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The markets have opened flat with positive bias tracking mixed cues from the Asian peers. The IT major Infosys is, however, going strong post its Q1 numbers.
At 9.35am, the Sensex was at 28,405, lower by 14 points and the Nifty was at 8,601, down 2 points.
In the broader markets, the midcap and smallcap indices are trading flat at 11,238 and 11,758 respectively.
Infosys has rallied 9% to Rs 1,091 after the company reported a better-than-expected consolidated net profit at Rs 3,030 crore for the first quarter ended June 30, 2015 (Q1), against an average analyst estimates of Rs 2,993 crore. The IT company had posted a profit of Rs 3,097 crore in March quarter and Rs 2,886 crore in the previous year quarter.
The monsoon session of Parliament that begins today as well as the earnings of index heavyweight companies would dictate the sentiment on Dalal Street in today’s session.
In today’s corporate results calendar, a deluge of companies are set to announce their April-June quarter results, including Hindustan Unilever, Cairn India, HDFC Bank among others. On the political front, the monsoon session of Parliament starting today will be crucial as the NDA government would look to pass the controversial Land Bill and GST bill along with other pending and new bills.
RUPEE
The rupee has opened lower at 63.70 per dollar on Tuesday against previous day's closing value of 63.66 a dollar.
GLOBAL MARKETS
Asian shares got off to a wobbly start on Tuesday, while gold prices steadied after plunging more than 4% to five-year lows in the previous session.
MSCI's broadest index of Asia-Pacific shares outside Japan opened flat, and was struggling in early trades.
Japan's Nikkei rose 0.5% as markets reopened after a public holiday on Monday.
SECTOR AND STOCKS
The BSE IT index has surged by more than 2% on the back of the Infy numbers. Infosys has galloped by 7% at Rs 1071, while Wipro and Tech Mahindra have gained about 1% each. TCS is, however, trading flat.
On the other hand, select pharma and metal stocks are seeing some p[rofit-booking after recent gains.
Sun Pharma has plunged 16% to Rs 795 to top the loser's list on the BSE fter the drug maker said its profit might be "adversely impacted" IN this financial year 2015-16 (FY16) owing to expenses related to its integration with Ranbaxy, as well as remedial action at plants under the scanner. Among other pharma stocks, Lupin and Dr Reddy's have lost about 1% each. In the metal space, Vedanta and Tata Steel have shed about 1% each.
The market breadth is positive. Out of 1,676 stocks traded on the BSE, there are 876 advancing stocks as against 726 declines.
