 "Nifty reclaims 8,550; Bharti Airtel up 2%, Nestle India rises 5%")
Benchmark share indices continued to trade higher led by IT majors on the back of a weakening rupee while Bharti Airtel rallied after robust first quarter earnings.
At 10:30AM the 30-share Sensex was up 214 points at 28,286 and the 50-share Nifty was up 62 points at 8,579.
"The trend deciding level for the day is 28,068 / 8,510 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,269 – 28,466 / 8,572 – 8,627 levels. However, if NIFTY trades below 28,068 / 8,510 levels for the first half-an-hour of trade then it may correct towards 27,870 – 27,669 / 8,455 – 8,393 levels," Angel Broking said in a note.
The Indian rupee was trading lower at 63.84 to the US dollar compared to the previous close of 63.74 after the dollar firmed up against other currencies on the prospects of rate hike by the US Fed.
GLOBAL MARKETS
Most Asian markets recouped early losses and were trading with marginal gains except for Chinese stocks which weakened despite a private survey which showed robust services growth in July. The services Purchasing Managers' Index (PMI) by Caixin/Markit increased to 53.8 in July from 51.8 in the previous month. China's Shanghai Composite was down 1.3% while Nikkei, Hang Seng and Straits Times were trading with marginal gains.
SECTORS & STOCKS
All sectoral indices on the BSE were trading in the green led by Realty index up 2.9% followed by Metal, IT and FMCG among others.
Bharti Airtel was up nearly 3% after the company reported a 40.2 per cent jump in net profit for the quarter ended June at Rs 1,554 crore. Strong data growth —both in India and Africa —is a key highlight of the quarter. During the quarter, mobile data revenues (consolidated) grew 57 per cent year-on-year to Rs 3,459 crore, as data traffic rose by 86.5 per cent. Mobile data revenues now account for 14.6 per cent of the total revenues compared to 9.6 per cent in the corresponding quarter last year.
IT stocks gained momentum on the back of a weakening rupee. Infosys, Wipro and TCS were up 0.6-1.4% each.
HDFC was up 1%. The company plans to raise roughly Rs 5,000 crore through a structured quasi-debt offer to domestic institutions soon.
Bank shares staged a recovery after the correction in the previous session post the neutral stance on key rates by the RBI. ICICI Bank, SBI and Axis Bank were up 0.5-1.2% each.
Among the index heavyweights, ITC and Reliance Industries were up 0.6% each.
Steel stocks gained on reports that the government might impose import duty on long products and flat steel products to counter huge imports from China.
Among other shares, Nestle India shares were up 5% after a PTI report suggested that a FSSAI-approved laboratory of Central Food Technological Research Institutue (CFTRI) has found Maggi noodles to be in compliance with the country's food safety standards.
At 10:30AM the 30-share Sensex was up 214 points at 28,286 and the 50-share Nifty was up 62 points at 8,579.
"The trend deciding level for the day is 28,068 / 8,510 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,269 – 28,466 / 8,572 – 8,627 levels. However, if NIFTY trades below 28,068 / 8,510 levels for the first half-an-hour of trade then it may correct towards 27,870 – 27,669 / 8,455 – 8,393 levels," Angel Broking said in a note.
More From This Section
Foreign portfolio investors were net buyers in equities to the tune of Rs 119 crore, as per provisional stock exchange data.
The Indian rupee was trading lower at 63.84 to the US dollar compared to the previous close of 63.74 after the dollar firmed up against other currencies on the prospects of rate hike by the US Fed.
GLOBAL MARKETS
Most Asian markets recouped early losses and were trading with marginal gains except for Chinese stocks which weakened despite a private survey which showed robust services growth in July. The services Purchasing Managers' Index (PMI) by Caixin/Markit increased to 53.8 in July from 51.8 in the previous month. China's Shanghai Composite was down 1.3% while Nikkei, Hang Seng and Straits Times were trading with marginal gains.
SECTORS & STOCKS
All sectoral indices on the BSE were trading in the green led by Realty index up 2.9% followed by Metal, IT and FMCG among others.
Bharti Airtel was up nearly 3% after the company reported a 40.2 per cent jump in net profit for the quarter ended June at Rs 1,554 crore. Strong data growth —both in India and Africa —is a key highlight of the quarter. During the quarter, mobile data revenues (consolidated) grew 57 per cent year-on-year to Rs 3,459 crore, as data traffic rose by 86.5 per cent. Mobile data revenues now account for 14.6 per cent of the total revenues compared to 9.6 per cent in the corresponding quarter last year.
IT stocks gained momentum on the back of a weakening rupee. Infosys, Wipro and TCS were up 0.6-1.4% each.
HDFC was up 1%. The company plans to raise roughly Rs 5,000 crore through a structured quasi-debt offer to domestic institutions soon.
Bank shares staged a recovery after the correction in the previous session post the neutral stance on key rates by the RBI. ICICI Bank, SBI and Axis Bank were up 0.5-1.2% each.
Among the index heavyweights, ITC and Reliance Industries were up 0.6% each.
Steel stocks gained on reports that the government might impose import duty on long products and flat steel products to counter huge imports from China.
Among other shares, Nestle India shares were up 5% after a PTI report suggested that a FSSAI-approved laboratory of Central Food Technological Research Institutue (CFTRI) has found Maggi noodles to be in compliance with the country's food safety standards.