 "Sensex holds 26,050 mark; Tata Power, Infosys top gainers")
Benchmark indices continue to maintain the positive trend led by IT shares. However, the upside has been capped due to selling pressure among financials and oil shares.
By 10:30, the Sensex was higher by 99 points at 26,055 mark and the Nifty gained by 22 points at 7,774 levels.
Adds Ravi Nathani, Technical analyst at Nsetoday.com, “Nifty has given a breakout and is expected to rally with a target of 8040, best trading strategy for traders would be hunt for opportunities to buy Nifty stocks on dips or one could also opt for F&O positions in Nifty.”
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, staying just under Friday's peak and two percentage point below its 2011 peak, having risen about 7 percent so far this year.
Back home, the rupee is trading at 59.85 versus the dollar, lower than previous day’s close.
On the sectoral front, BSE IT and TECk indices have gained by nearly 2% each. However, BSE Bankex and BSE Oil & gas index have declined by almost 1% each.
The main gainers on the Sensex are Tata Power, Infosys, TCS, Dr Reddy’s Labs, Bharti Airtel, Hindalco and Wipro, all surging between 1-3%.
On the losing side, ONGC, HDFC Bank, Maruti Suzuki, ITC and Axis Bank have declined between 0.5-1%.
Among other shares, Reliance Communications has gained nearly 2% after index provider FTSE raises the weightage of the stock in its index series on Friday.
IDFC has surged by almost 4% after Morgan Stanley upgrades the stock to "overweight" from "underweight" and raises its target price to Rs 175 from Rs 115.
South Indian Bank has surged nearly 8% to Rs 35.05, also its record high on BSE, after Mohnish Pabrai, a leading US-based fund manager, has bought an over one percentage point stake in the private sector bank for Rs 64 crore from the open market.
Railway-related stocks are continue at their upward march and trading higher by up to 7% second day in a row ahead of the Railway Budget on Tuesday, July 8.
Texmaco Rail & Engineering, Titagarh Wagons, Kalindee Rail Nirman (Engineers), Kernex Microsystems (India) and Stone India are up between 4-8% in early morning deals on the Bombay Stock Exchange (BSE). In comparison, the benchmark Sensex was up 0.5% at 26,076.
The broader market are trading marginally positive- BSE Midcap and Smallcap indices have gained between 0.1-0.5%.
The market breadth in BSE remains positive with 1,450 shares advancing and 912 shares declining.
By 10:30, the Sensex was higher by 99 points at 26,055 mark and the Nifty gained by 22 points at 7,774 levels.
Adds Ravi Nathani, Technical analyst at Nsetoday.com, “Nifty has given a breakout and is expected to rally with a target of 8040, best trading strategy for traders would be hunt for opportunities to buy Nifty stocks on dips or one could also opt for F&O positions in Nifty.”
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On the global front, Asian stock markets got off to a slow start on Monday after a U.S. market holiday but held near three-year highs on optimism about the U.S. economy, with investors now shifting their focus to corporate earnings.
MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, staying just under Friday's peak and two percentage point below its 2011 peak, having risen about 7 percent so far this year.
Back home, the rupee is trading at 59.85 versus the dollar, lower than previous day’s close.
On the sectoral front, BSE IT and TECk indices have gained by nearly 2% each. However, BSE Bankex and BSE Oil & gas index have declined by almost 1% each.
The main gainers on the Sensex are Tata Power, Infosys, TCS, Dr Reddy’s Labs, Bharti Airtel, Hindalco and Wipro, all surging between 1-3%.
On the losing side, ONGC, HDFC Bank, Maruti Suzuki, ITC and Axis Bank have declined between 0.5-1%.
Among other shares, Reliance Communications has gained nearly 2% after index provider FTSE raises the weightage of the stock in its index series on Friday.
IDFC has surged by almost 4% after Morgan Stanley upgrades the stock to "overweight" from "underweight" and raises its target price to Rs 175 from Rs 115.
South Indian Bank has surged nearly 8% to Rs 35.05, also its record high on BSE, after Mohnish Pabrai, a leading US-based fund manager, has bought an over one percentage point stake in the private sector bank for Rs 64 crore from the open market.
Railway-related stocks are continue at their upward march and trading higher by up to 7% second day in a row ahead of the Railway Budget on Tuesday, July 8.
Texmaco Rail & Engineering, Titagarh Wagons, Kalindee Rail Nirman (Engineers), Kernex Microsystems (India) and Stone India are up between 4-8% in early morning deals on the Bombay Stock Exchange (BSE). In comparison, the benchmark Sensex was up 0.5% at 26,076.
The broader market are trading marginally positive- BSE Midcap and Smallcap indices have gained between 0.1-0.5%.
The market breadth in BSE remains positive with 1,450 shares advancing and 912 shares declining.