 "Markets open higher; Sensex up over 150 points")
Markets opened higher on Wednesday with Bharti Airtel leading the gains on robust first quarter earnings.
At 9:22AM the 30-share Sensex was up 181 points at 28,253 and the 50-share Nifty was up 53 points at 8,569.
"The trend deciding level for the day is 28,068 / 8,510 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,269 – 28,466 / 8,572 – 8,627 levels. However, if NIFTY trades below 28,068 / 8,510 levels for the first half-an-hour of trade then it may correct towards 27,870 – 27,669 / 8,455 – 8,393 levels," Angel Broking said in a note.
On Tuesday markets snapped a four-day winning streak as investors booked profit after the RBI at its policy review meet kept key policy rates unchanged.
Foreign portfolio investors were net buyers in equities to the tune of Rs 119 crore, as per provisional stock exchange data.
The Indian rupee was trading lower at 63.90 to the US dollar compared to the previous close of 63.75.
SECTORS & STOCKS
All sectoral indices on the BSE were trading in the green led by the Metal index up 1.7% followed by IT and Realty among others.
Bharti Airtel was the top gainer up 3% after the company reported a 40.2 per cent jump in net profit for the quarter ended June at Rs 1,554 crore. Strong data growth —both in India and Africa —is a key highlight of the quarter. During the quarter, mobile data revenues (consolidated) grew 57 per cent year-on-year to Rs 3,459 crore, as data traffic rose by 86.5 per cent. Mobile data revenues now account for 14.6 per cent of the total revenues compared to 9.6 per cent in the corresponding quarter last year.
IT stocks gained momentum on the back of a weakening rupee. Infosys, Wipro and TCS were up 0.6-1.4% each.
HDFC was up 1%. The company plans to raise roughly Rs 5,000 crore through a structured quasi-debt offer to domestic institutions soon.
Bank shares staged a recovery after the correction in the previous session post the neutral stance on key rates by the RBI. ICICI Bank, SBI and Axis Bank were up 0.5-1.2% each.
Other Sensex gainers include, Lupin and Reliance Industries.
GLOBAL MARKETS
Asian markets are trading mixed mood on Wednesday as the mounting risks of a hike in US interest rates as early as next month lifted the dollar and bond yields, pressuring currencies across the region. Losses on Wall Street had been modest with the Dow .DJI ending 0.27% lower while the S&P 500 eased 0.22% and the Nasdaq lost 0.19%.
At 9:22AM the 30-share Sensex was up 181 points at 28,253 and the 50-share Nifty was up 53 points at 8,569.
"The trend deciding level for the day is 28,068 / 8,510 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,269 – 28,466 / 8,572 – 8,627 levels. However, if NIFTY trades below 28,068 / 8,510 levels for the first half-an-hour of trade then it may correct towards 27,870 – 27,669 / 8,455 – 8,393 levels," Angel Broking said in a note.
Also Read
On Tuesday markets snapped a four-day winning streak as investors booked profit after the RBI at its policy review meet kept key policy rates unchanged.
Foreign portfolio investors were net buyers in equities to the tune of Rs 119 crore, as per provisional stock exchange data.
The Indian rupee was trading lower at 63.90 to the US dollar compared to the previous close of 63.75.
SECTORS & STOCKS
All sectoral indices on the BSE were trading in the green led by the Metal index up 1.7% followed by IT and Realty among others.
Bharti Airtel was the top gainer up 3% after the company reported a 40.2 per cent jump in net profit for the quarter ended June at Rs 1,554 crore. Strong data growth —both in India and Africa —is a key highlight of the quarter. During the quarter, mobile data revenues (consolidated) grew 57 per cent year-on-year to Rs 3,459 crore, as data traffic rose by 86.5 per cent. Mobile data revenues now account for 14.6 per cent of the total revenues compared to 9.6 per cent in the corresponding quarter last year.
IT stocks gained momentum on the back of a weakening rupee. Infosys, Wipro and TCS were up 0.6-1.4% each.
HDFC was up 1%. The company plans to raise roughly Rs 5,000 crore through a structured quasi-debt offer to domestic institutions soon.
Bank shares staged a recovery after the correction in the previous session post the neutral stance on key rates by the RBI. ICICI Bank, SBI and Axis Bank were up 0.5-1.2% each.
Other Sensex gainers include, Lupin and Reliance Industries.
GLOBAL MARKETS
Asian markets are trading mixed mood on Wednesday as the mounting risks of a hike in US interest rates as early as next month lifted the dollar and bond yields, pressuring currencies across the region. Losses on Wall Street had been modest with the Dow .DJI ending 0.27% lower while the S&P 500 eased 0.22% and the Nasdaq lost 0.19%.