 "Sensex holds 26,800; ICICI Bank, SBI up over 1%")
Markets edged higher after the first hour of trade with bank shares leading the gains. However, upside gains are likely to be capped as traders are likely to remain cautious ahead of the two-day FOMC meet which begins today.
At 10:30AM, the 30-share Sensex was up 82 points at 26,835 and the 50-share Nifty was up 21 points at 8,013.
On Monday, FIIs were net buyers to the tune of around Rs 49.14 crore
Asian markets continue to witness a mixed trend with Japanese stocks remaining subdued ahead of the of US Federal Reserve's two day meeting and persisting decline in global crude price despite upbeat economic data released before the opening of market. Japanese retail sales in September rose 2.3% from a year earlier, government data showed, suggesting consumer spending is gradually picking up. NIkkei has declined around 0.8% and Straits Times is down around 0.5% while on the other hand Hang Seng has gained around 0.6% and Shanghai Composite is up around 1.2%.
BSE Bankex, Capital Goods, Auto and Realty were the top sectoral gainers while FMCG, Oil and Gas indices were marginal losers.
Financials were among the top Sensex gainers led by ICICI Bank up 1.5% followed by HDFC, SBI and Axis Bank.
L&T extended gains and was up 1.1% after a government panel on Saturday cleared defence projects worth Rs 50,000 crore.
Select auto stocks continue to witness profit after gains last week post robust festive sales. Hero MotoCorp, Maruti Suzuki and Bajaj Auto are down 0.5-1.5% each. However, Tata Motors rebounded from its correction in the previous session and was up 0.7%.
Pharma shares were also in focus with Sun Pharma and Cipla up 1.5-2% each.
FMCG major HUL extended losses and was down over 1% on worries over volume growth and after several brokerages reduced their target price post the second quarter earnings. Net profit was up 8% at Rs 988 crore for the quarter ended September compared to Rs 914 crore in the same quarter last year. Total income was higher at Rs 7,639 crore compared with Rs 6,893 crore in the same quarter last year. Volume growth was lower at 5% compared to 6% in the previous quarter.
Oil shares were among the top losers with Reliance Industries and ONGC down over 1% each.
Coal India was down 1% on reports that The Competition Commission of India (CCI ) has asked Coal India to desist from indulging in anti-competitive practices by abusing its dominant position. The CCI passed this judgment in two different cases relating to the e-auction scheme and fuel supply agreements which were filed last year.
Engineering major BHEL which had surged nearly 5% in the previous session witnessed profit taking and was down 1.5%.
Among other shares, State Bank of Mysore surged 13% after reporting a more than three-fold jump in net profit at Rs 102 crore in the July-September quarter (Q2) on higher interest income, lower provisions and better recovery from written-off accounts. The state-owned bank had profit of Rs 30 crore in the corresponding year-ago quarter.
State Bank of Travancore and State Bank of Bikaner and Jaipur – have rallied over 7% each after State Bank of Mysore reported robust results for the second quarter ended September 2014.
Thomas Cook (India) gained around 2% after being honoured as "India's Leading Tour Operator" for the year 2014 at the 21st Annual World Travel Awards' 2014 at the Asia & Australasia Gala Ceremony 2015 in New Delhi.
Texmaco Rail & Engineering gained around 3.6% on BSE on new acquisitions and prestigious orders despite reporting a 44% decline in net profit at Rs 3.32 crore for the July-September quarter of the 2015 fiscal compared to the same quarter last fiscal when it was Rs 5.93 crore.
Profit taking was also seen in the broader market, the BSE Mid-cap and Small-cap indices were up 0.3-0.4%.
Market breadth was positive with 1,161 gainers and 836 losers on the BSE.
At 10:30AM, the 30-share Sensex was up 82 points at 26,835 and the 50-share Nifty was up 21 points at 8,013.
On Monday, FIIs were net buyers to the tune of around Rs 49.14 crore
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The Indian rupee was trading lower at Rs 61.37 compared to the previous day's close of Rs 61.30 ahead of the Fed meet later today.
Asian markets continue to witness a mixed trend with Japanese stocks remaining subdued ahead of the of US Federal Reserve's two day meeting and persisting decline in global crude price despite upbeat economic data released before the opening of market. Japanese retail sales in September rose 2.3% from a year earlier, government data showed, suggesting consumer spending is gradually picking up. NIkkei has declined around 0.8% and Straits Times is down around 0.5% while on the other hand Hang Seng has gained around 0.6% and Shanghai Composite is up around 1.2%.
BSE Bankex, Capital Goods, Auto and Realty were the top sectoral gainers while FMCG, Oil and Gas indices were marginal losers.
Financials were among the top Sensex gainers led by ICICI Bank up 1.5% followed by HDFC, SBI and Axis Bank.
L&T extended gains and was up 1.1% after a government panel on Saturday cleared defence projects worth Rs 50,000 crore.
Select auto stocks continue to witness profit after gains last week post robust festive sales. Hero MotoCorp, Maruti Suzuki and Bajaj Auto are down 0.5-1.5% each. However, Tata Motors rebounded from its correction in the previous session and was up 0.7%.
Pharma shares were also in focus with Sun Pharma and Cipla up 1.5-2% each.
FMCG major HUL extended losses and was down over 1% on worries over volume growth and after several brokerages reduced their target price post the second quarter earnings. Net profit was up 8% at Rs 988 crore for the quarter ended September compared to Rs 914 crore in the same quarter last year. Total income was higher at Rs 7,639 crore compared with Rs 6,893 crore in the same quarter last year. Volume growth was lower at 5% compared to 6% in the previous quarter.
Oil shares were among the top losers with Reliance Industries and ONGC down over 1% each.
Coal India was down 1% on reports that The Competition Commission of India (CCI ) has asked Coal India to desist from indulging in anti-competitive practices by abusing its dominant position. The CCI passed this judgment in two different cases relating to the e-auction scheme and fuel supply agreements which were filed last year.
Engineering major BHEL which had surged nearly 5% in the previous session witnessed profit taking and was down 1.5%.
Among other shares, State Bank of Mysore surged 13% after reporting a more than three-fold jump in net profit at Rs 102 crore in the July-September quarter (Q2) on higher interest income, lower provisions and better recovery from written-off accounts. The state-owned bank had profit of Rs 30 crore in the corresponding year-ago quarter.
State Bank of Travancore and State Bank of Bikaner and Jaipur – have rallied over 7% each after State Bank of Mysore reported robust results for the second quarter ended September 2014.
Thomas Cook (India) gained around 2% after being honoured as "India's Leading Tour Operator" for the year 2014 at the 21st Annual World Travel Awards' 2014 at the Asia & Australasia Gala Ceremony 2015 in New Delhi.
Texmaco Rail & Engineering gained around 3.6% on BSE on new acquisitions and prestigious orders despite reporting a 44% decline in net profit at Rs 3.32 crore for the July-September quarter of the 2015 fiscal compared to the same quarter last fiscal when it was Rs 5.93 crore.
Profit taking was also seen in the broader market, the BSE Mid-cap and Small-cap indices were up 0.3-0.4%.
Market breadth was positive with 1,161 gainers and 836 losers on the BSE.