and select financials.
At 10:35AM, the 30-share Sensex was up 169 points at 22,447 and the 50-share was up 49 points at 6,724.
The rupee was trading marginally higher at Rs 60.34 compared to the previous close of Rs 60.39. The rupee had dropped for a third straight session on Wednesday to end at 60.39, its worst falling streak since late-January, as profit-taking in the domestic share market by offshore investors hurt the rupee.
Reliance Industries was up 1.3% ahead of its fourth quarter earnings to be released on Friday.
TCS posted a 48.2 per cent rise in net profit for the quarter ended March 31 (according to Indian generally-accepted accounting principles, or GAAP), in line with the Street’s expectations. Its consolidated revenue rose 31.2 per cent over the year-ago quarter to Rs 21,551 crore. The stock was up 1.2% after slipping 1% in early trades.
HCL Tech will also see buying demand after the reported strong earnings for the fourth quarter. Net profit stood at Rs 1,624 crore, Rupee revenue was at Rs 8,349 crore, Dollar revenue stood at $1,361 million. The stock trimmed early gains and was up 1.4%. further Infosys was up 1.4% and Wipro was also up 1.4% ahead of its fourth quarter earnings later today.
In the financials segment, ICICI Bank, HDFC, SBI, Axis Bank were up 1-2% each.
HDFC Bank was down nearly 2% on reports that MSCI has cut the bank's weightage in MSCI India index.
Among other shares, Mindtree has rallied nearly 5% at Rs 1,445 on the BSE after its board recommended the issue of bonus shares in the ratio of one equity share for every equity share held.
Radico Khaitan is locked at the lower circuit for the third day in a row, down 5% at Rs 117, also its lowest level since September 2013 on the NSE, on media reports that the Japanese brewer and distiller Suntory Holdings (Suntory) may call off its deal with the company.
In the broader market, the BSE Mid-cap index was up 0.8% and BSE Small-cap index was up 1.2%.
Market breadth was strong with 1,364 advances and 563 losers on the BSE.
At 10:35AM, the 30-share Sensex was up 169 points at 22,447 and the 50-share was up 49 points at 6,724.
The rupee was trading marginally higher at Rs 60.34 compared to the previous close of Rs 60.39. The rupee had dropped for a third straight session on Wednesday to end at 60.39, its worst falling streak since late-January, as profit-taking in the domestic share market by offshore investors hurt the rupee.
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Asian stocks staged a recovery paring early losses and were trading with marginal gains. The Nikkei was up 0.1%, Shanghai Composite was trading flat with positive bias while Hong Kong was trading 0.2% higher.
Reliance Industries was up 1.3% ahead of its fourth quarter earnings to be released on Friday.
TCS posted a 48.2 per cent rise in net profit for the quarter ended March 31 (according to Indian generally-accepted accounting principles, or GAAP), in line with the Street’s expectations. Its consolidated revenue rose 31.2 per cent over the year-ago quarter to Rs 21,551 crore. The stock was up 1.2% after slipping 1% in early trades.
HCL Tech will also see buying demand after the reported strong earnings for the fourth quarter. Net profit stood at Rs 1,624 crore, Rupee revenue was at Rs 8,349 crore, Dollar revenue stood at $1,361 million. The stock trimmed early gains and was up 1.4%. further Infosys was up 1.4% and Wipro was also up 1.4% ahead of its fourth quarter earnings later today.
In the financials segment, ICICI Bank, HDFC, SBI, Axis Bank were up 1-2% each.
HDFC Bank was down nearly 2% on reports that MSCI has cut the bank's weightage in MSCI India index.
Among other shares, Mindtree has rallied nearly 5% at Rs 1,445 on the BSE after its board recommended the issue of bonus shares in the ratio of one equity share for every equity share held.
Radico Khaitan is locked at the lower circuit for the third day in a row, down 5% at Rs 117, also its lowest level since September 2013 on the NSE, on media reports that the Japanese brewer and distiller Suntory Holdings (Suntory) may call off its deal with the company.
In the broader market, the BSE Mid-cap index was up 0.8% and BSE Small-cap index was up 1.2%.
Market breadth was strong with 1,364 advances and 563 losers on the BSE.