 "Nifty eyes 7,950; BSE Midcap index up 0.5%")
Benchmark indices are trading in a tight range with positive bias led by auto shares and index heavyweight Reliance Industries. However, the upside is capped due to selling among FMCG majors like ITC and HUL.
At 14:35 pm, the S&P BSE Sensex was up 74 points at 25,108 and Nifty50 gained 12 points at 7,938. However, BSE Midcap index is outperforming the benchmark indices- up 0.5%.
The top gainers from the Sensex pack are Bajaj Auto, M&M, Adani Ports, Hero Moto and GAIL. On the losing side, BHEL, Coal India, HUL, ITC and Cipla have slipped between 0.4-2%.
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Updated at 13:15 pm
Benchmark indices continue to trade in a narrow range with negative bias as investors have turned cautious ahead of F&O expiry for the month of December.
Traders will roll over their positions in the futures & options (F&O) segment from the near month December 2015 series to January 2016 series on Thursday.
At 13:15 pm, the S&P BSE Sensex was down 30 points at 25,999 and Nifty50 slipped 20 points at 7,905. Among broader markets, BSE Midcap index has gained by 0.2% whereas the Smallcap index is down 0.3%.
"Nifty50 has made a solid bounce back arresting the down ward momentum. Nifty 50 levels of 7,550 have acted as strong buying levels for the market. Double bottoms are high probability trend reversal patterns. There is every indication that the markets have made a bottom of major significance especially in the middle of persistent negative news flow," says Jimeet Modi, CEO, SAMCO Securities.
He further adds, “Breakout above 8,000 would be the first confirmation of the resumption of the uptrend at least for the medium term. Nifty50 is expected to rise with regular corrections. Traders are advised to take long positions on dips whereas investors should stay fully invested in quality stocks.”
Meanwhile, foreign portfolio investors sold shares worth a net Rs 302.62 crore on Monday, as per provisional data released by the stock exchanges. However, the Domestic institutional investors (DIIs) bought shares worth a net Rs 987.82 crore on Monday, as per provisional data.
KEY STOCKS
GAIL India will take 5% stake in the international consortium building the $8.7 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. The stock has gained over 1.5%.
Auto shares also firmed up ahead of their December 2015 sales numbers to be announced later this week. Bajaj Auto, M&M and Hero Moto are up 1% each.
Adani Ports has gained around 1%. Karan Adani, son of Adani Group Chairman Gautam Adani, has been appointed as the CEO of Adani Ports and SEZ (APSEZ) with effect from January 1, 2016.
Other notable gainers are NTPC, Bharti Airtel, Axis Bank, Tata Steel and Reliance Inds.
On the losing side, BHEL, Coal India, HUL, Tata Motors and ONGC have slipped between 1-2%.
State-owned oil marketing companies viz Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) have firmed up 0.5%-1% each on the Bombay Stock Exchange on reports that they might jointly set up a mega refinery at Ratnagiri in coastal Maharashtra.
Shares of Educomp Solutions were up 4% at Rs 17.50 after the company in a release said its subsidiary Educomp Infrastructure & School Management Limited has executed agreements to sell one of its land and building to third party.
At 14:35 pm, the S&P BSE Sensex was up 74 points at 25,108 and Nifty50 gained 12 points at 7,938. However, BSE Midcap index is outperforming the benchmark indices- up 0.5%.
The top gainers from the Sensex pack are Bajaj Auto, M&M, Adani Ports, Hero Moto and GAIL. On the losing side, BHEL, Coal India, HUL, ITC and Cipla have slipped between 0.4-2%.
********************************
Updated at 13:15 pm
Benchmark indices continue to trade in a narrow range with negative bias as investors have turned cautious ahead of F&O expiry for the month of December.
Traders will roll over their positions in the futures & options (F&O) segment from the near month December 2015 series to January 2016 series on Thursday.
At 13:15 pm, the S&P BSE Sensex was down 30 points at 25,999 and Nifty50 slipped 20 points at 7,905. Among broader markets, BSE Midcap index has gained by 0.2% whereas the Smallcap index is down 0.3%.
"Nifty50 has made a solid bounce back arresting the down ward momentum. Nifty 50 levels of 7,550 have acted as strong buying levels for the market. Double bottoms are high probability trend reversal patterns. There is every indication that the markets have made a bottom of major significance especially in the middle of persistent negative news flow," says Jimeet Modi, CEO, SAMCO Securities.
He further adds, “Breakout above 8,000 would be the first confirmation of the resumption of the uptrend at least for the medium term. Nifty50 is expected to rise with regular corrections. Traders are advised to take long positions on dips whereas investors should stay fully invested in quality stocks.”
Meanwhile, foreign portfolio investors sold shares worth a net Rs 302.62 crore on Monday, as per provisional data released by the stock exchanges. However, the Domestic institutional investors (DIIs) bought shares worth a net Rs 987.82 crore on Monday, as per provisional data.
KEY STOCKS
GAIL India will take 5% stake in the international consortium building the $8.7 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. The stock has gained over 1.5%.
Auto shares also firmed up ahead of their December 2015 sales numbers to be announced later this week. Bajaj Auto, M&M and Hero Moto are up 1% each.
Adani Ports has gained around 1%. Karan Adani, son of Adani Group Chairman Gautam Adani, has been appointed as the CEO of Adani Ports and SEZ (APSEZ) with effect from January 1, 2016.
Other notable gainers are NTPC, Bharti Airtel, Axis Bank, Tata Steel and Reliance Inds.
On the losing side, BHEL, Coal India, HUL, Tata Motors and ONGC have slipped between 1-2%.
State-owned oil marketing companies viz Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) have firmed up 0.5%-1% each on the Bombay Stock Exchange on reports that they might jointly set up a mega refinery at Ratnagiri in coastal Maharashtra.
Shares of Educomp Solutions were up 4% at Rs 17.50 after the company in a release said its subsidiary Educomp Infrastructure & School Management Limited has executed agreements to sell one of its land and building to third party.