Firm trend continues; Nifty hovers around 7,450

Markets continue to trade firm in the afternoon session mainly on the back of buying witnessed in capital goods and metal shares.

At 2:15 pm, the S&P BSE Sensex has gained 179 points to trade at 24,517 and the Nifty50 has climbed 56 points to quote at 7,460.

Eicher Motors has rallied over 7% to Rs 18,166 on the BSE after the company reported a better than expected consolidated net profit of Rs 271 crore for the fourth quarter ended December 31, 2015 (Q4) on the back of strong net sales despite suffering losses on account of torrential rains in Chennai.

Berger Paints India has moved higher by 4% to Rs 280, also its lifetime high on the BSE, after the company reported a strong 38% year on year (YoY) jump in net profit at Rs 101 crore for the third quarter ended December 31, 2015 (Q3FY16) on back of strong operational performance and lower finance cost. The company posted a profit of Rs 73 crore in the same quarter last fiscal.

The top gainers on the Sensex are Tata Motors, Axis bank, Lupin, Cipla, and Hero Motocorp, up between 2.5-3.5% each.

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(updated 12:45 pm)

Markets are trading higher with Nifty reclaiming the 7,450 mark led by buying across the counters amid firm rupee and stabilization of crude oil prices.

At 12:45  pm, the S&P BSE Sensex has gained 179 points to trade at 24,517  and the Nifty50 has climbed 62 points to quote at 7,465.

 

Top 5 gainers in the Sensex pack include Axis Bank, Sun Pharma, Cipla, Hero Motocorp and SBI up between 2%-3.5%.
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(updated at 9:35 am)

After a flat opening, markets have gained momentum after oil prices stabilized in the early trades.

Meanwhile, participants are closely monitoring the key US economic data due to be released today.

At 9:35 am, the S&P BSE Sensex has gained 106 points to trade at 24,445 and the Nifty50 has climbed 33 points to quote at 7,437. In the broader market, BSE Midcap and Smallcap indices have gained between 0.1%-0.5%.

Lupin, Cadila, Eicher Motors, Dishman Pharma, PTC India, Tata Power and Sobha Developers among others are due to post the results later today.

"The Nifty has to again cross and hold above 7,450 zones with follow up buying to head towards 7,539-7,550 zones while holding below 7,365-7,350 zones may drag the index towards 7,280 and recent swing low of 7,241 mark. Traders are suggested to trade cautiously as market has failed to hold bounce back move and turning volatile in between the recent broader trading range," says a morning note from Anand Rathi Research.

GLOBAL MARKET

Asian equities are trading mixed as participants closely watch US jobs report, which is likely to provide further cues on the Federal Reserve's monetary policy outlook.Slip in the crude oil prices have further hurt the sentiments. Japan’s Nikkei, China’s Shanghai Composite have lost between 0.2%-1.6%. Meanwhile, Hang Seng is up 0.5%.

Overnight, US stocks closed mildly in green amid rise in the commodity prices. However, investors remained edgy ahead of the key US Jobs data due on Friday. The Dow gained 0.5% and the S&P 500 rose 0.2%.

KEY STOCKS & RESULT REACTION

The key stock of today’s trade is Tata Steel down over 3% after it reported a loss of Rs 2,127 crore in the quarter ended December 2015, against a profit of Rs 157 crore in the corresponding period in the previous year. This was mainly because of lower realisations, write-downs taken and restructuring done at its European operations along with employee separation compensation charges taken for the India business. 

Meanwhile, Lupin is trading 1% lower on caution ahead of the Q3 numbers due to be posted later during the session.

The technology stocks are trading mixed ahead of the key US Jobs data due to unveiled today. Infosys is down 0.3% while TCS and Wipro have gained 0.3% each.

On the gaining side, Tata Motors is leading the rally up 1.3%. Tata Motors, unveiled three cars at the Auto Expo. Compact sedan codenamed Kite 5, compact SUV Nexon and lifestyle SUV Hexa were unveiled by the company. Kite 5, a sedan based on the Zica platform, will be powered by a 1.2-litre petrol and a 1.05-litre diesel engine.

Coal India is up 0.5% after the government decided to raise about Rs 6,000 crore by getting Coal India to buy back a fourth of its paid-up share capital at a premium.

JK Lakshmi Cement is down 4% after it reported a net loss of Rs 3.67 crore for the December quarter hit by interest and depreciation costs in commissioning of Durg plant and sharp fall in sales realisation. 

Torrent Pharma has surged 3% after it reported around three-fold jump in consolidated net profit at Rs 483 crore for the December quarter. 

MCX is down 25 after it reported 22% drop in net profit at Rs 18 crore for the quarter ended December 2015, on higher operational expenses and transfer of some fund for investor protection. 

Sanofi India is up 1% after it reported 30% rise in standalone net profit at Rs 120 crore for the fourth quarter ended December.