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Markets continue to trade in a tight range in the first hour of trade, retaining almost all it morning gains. At 1025 hrs, the Sensex was up 92 points at 27,967 and the Nifty was up 25 points to trade at 8,369.
HDFC twins, L&T, ICICI Bank, TCS and RIL alone contributed to an 80 point gain seen on the Sensex.
Meanwhile, broader markets extended gains with the mid and smallcap indices up nearly 0.6% each, outperforming the BSE benchmark index which was up 0.3%.
The rupee was trading at 61.55/56 versus Monday's close of 61.4950/5050. Most Asian currencies were down against the dollar.
On the sectoral front, weakness was observed in Consumer Durables, FMCG and IT pocket with the respective indices down between 0.03-0.15%.
Meanwhile, Metal index recovered from opening lows and was flat with a positive bias. Gains in Tata Steel, Hindlaco and Jindal Steel up 1.45 each aided the recovery in the index.
FMCG names like ITC and HUL were in red on account of profit taking, down 0.5% and 0.1% respectively.
Wipro and Infosys from the IT space were among the top Sensex losers, down 0.2-0.8%.
Shares of non banking finance companies (NBFCs) are trading in the range of 1-3% after the Reserve Bank of India has come up with new regulatory framework for NBFCs.
Among individual stocks, Cholamandalam Investment and Finance Company, Shriram Transport Finance Company, Mahindra and Mahindra Financial Services, L&T Finance Holdings and Bajaj Finserv were up 1-3% on the BSE.
Hindustan Construction Company rallied 10% to Rs 37.50 after its real estate arm Lavasa Corporation received approval from the capital market regulator to launch its initial public offering (IPO).
Amtek Auto soared 15% to Rs 188 on NSE on reports that the company’s international business arm, Amtek Global Technologies, has secured a long-term loan of 235 million euro (over Rs 1,800 crore) from global investment firm Kohlberg Kravis Roberts (KKR), to replace its existing short- term loan.
TV Today Network tanked 14% to Rs 220 on NSE, in otherwise firm market, after reporting a single digit 2.88% year on year growth in standalone net profit at Rs 13.20 crore for the quarter ended September 30, 2014, due to higher product cost and other expenditure.
The market breadth remains positive on BSE owing to the strength in broader markets. 1,447 stocks advanced while 776 stocks declined.
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(Updated at 1035 hrs)
Markets have started in the green with the benchmark indices up 0.3% each in opening deals. The ones leading the gains were heavyweights like Sun Pharma, RIL, HDFC twins and L&T.
At 0916 hrs, the Sensex was up 84 points at 27,959 and the Nifty advanced 25 points to trade at 8,369.
In the broader markets, the midcap index was up 0.4% while the smallcap index added 0.3%, in line with the BSE benchmark index.
Metal index down 0.3% was the only sectoral index in red on the BSE in opening trades.
Commenting on the market outlook for the day, Anad Rathi in its morning report says for the day Nifty has hold above 8290-8300 levels to continue the up move towards recent life time high of 8365 and 8383 zones. On downside immediate support at 8280-8290 zones and below that profit booking may drag index to 8230 and 8180 levels.
Sectors and Stocks
Oil and Gas and Realty indices up 0.6% were the top sectoral gainers followed by Health Care, Auto and Power indices up 0.3-0.4%.
Metal scrips were in red and were among the top losers among sensex-30. Hindalco, Sesa Sterlite dipped 0.7% and 0.9% respectively.
After yesterday’s stellar rally, there was some profit taking in ITC. The stock was down 0.3%.
Maruti, Dr Reddys, Infosys, Coal India and BHEL down 0.2-1%were the only other scrips in red.
Among the ones in green were GAIL, Axis Bank, ONGC, Cipla, TCS and L&T up 0.6-1%.
Sun Pharma extended gains and was the top Sensex gainer up over a percent after its US subsidiary, Taro Pharmaceutical Industries, reported a strong 49% year on year growth in net profit to $143.4 million for the quarter ended September 2014.
Auto names like Tata Motors, Hero MotoCorp, M&M and Baja Auto gained 0.3-0.8% on renewed buying interest.
The market breadth was very positive on BSE. 1,070 stocks advanced while 471 stocks declined.
Global Markets
Asian shares and the dollar got off to a lacklustre start on Tuesday as oil prices continued to drop, while Japanese shares marked early gains.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.2%, while Japan's Nikkei stock average added 0.6%.
The Dow and S&P 500 extended their run of record high closes for a fourth session on Monday, led by transportation and healthcare shares.
The Dow Jones industrial average rose 39.81 points, or 0.23%, to 17,614, the S&P 500 gained 6.34 points, or 0.31%, to 2,038, and the Nasdaq Composite added 19.08 points, or 0.41%, to 4,652.
With Reuters Inputs
