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Markets continued to trade in the green, albeit showing some volatility in the narrow range. The Sensex was up 55 points at 18,799. Nifty added 21 points at 5,710.
Japan's Nikkei share average rose on Wednesday morning, recouping some of the sharp declines of the past three days, led by gains for exporters as the yen resumed its weakening trend after US stocks and gold prices rebounded.
The Nikkei rose 1.0 percent to 13,355.32 at the midday break after declining 2.4 percent over the past three sessions. It now stands 1.6 percent below a nearly five-year high of 13,568.25 tapped last week.
BSE realty index has gained 3% at 1,899. Bankex, metal and PSU indices have added 1-1.5% each. However, on the other hand, BSE oil & gas index has slipped 1.2% at 8,599. IT index is down 0.5% at 5961.
Reliance Industries (RIL) extended intraday losses to drop 2.6% on profit booking after reporting strong Q4 results after market hours on Tuesday. RIL’s net sales declined by 1.2% year-on-year (yoy) to Rs 84,198 crore in March quarter mainly due to lower oil and gas segment sales. Analyst on an average expected revenues of Rs 93,058 crore.
However, on the profitability front the company reported better than expected results on account of higher than expected profitability from the refining segment. The company’s net profit grew by 31.9% yoy to Rs 5,589 crore above analyst estimate of Rs 5,503 crore.
IT stocks fell on firm rupee. Software major Tata Consultancy Services (TCS) dropped 1% at Rs 1468 ahead of its Q4 results today. Infosys was flat at Rs 2293. The company has signed a major new strategic partnership with Queen's University Belfast aimed at combating the global cyber security threat.
On the other hand, Sun Pharma added 2.7% at Rs 914. SBI and ICICI Bank added 1-2.5% each. State-owned gas utility GAIL India plans to sell part of its 4.6% stake in Hong Kong-listed, city gas distribution firm, China Gas Holdings. The stock is up 1.7% at Rs 326.
Not confident of raising Rs 17,000 crore through Offer For Sale (OFS) in Coal India, the government may ask the PSU to buy back a portion of the proposed 10% share sale. The stock is up 1.7% at Rs 300.
BSE market breadth is positive. Out of 1955 stocks traded, 1164 shares have advanced while 693 shares have declined in trades.
