 "Sensex hovers around 22,200; BSE Midcap index up 1%")
Benchmark indices are trading firm led by buying among financials, capital goods and auto shares.
By 1:05 PM, the 30-share BSE Sensex was up 95 points at 22,189 levels while the 50-unit Nifty was up 35 points at 6,637 levels.
Adds Ravi Nathani, Technical analyst at Nsetoday.com, “As per technical's are concerned Nifty has stiff resistance around 6660 for short term, in simple terms to understand traders must buy Nifty on dips with a target of 6660 & 6710 in coming 3-4 trading sessions.”
Larsen and Toubro (L&T) has moved higher by 1% to Rs 1,284 after the company said the buildings and factories business of L&T Construction has won new housing orders worth Rs 1,981 crore in March 2014.
Shares of state-owned oil marketing companies (OMCs) are trading higher by up to 5% after the Election Commission said that OMCs could revise petrol prices without seeking the panel’s approval.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.9-1.1%.
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Updated at 11:35
After a flat start, gains in power and oil & gas stocks helped the market edge higher.
Gains in oil & gas major Reliance Industries, state lender State Bank of India among other heavyweights such as telecom carrier Bharti Airtel, FMCG major Hindustan Unilever and housing mortgage lender HDFC support benchmark stock indices at this hour.
The 30-share BSE Sensex is up 112 points or 0.51% at 22,209 levels while the 50-unit Nifty is up 39 points at 6,641 levels.
Broader markets continue to outperform the benchmarks at this hour. BSE small-cap index gained 1% and the midcap index advanced 0.7%
"Nifty has stiff resistance around 6660 for short term, In simple terms to understand traders must buy Nifty on dips with a target of 6660 & 6710 in coming 3-4 trading sessions," says Ravi Nathani- Founder and Technical analyst, nsetoday.com
Sectors & Stocks
Among the sectoral indices, Oil & Gas and FMCG indices down 0.1-0.3% were the only indices in the negative territory.
Consumer Durables index was flat with a negative bias.
Meanwhile, Realty, Power, Auto, IT and Health Care indices added 0.2-0.6%.
Index heavyweights, SBI and Reliance Industries adding 1% each were the top gainers among Sensex-30.
Sun Pharma, Gail India, Mahindra & Mahindra, Bharti Airtel, Tata Motors, Wipro, Hindalco, Bajaj Auto and Cipla up 0.6-0.9% were the notable gainers in opening trades.
Coal India, ONGC, TCS, Sesa Sterlite, Maruti Suzuki, L&T and ICICI Bank down 0.3-1.4% were the major losers.
In other stocks, Talwalkars Better Value Fitness surged 12% to Rs 178 on media reports that UK’s health and fitness group The David Lloyd eyes minority stake in the company.
The market breadth was positive on BSE. 886 stocks advanced while 355 stocks declined.
Global Markets
In Asia, markets were in skittish mood on Thursday following a late dip on Wall Street, with Tokyo stocks slipping as investors counted down to a rise in sales tax that is expected to swat consumer spending and test the market's faith in Abenomics.
The Nikkei fell 1.2% to threaten major chart support around 14,203, a break of which could trigger a retreat to 14,000.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%. Stocks in South Korea, Taiwan and Singapore all managed minor gains.
Overnight, U.S. stocks fell on Wednesday, led by losses in the technology and materials sectors, as geopolitical concerns rose after the United States and the European Union agreed to work together on tougher sanctions on Russia.
Trading remained choppy with U.S. stocks mostly positive in the morning after U.S. economic data pointed to improving conditions.
The Dow Jones industrial average slipped 0.60%, to end at 16,269. The Standard & Poor's 500 Index dropped 0.70%, to finish at 1,853 The Nasdaq Composite Index fell 1.43%, to close at 4,174.
By 1:05 PM, the 30-share BSE Sensex was up 95 points at 22,189 levels while the 50-unit Nifty was up 35 points at 6,637 levels.
Adds Ravi Nathani, Technical analyst at Nsetoday.com, “As per technical's are concerned Nifty has stiff resistance around 6660 for short term, in simple terms to understand traders must buy Nifty on dips with a target of 6660 & 6710 in coming 3-4 trading sessions.”
More From This Section
The main gainers on the Sensex at this hour include SBI, Bharti Airtel, Hero Moto, Axis Bank and BHEL.
Larsen and Toubro (L&T) has moved higher by 1% to Rs 1,284 after the company said the buildings and factories business of L&T Construction has won new housing orders worth Rs 1,981 crore in March 2014.
Shares of state-owned oil marketing companies (OMCs) are trading higher by up to 5% after the Election Commission said that OMCs could revise petrol prices without seeking the panel’s approval.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.9-1.1%.
*****************************************************
Updated at 11:35
After a flat start, gains in power and oil & gas stocks helped the market edge higher.
Gains in oil & gas major Reliance Industries, state lender State Bank of India among other heavyweights such as telecom carrier Bharti Airtel, FMCG major Hindustan Unilever and housing mortgage lender HDFC support benchmark stock indices at this hour.
The 30-share BSE Sensex is up 112 points or 0.51% at 22,209 levels while the 50-unit Nifty is up 39 points at 6,641 levels.
Broader markets continue to outperform the benchmarks at this hour. BSE small-cap index gained 1% and the midcap index advanced 0.7%
"Nifty has stiff resistance around 6660 for short term, In simple terms to understand traders must buy Nifty on dips with a target of 6660 & 6710 in coming 3-4 trading sessions," says Ravi Nathani- Founder and Technical analyst, nsetoday.com
Sectors & Stocks
Among the sectoral indices, Oil & Gas and FMCG indices down 0.1-0.3% were the only indices in the negative territory.
Consumer Durables index was flat with a negative bias.
Meanwhile, Realty, Power, Auto, IT and Health Care indices added 0.2-0.6%.
Index heavyweights, SBI and Reliance Industries adding 1% each were the top gainers among Sensex-30.
Sun Pharma, Gail India, Mahindra & Mahindra, Bharti Airtel, Tata Motors, Wipro, Hindalco, Bajaj Auto and Cipla up 0.6-0.9% were the notable gainers in opening trades.
Coal India, ONGC, TCS, Sesa Sterlite, Maruti Suzuki, L&T and ICICI Bank down 0.3-1.4% were the major losers.
In other stocks, Talwalkars Better Value Fitness surged 12% to Rs 178 on media reports that UK’s health and fitness group The David Lloyd eyes minority stake in the company.
The market breadth was positive on BSE. 886 stocks advanced while 355 stocks declined.
Global Markets
In Asia, markets were in skittish mood on Thursday following a late dip on Wall Street, with Tokyo stocks slipping as investors counted down to a rise in sales tax that is expected to swat consumer spending and test the market's faith in Abenomics.
The Nikkei fell 1.2% to threaten major chart support around 14,203, a break of which could trigger a retreat to 14,000.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%. Stocks in South Korea, Taiwan and Singapore all managed minor gains.
Overnight, U.S. stocks fell on Wednesday, led by losses in the technology and materials sectors, as geopolitical concerns rose after the United States and the European Union agreed to work together on tougher sanctions on Russia.
Trading remained choppy with U.S. stocks mostly positive in the morning after U.S. economic data pointed to improving conditions.
The Dow Jones industrial average slipped 0.60%, to end at 16,269. The Standard & Poor's 500 Index dropped 0.70%, to finish at 1,853 The Nasdaq Composite Index fell 1.43%, to close at 4,174.