 "Markets erase early gains, TCS slumps 2%")
Benchmark indices have erased early gains and have turned absolutely flat with Sensex and Nifty swinging between negative and positive zone. Selling pressure has aggravated in TCS, Infosys and RIL shares.
At 11:45 AM, the 30-share Sensex was up 20 points at 21,225 and the 50-share Nifty was up 5 points at 6,309.
The main losers on the Sensex are TCS, Coal India, Bharti Airtel, NTPC, BHEL and GAIL.
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Updated at 11:10
Benchmark indices have extended the gains led by Asian markets along with financials and auto shares leading the gains.
At 11:10AM, the 30-share Sensex was up 90 points at 21,295 and the 50-share Nifty was up 24 points at 6,328.
Adds Mohit Gaba, Independent technical analyst & trader, “We are still in the 6350 - 6150 range, until we do not break out of this range with force I would suggest we refrain from trading the Index.”
The market sentiments are also boosted by data showing that foreign funds were net buyers of Indian stocks on Monday, 20 January 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 384.89 crore on Monday, as per provisional data from the stock exchanges.
On the global front, Asian markets crept higher on Tuesday as Japanese stocks rebounded and Chinese money rates eased, while the U.S. dollar got a fillip from a report the Federal Reserve would again trim its bond buying next week.
The dollar broke the early lethargy with a hop to 104.48 yen when the Wall Street Journal reported the Fed is on track to trim its bond-buying program for the second time in six weeks, paring back by $10 billion to $65 billion a month.
Back home, Ashok Leyland, Colgate-Palm, eClerx Services, Info Edg.(India), Kotak Mah. Bank, Thermax and Torrent Pharma will unveil the third quarter results today.
The rupee appreciated in morning trade due to dollar sale by exporters and bullish stock markets.
At 10:45 am, the rupee was trading at Rs 61.50 compared with previous close of Rs 61.62 per dollar.
On the sectoral front, BSE Auto index has surged by nearly 2% followed by counters like Banks, Capital Goods, Realty, Metal and Consumer Durables, all gaining by 1% each. However, BSE IT and TECk indices have declining by nearly 1% each.
Banks shares are leading the trend ahead of the RBI's policy on January 28. The central bank is widely expected to keep interest rates unchanged after inflation cooled last month.
The main gainers on the Sensex at this hour include Tata Motors, ICICI Bank, Tata Steel, Sesa Sterlite, Maruti Suzuki, SBI, L&T and M&M, all gaining between 1-3%.
On the losing side, Coal India, TCS, Bharti Airtel, NTPC and BHEL have declined between 1-2%.
Among other shares, HCL Technologies has gained by nearly 1% to Rs 1,444.50, after hitting a record high of Rs 1445 in intraday trade. The company's consolidated net profit rose 5.7% to Rs 1496 crore on 2.8% increase in revenue to Rs 8184 crore in Q2 December 2013 over Q1 September 2013.
Aurobindo Pharma is trading higher by 4% at Rs 426, extending its previous day’s rally, after the company has signed a binding offer to acquire the commercial operations, excluding the manufacturing assets, from Actavis in seven western European countries.
Asian Paints is trading lower by 3% at Rs 475 after reporting 1.8% year-on-year (yoy) decline in consolidated net profit at Rs 329 crore for the third quarter ended December 31, 2013 (Q3), due to higher raw material cost and other expenses.
Sasken Communication Technologies has surged 6% to Rs 208 after its board declared a special dividend of Rs 22.50 per share (225%), in celebration of its 25th year since incorporation.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up between 0.5-1%.
The market breadth in BSE remains positive with 1,156 shares advancing and 738 shares declining.
At 11:45 AM, the 30-share Sensex was up 20 points at 21,225 and the 50-share Nifty was up 5 points at 6,309.
The main losers on the Sensex are TCS, Coal India, Bharti Airtel, NTPC, BHEL and GAIL.
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Updated at 11:10
Benchmark indices have extended the gains led by Asian markets along with financials and auto shares leading the gains.
At 11:10AM, the 30-share Sensex was up 90 points at 21,295 and the 50-share Nifty was up 24 points at 6,328.
Adds Mohit Gaba, Independent technical analyst & trader, “We are still in the 6350 - 6150 range, until we do not break out of this range with force I would suggest we refrain from trading the Index.”
The market sentiments are also boosted by data showing that foreign funds were net buyers of Indian stocks on Monday, 20 January 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 384.89 crore on Monday, as per provisional data from the stock exchanges.
On the global front, Asian markets crept higher on Tuesday as Japanese stocks rebounded and Chinese money rates eased, while the U.S. dollar got a fillip from a report the Federal Reserve would again trim its bond buying next week.
The dollar broke the early lethargy with a hop to 104.48 yen when the Wall Street Journal reported the Fed is on track to trim its bond-buying program for the second time in six weeks, paring back by $10 billion to $65 billion a month.
Back home, Ashok Leyland, Colgate-Palm, eClerx Services, Info Edg.(India), Kotak Mah. Bank, Thermax and Torrent Pharma will unveil the third quarter results today.
The rupee appreciated in morning trade due to dollar sale by exporters and bullish stock markets.
At 10:45 am, the rupee was trading at Rs 61.50 compared with previous close of Rs 61.62 per dollar.
On the sectoral front, BSE Auto index has surged by nearly 2% followed by counters like Banks, Capital Goods, Realty, Metal and Consumer Durables, all gaining by 1% each. However, BSE IT and TECk indices have declining by nearly 1% each.
Banks shares are leading the trend ahead of the RBI's policy on January 28. The central bank is widely expected to keep interest rates unchanged after inflation cooled last month.
The main gainers on the Sensex at this hour include Tata Motors, ICICI Bank, Tata Steel, Sesa Sterlite, Maruti Suzuki, SBI, L&T and M&M, all gaining between 1-3%.
On the losing side, Coal India, TCS, Bharti Airtel, NTPC and BHEL have declined between 1-2%.
Among other shares, HCL Technologies has gained by nearly 1% to Rs 1,444.50, after hitting a record high of Rs 1445 in intraday trade. The company's consolidated net profit rose 5.7% to Rs 1496 crore on 2.8% increase in revenue to Rs 8184 crore in Q2 December 2013 over Q1 September 2013.
Aurobindo Pharma is trading higher by 4% at Rs 426, extending its previous day’s rally, after the company has signed a binding offer to acquire the commercial operations, excluding the manufacturing assets, from Actavis in seven western European countries.
Asian Paints is trading lower by 3% at Rs 475 after reporting 1.8% year-on-year (yoy) decline in consolidated net profit at Rs 329 crore for the third quarter ended December 31, 2013 (Q3), due to higher raw material cost and other expenses.
Sasken Communication Technologies has surged 6% to Rs 208 after its board declared a special dividend of Rs 22.50 per share (225%), in celebration of its 25th year since incorporation.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up between 0.5-1%.
The market breadth in BSE remains positive with 1,156 shares advancing and 738 shares declining.