 "Markets rebound after six day losing streak; Sensex opens 100 points higher")
Benchmark indices are trading in a narrow range with positive bias led by buying demand in index heavyweight Reliance Inds. However, the upside is capped due to selling pressure among pharma and auto shares.
By 10:58 am, the S&P BSE Sensex was higher by 36 points at 25,072 and the Nifty50 gained 9 points at 7,620.
Top gainers from the Sensex pack are Hindalco, GAIL, Reliance Inds, Vedanta and NTPC. On the losing side, Sun Pharma, Lupin, Tata Motors, M&M and Maruti Suzuki are down 1%-3%.
**********************************
Updated at 9:38 am
After witnessing sell off in the last six consecutive trading sessions, markets have rebounded in early trades today shrugging off weak global cues.
By 9:38 am, the S&P BSE Sensex was higher by 57 points at 25,094 and the Nifty50 gained 15 points at 7,628.
Among broader market, BSE Midcap index is down 0.3% whereas the Smallcap index is up 0.2%.
According to Nirmal Bang morning report, "Nifty is likely to witness range bound trading session during the day. Technically, Nifty has given the breakdown of the neckline of the Head and Shoulder patter pattern, i.e. 7,700 levels indicated a bearish view. Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis. On the flip side, 7,580/7,540 levels may act as a support level,"
Further, investors will maintain cautious stance ahead of the October's industrial production data, which will be announced tomorrow after market hours. Indian industrial output was forecast to rise 7.8% annually in October, its strongest pace in more than three years and much faster than the 3.6% seen in September.
ALSO READ: F&O Strategies for Biocon, TCS
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 527 crore yesterday as per provisional data released by the stock exchanges.
In the macro-economic front, the RBI said it would intervene in the exchange-traded currency derivatives (ETCD) markets, if required. It would do so in addition to its regular intervention in the spot and forwards market.
Besides, Minister of State for Finance Jayant Sinha reportedly said yesterday that meeting 1 April 2016 deadline for goods and services tax (GST) rollout seems to be challenging amid ongoing political turbulence.
The constitutional amendment Bill to roll out GST is stuck in the Rajya Sabha due to stiff opposition by the Congress party and might be delayed further because of the tough stance taken by the main opposition party over the National Herald case issue, reports suggest.
ALSO READ: Hope recedes for GST rollout in 2016
Among overseas markets, Asian stocks slipped on Thursday as weak oil prices continued to feed global growth worries, while the euro held solid gains after a policymaker poured cold water on market expectations of more easing by the European Central Bank.
Chinese stocks bucked a downward trend in Asian markets after news broke that Beijing will finally introduce much-need IPO reforms. The Shanghai Composite index was up 0.33%.
US stocks edged lower for a third-straight session yesterday as earlier gains evaporated amid further slide in crude oil prices.
Back home, Tata Motors has turned weak on account of profit booking at higher levels in opening trades. The company has reported 8 % increase in its global sales, including that of Jaguar Land Rover (JLR) vehicles, at 90,695 units in November.
NTPC is exploring solar energy projects in Uttar Pradesh to boost its green energy profile and meet renewable energy targets. Shares of NTPC are up almost 1%.
ALSO READ: Sell JSPL, Ambuja Cements: Anand Rathi
Infosys is up almost 1%. The IT major announced that it has made an investment of $4 million in CloudEndure, a startup that provides cloud migration and cloud-based disaster recovery (DR) software.
Wipro announced that Wipro Digital, its digital business unit opened new London pod, furthering its commitment to offer enhanced digital transformation services at close proximity to its UK and European customers. Shares of Wipro are up 0.7%.
The Comptroller and Auditor General of India (CAG) has reprimanded ONGC for poor planning in hiring and use of drilling rigs, which resulted in a loss of Rs 7,995 crore.
Metal shares like Vedanta, Coal India and Hindalco have rebounded in trades today after witnessing shartp sell off in last few trading session due to weak China trade data.
With Reuters input
