 "Markets trim gains; Economic Survey in focus")
Markets continued to trade higher on Friday tracking firm Asian cues and sharp overnight gains on Wall Street. However, further upside is likely to be capped on caution ahead of the Budget on Monday.
At 9:30am, the S&P BSE Sensex was up 143 points at 23,119 and the Nifty50 was up 46 points at 7,017.
Also, particpants are keeping a watch on the Economic Survey 2016 due to be tabled at 12 noon today.
Foreign institutional investors were net sellers in equities to the tune of Rs 1,466 crore on Thursday, as per provisional stock exchange data.
In the broader market, the BSE Midcap and Smallcap indices were up 0.7%-0.9% each. Market breadth was strong with 768 gainers and 158 losers on the BSE.
All sectoral indices on the BSE were in the green with Capital Goods index leading the gains up 1.5%.
Of the 30-Sensex stocks only three stocks were in the red in early trades.
Infosys extended gains and was up 1% after the company recommended extending the tenure of its chief executive officer and managing director Vishal Sikka by two years apart from revising his annual compensation significantly to $11 million.
L&T witnessed short covering at lower levels and was up 2%.
Tata Motors was up nearly 2%. The auto major sold more LCVs than M&M, the nearest competitor, consecutively in December and January.
Other gainers include, TCS, Reliance Industries, HDFC, Lupin, Axis Bank, SBI, Sun Pharma and Adani Ports.
Sensex losers include, Maruti Suzuki was trading flat with negative bias, Bharti Airtel and ICICI Bank was down 0.4%-0.5% each.
Among others, shares of United Spirits has surged 6% to Rs 2,836 on the BSE in early morning trade after Vijay Mallya has agreed to resign from his post of chairman and non-executive director of the company.
Rail-related stocks witnessed profit taking and were trading lower post the announcement of the Rail Budget 2016. Stocks which witnessed sharp sell off include Stone India, Kernex Micro, Texmaco Rail, Titagarh Wagons which were down 4%-7% each.
Stocks such as Cummins, KPIT Technologies and Tata Elxsi which are included in the F&O segment from today were trading 2%-4% higher while PC Jeweller and Indo Count Industries were down nearly 4%-8% each.
GLOBAL MARKETS
Asian stocks edged higher tracking sharp overnight gains on Wall Street while recovery in global crude oil prices also aided sentiment. Chinese shares rebounded on Friday after the sharp plunge in the previous session. Shanghai Composite was up 0.8% and Hang Seng was down 1.8%. Japan's Nikkei was down 1.2% and Straits Times was up 1.1%.
US stocks rebounded sharply in late trades on Thursday helped by a recovery in crude oil prices. Telecom and financials were among the top gainers in the S&P 500. The Dow Jones industrial average ended up 1.3% at 16,697, the broader S&P 500 gained 1.1% at 1,952 and the tech-laden Nasdaq ended up 0.9%.
At 9:30am, the S&P BSE Sensex was up 143 points at 23,119 and the Nifty50 was up 46 points at 7,017.
Read more from our special coverage on "NIFTY"
Also, particpants are keeping a watch on the Economic Survey 2016 due to be tabled at 12 noon today.
Foreign institutional investors were net sellers in equities to the tune of Rs 1,466 crore on Thursday, as per provisional stock exchange data.
In the broader market, the BSE Midcap and Smallcap indices were up 0.7%-0.9% each. Market breadth was strong with 768 gainers and 158 losers on the BSE.
All sectoral indices on the BSE were in the green with Capital Goods index leading the gains up 1.5%.
Of the 30-Sensex stocks only three stocks were in the red in early trades.
Infosys extended gains and was up 1% after the company recommended extending the tenure of its chief executive officer and managing director Vishal Sikka by two years apart from revising his annual compensation significantly to $11 million.
L&T witnessed short covering at lower levels and was up 2%.
Tata Motors was up nearly 2%. The auto major sold more LCVs than M&M, the nearest competitor, consecutively in December and January.
Other gainers include, TCS, Reliance Industries, HDFC, Lupin, Axis Bank, SBI, Sun Pharma and Adani Ports.
Sensex losers include, Maruti Suzuki was trading flat with negative bias, Bharti Airtel and ICICI Bank was down 0.4%-0.5% each.
Among others, shares of United Spirits has surged 6% to Rs 2,836 on the BSE in early morning trade after Vijay Mallya has agreed to resign from his post of chairman and non-executive director of the company.
Rail-related stocks witnessed profit taking and were trading lower post the announcement of the Rail Budget 2016. Stocks which witnessed sharp sell off include Stone India, Kernex Micro, Texmaco Rail, Titagarh Wagons which were down 4%-7% each.
Stocks such as Cummins, KPIT Technologies and Tata Elxsi which are included in the F&O segment from today were trading 2%-4% higher while PC Jeweller and Indo Count Industries were down nearly 4%-8% each.
GLOBAL MARKETS
Asian stocks edged higher tracking sharp overnight gains on Wall Street while recovery in global crude oil prices also aided sentiment. Chinese shares rebounded on Friday after the sharp plunge in the previous session. Shanghai Composite was up 0.8% and Hang Seng was down 1.8%. Japan's Nikkei was down 1.2% and Straits Times was up 1.1%.
US stocks rebounded sharply in late trades on Thursday helped by a recovery in crude oil prices. Telecom and financials were among the top gainers in the S&P 500. The Dow Jones industrial average ended up 1.3% at 16,697, the broader S&P 500 gained 1.1% at 1,952 and the tech-laden Nasdaq ended up 0.9%.