Benchmark share indices remained rangebound after the first hour of trade as gains in select index heavyweights helped capped further downside led by IT majors.
At 10:30am, the S&P BSE Sensex was down 38 points at 27,673 and the Nifty50 was down 11 points at 8,500. In the broader market, the BSE Midcap and Smallcap indices were up 0.3% each. Market breadth was strong with 1137 gainers and 904 losers on the BSE.
ITC was up over 1% after the FMCG major reported 10% in its standalone net profit at Rs 2,385 crore for the quarter ended June 2016.
Index heavyweight Reliance Industries was up nearly 1% on renewed buying interest post its first quarter earnings.
HDFC Bank was trading marginally higher. The private lender reported a 20.15% increase in net profit to Rs 3,238.91 crore for the quarter ended June 30.
L&T firmed up after the stock witnessed profit taking as its IT arm L&T Infotech evoked a poor response from investors post listing on Thursday.
Among other shares, ADF Foods rallied over 10% after the company announced that its board will meet on Wednesday, July 27, 2016 to consider buy back of equity shares of the company.
Bharat Financial Inclusion (formerly SKS Microfinance) rallied over 5% after the company reported nearly four-fold jump in net profit at Rs 236 crore for the quarter ended June 30, 2016 (Q1FY17).
Biocon has surged 7% to Rs 749 on the BSE after the company reported 35% year-on-year (YoY) jump in its consolidated net profit of Rs 167 crore for the first quarter ended June 30, 2016 (Q1FY17). The biopharma company had registered a profit of Rs 124 crore in the year ago quarter.
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(updated at 9:30am)
Markets opened flat, amid subdued global cues, as gains in ITC post its first quarter earnings helped capped downside.
At 9:30am, the S&P BSE Sensex was up 41 points at 27,751 and the Nifty50 was up 8 points at 8,518. In the broader market, the BSE Midcap and Smallcap indices were up 0.3% each.
Market breadth was strong with 857 gainers and 519 losers on the BSE.
Foreign institutional investors were net buyers in equities worth Rs 420 crore on Thursday, as per provisional stock exchange data.
"The Nifty has failed to give an upside breakout in the absence of follow up buying interest and if it break support then selling may continue for next couple of trading sessions. It formed a Bearish Engulfing Candle on daily chart as covered entire trading range of last sessions and closed lower with the negative stance near to 8500 zones. Now if it holds below 8476 then it may witness profit booking decline towards 8445 then 8380 zones while on the upside it has multiple hurdle near to 8550 then 8595 zones," Anand Rathi Securities said in a note.
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STOCKS
ITC was up over 1% after the FMCG major reported 10% in its standalone net profit at Rs 2,385 crore for the quarter ended June 2016.
HDFC Bank was trading marginally higher. The private lender reported a 20.15% increase in net profit to Rs 3,238.91 crore for the quarter ended June 30.
L&T firmed up after the stock witnessed profit taking as its IT arm L&T Infotech evoked a poor response from investors post listing on Thursday.
Auto stocks were also among the top gainers in early trades led by Tata Motors, Maruti Suzuki and M&M.
Axis Bank extended losses ahead of its first quarter earnings later today.
Among other shares, ADF Foods surged over 10% after the company announced the board will meet on Wednesday, July 27, 2016 to consider buy back of equity shares of the company.
GLOBAL MARKETS
Asian markets slipped on Friday after profit booking emerged as global stocks took a breather after recent record highs in overnight trades. Shares in Japan and China which had gained in the previous session were among the top losers with the Nikkei down nearly 1% while Shanghai Composite eased nearly 0.5% while Hang Seng was down 0.4% and Straits Times was marginally down.
Major US stock indices took a breather on Thursday after hitting record highs. The Dow Jones industrial average snapped a nine-day winning streak as investors booked profits amid tepid earnings from global computer chip maker Intel. The Dow Jones industrial average ended down 0.4% at 18,517, the S&P 500 rose 0.4% to 2,165 and the Nasdaq eased 0.3% at 5,074.