Indices pares losses; Nifty climbs above 21,700

The domestic equity indices pared all the losses and traded with modest gains in morning trade. The Nifty climbed above the 21,700 level. Financial services advanced after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 389.80 points or 0.55% to 71,462.29. The Nifty 50 index added 93.20 points or 0.43% to 21,709.25.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index advanced 0.36% and the S&P BSE Small-Cap index slipped 0.41%.

The market breadth was weak. On the BSE, 1,438 shares rose and 2,141 shares fell. A total of 116 shares were unchanged.

Earnings Today:

Eicher Motors (up 0.31%), Hindalco Industries (down 13.55%), Siemens (down 0.62%), Zee Entertainment Enterprises (down 0.48%), IRCTC (up 0.44%), Bharat Heavy Electricals (down 1.60%), Bosch (up 0.41%), National Aluminium Company (down 0.21%), Ahluwalia Contracts (down 2.27%), Gujarat Gas (up 0.21%), Indiabulls Real Estate (down 3.20%), Innova Captab (down 1.24%), INOX India (pu 0.38%), Medi Assist Healthcare Services (up 4.29%), MTAR Technologies (up 0.37%), Info Edge India (down 0.84%), NBCC (India) (dow 3.64%), Oil India (down 0.49%), Prestige Estates Projects (down 2.21%), Rashtriya Chemicals & Fertilizers (up 0.34%), and Sula Vineyards (up 2.77%) will announced their quarterly results later today.

Buzzing Index:

The Nifty Financial Services index added 1.25% to 20,168.15. The index declined 1.41% in the past trading session.

Cholamandalam Investment & Finance Company (up 2.61%), ICICI Bank (up 2.23%), Indian Energy Exchange (up 1.96%), HDFC Life Insurance Company (up 1.89%), Axis Bank (up 1.84%), ICICI Lombard General Insurance Company (up 1.69%), Shriram Finance (up 1.67%), HDFC Asset Management Company (up 1.61%), ICICI Prudential Life Insurance Company (up 1.51%) and Bajaj Finserv (up 1.46%) edged higher.

Stocks in Spotlight:

HFCL rose 0.48% after the company said that it has secured a purchase order aggregating to Rs 141 crore for supply of indigenously designed and manufactured unlicensed band radios (UBRs) and other associated services to Bharat Sanchar Nigam (BSNL).

Aurionpro Solutions declined 1.86%. The company's board has approved issue of up to 9,02,935 equity shares on a preferential basis at Rs 2,215 per share, aggregating to Rs 200 crore.

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