 "Sensex hovers around 27,000; Tata Motors, ITC lead")
Benchmark indices are trading higher amid volatile trades tracking firm Asian cues along with strong buying among rate-sensitive sectors like auto, banks and realty leading the gains.
By 10:35 am, the Sensex was higher by 147 points at 26,980 and the Nifty gained by 61 points at 8,169 levels.
The top gainers from the Sensex are Tata Motors, ITC, GAIL, Maruti Suzuki and SBI, all surging between 2-4%.
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Updated at 10:00
Markets have broken three day losing streak and have started positive tracking firm Asian cues after weak US economic data buoyed the sentiments that the US Federal Reserve will not hike interest rates in near term.
Further, strong buying among financials and metal shares is also leading the upmove.
By 10:00 am, the Sensex was higher by 236 points at 27,016 and the Nifty gained by 72 points at 8,180 levels.
The broader markets are performing firm in line with the benchmark indices- BSE Midcap and Smallcap indices are up over 0.6-0.7%. Market breadth on the BSE remains positive with 1,033 gainers and 292 losers.
Markets closed lower for the third straight day with IT giant TCS leading the fall after its Q2 results missed street expectations while lower dollar revenue guidance from Infosys on Monday also dampened sentiment.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 121.75 crore yesterday, as per provisional data released by the stock exchanges.
MARKET VIEW
Angel Broking expects the Nifty to remain within a small range of 8250 to 8050 whilst the 8250 mark is likely to act as a major hurdle for the bulls. The broking house advises to stay light on positions and focus more on stock specific moves.
The report further adds, "Since last few sessions, the banking index is trading in a range of 17350 to 17850 and a sustainable move beyond this zone will dictate the further move in the index. Going forward, the intraday support for the Bank Nifty is placed at 17400 – 17350 levels; whereas, 17650 and 17750 will now act as an intraday resistance zone for the index."
According to Anand Rathi's morning note, "Nifty needs to cross and hold above 8150 levels to witness buying interest towards 8,200 and 8,250 levels. While if it fails to hold 8,100-8,080 zones then short term trend may get in the grip of profit booking to drag the index towards 8,000-7,980 zones. In case of Sensex, if it sustains above 27,000 levels then buying interest may come back to see the index towards 27,250 and 27,500 levels while if it fails to hold 26,750 levels then profit taking may take the index towards 26,500 and 26,250 levels."
Q2 EARNINGS
Prominent companies such as Mindtree, Mastek, LIC Housing Finance, Sintex, CCL Products, Karur Vysya, Himmatsingka Seide and Lakshmi Vilas Bank will declare their Q2 September 2015 result today.
GLOBAL MARKETS
Asian shares rose on Thursday and the dollar struggled near multi-week lows after weak US economic data added to expectations that the Federal Reserve will delay hiking interest rates.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%. The index fell the previous day after soft consumer inflation in China added to concerns about the world's second-biggest economy.
Australian shares nudged up 0.2%, while Japan's Nikkei lost 0.7% as the yen rallied in response to the soft dollar.
Japanese manufacturers' confidence worsened for the second straight month in October and is expected to fade going forward, a Reuters poll showed, adding to lingering fears of a recession and keeping policymakers under pressure to deploy fresh stimulus.
On Wall Street, the Dow lost 0.9% and the S&P 500 shed 0.5% overnight on Wal-Mart's weak profit forecast and disappointing bank earnings.
US retail sales and producer prices data out on Wednesday were weaker than expected, supporting growing views that the Federal Reserve would delay hiking interest rates until 2016.
SECTORS & STOCKS
Sectors like Auto, Metal, Banks, Capital Goods, Consumer Durables, Healthcare, Oil & Gas, Power and Realty have gained by 1% each. Infact, all the sectoral indices are trading in positive zone.
Metal and mining shares continue to trade higher. Vedanta, Hindalco and Tata Steel are up 1-2%.
With surplus availability of iron ore in the domestic market, imports are likely to shrink to five million tonnes (mt) in the current financial year, compared with 15 mt in 2014-15.
Tata Motors has rallied 5% to Rs 369 on the BSE after the company-owned Jaguar Land Rover (JLR) sold 47,634 units globally in September, up 3% compared to the same month last year.
Lupin has risen by nearly 1%. The drug maker has signed a marketing agreement with drug maker Boehringer Ingelheim to sell the latter's anti-diabetes drug linaglipitin under its own brand name.
Mahindra & Mahindra (M&M) is planning to launch five more vehicles in the automotive segment in the current financial year, as it expects industry sales to pick up during October-December, a top company official said on Wednesday. Shares of M&M are up nearly 1%.
Other notable gainers from the Sensex pack are ICICI Bank, ITC, SBI, Axis Bank, HDFC and Hero Moto.
On the losing side, HUL, Bharti Airtel, Infosys and HDFC Bank are trading lower.
Hindustan Unilever said price cuts for key products including soaps and detergents dragged down its profit in the second quarter, missing market estimates despite improved sales. Shares of HUL are down 2%.
Investigative agencies have traced the Rs 6,000-crore money laundering scam involving Bank of Baroda to 11 accounts of HDFC Bank, said media reports. Shares of HDFC Bank are marginally lower.
The Australian government on Thursday gave its environmental clearance to the Adani Group's embattled Carmichael coal mine.
Australia's environment minister Greg Hunt was reported as saying that he has cleared the project based on "additional information provided by Adani and environmental groups". Shares of Adani Enterprises have jumped over 11%. Adani Power has gained almsot 4%.
FTIL sold its remaining equity stake of 11% in Indian Energy Exchange (IEX) for an undisclosed sum. With this, the company has completed sale of its entire stake and exited from IEX, complying with a Supreme Court’s direction. Shares of FTIL are up 1%.
With Reuters and BS Reporter input
By 10:35 am, the Sensex was higher by 147 points at 26,980 and the Nifty gained by 61 points at 8,169 levels.
The top gainers from the Sensex are Tata Motors, ITC, GAIL, Maruti Suzuki and SBI, all surging between 2-4%.
************************************
Updated at 10:00
Markets have broken three day losing streak and have started positive tracking firm Asian cues after weak US economic data buoyed the sentiments that the US Federal Reserve will not hike interest rates in near term.
Further, strong buying among financials and metal shares is also leading the upmove.
By 10:00 am, the Sensex was higher by 236 points at 27,016 and the Nifty gained by 72 points at 8,180 levels.
ALSO READ: Today's picks- 15 October 2015
The broader markets are performing firm in line with the benchmark indices- BSE Midcap and Smallcap indices are up over 0.6-0.7%. Market breadth on the BSE remains positive with 1,033 gainers and 292 losers.
Markets closed lower for the third straight day with IT giant TCS leading the fall after its Q2 results missed street expectations while lower dollar revenue guidance from Infosys on Monday also dampened sentiment.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 121.75 crore yesterday, as per provisional data released by the stock exchanges.
MARKET VIEW
Angel Broking expects the Nifty to remain within a small range of 8250 to 8050 whilst the 8250 mark is likely to act as a major hurdle for the bulls. The broking house advises to stay light on positions and focus more on stock specific moves.
The report further adds, "Since last few sessions, the banking index is trading in a range of 17350 to 17850 and a sustainable move beyond this zone will dictate the further move in the index. Going forward, the intraday support for the Bank Nifty is placed at 17400 – 17350 levels; whereas, 17650 and 17750 will now act as an intraday resistance zone for the index."
According to Anand Rathi's morning note, "Nifty needs to cross and hold above 8150 levels to witness buying interest towards 8,200 and 8,250 levels. While if it fails to hold 8,100-8,080 zones then short term trend may get in the grip of profit booking to drag the index towards 8,000-7,980 zones. In case of Sensex, if it sustains above 27,000 levels then buying interest may come back to see the index towards 27,250 and 27,500 levels while if it fails to hold 26,750 levels then profit taking may take the index towards 26,500 and 26,250 levels."
Q2 EARNINGS
Prominent companies such as Mindtree, Mastek, LIC Housing Finance, Sintex, CCL Products, Karur Vysya, Himmatsingka Seide and Lakshmi Vilas Bank will declare their Q2 September 2015 result today.
GLOBAL MARKETS
Asian shares rose on Thursday and the dollar struggled near multi-week lows after weak US economic data added to expectations that the Federal Reserve will delay hiking interest rates.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%. The index fell the previous day after soft consumer inflation in China added to concerns about the world's second-biggest economy.
Australian shares nudged up 0.2%, while Japan's Nikkei lost 0.7% as the yen rallied in response to the soft dollar.
Japanese manufacturers' confidence worsened for the second straight month in October and is expected to fade going forward, a Reuters poll showed, adding to lingering fears of a recession and keeping policymakers under pressure to deploy fresh stimulus.
On Wall Street, the Dow lost 0.9% and the S&P 500 shed 0.5% overnight on Wal-Mart's weak profit forecast and disappointing bank earnings.
US retail sales and producer prices data out on Wednesday were weaker than expected, supporting growing views that the Federal Reserve would delay hiking interest rates until 2016.
SECTORS & STOCKS
Sectors like Auto, Metal, Banks, Capital Goods, Consumer Durables, Healthcare, Oil & Gas, Power and Realty have gained by 1% each. Infact, all the sectoral indices are trading in positive zone.
Metal and mining shares continue to trade higher. Vedanta, Hindalco and Tata Steel are up 1-2%.
With surplus availability of iron ore in the domestic market, imports are likely to shrink to five million tonnes (mt) in the current financial year, compared with 15 mt in 2014-15.
ALSO READ: Technical Picks From Geojit BNP Paribas
Tata Motors has rallied 5% to Rs 369 on the BSE after the company-owned Jaguar Land Rover (JLR) sold 47,634 units globally in September, up 3% compared to the same month last year.
Lupin has risen by nearly 1%. The drug maker has signed a marketing agreement with drug maker Boehringer Ingelheim to sell the latter's anti-diabetes drug linaglipitin under its own brand name.
Mahindra & Mahindra (M&M) is planning to launch five more vehicles in the automotive segment in the current financial year, as it expects industry sales to pick up during October-December, a top company official said on Wednesday. Shares of M&M are up nearly 1%.
Other notable gainers from the Sensex pack are ICICI Bank, ITC, SBI, Axis Bank, HDFC and Hero Moto.
On the losing side, HUL, Bharti Airtel, Infosys and HDFC Bank are trading lower.
Hindustan Unilever said price cuts for key products including soaps and detergents dragged down its profit in the second quarter, missing market estimates despite improved sales. Shares of HUL are down 2%.
Investigative agencies have traced the Rs 6,000-crore money laundering scam involving Bank of Baroda to 11 accounts of HDFC Bank, said media reports. Shares of HDFC Bank are marginally lower.
The Australian government on Thursday gave its environmental clearance to the Adani Group's embattled Carmichael coal mine.
Australia's environment minister Greg Hunt was reported as saying that he has cleared the project based on "additional information provided by Adani and environmental groups". Shares of Adani Enterprises have jumped over 11%. Adani Power has gained almsot 4%.
FTIL sold its remaining equity stake of 11% in Indian Energy Exchange (IEX) for an undisclosed sum. With this, the company has completed sale of its entire stake and exited from IEX, complying with a Supreme Court’s direction. Shares of FTIL are up 1%.
With Reuters and BS Reporter input