 "MFs caught on the wrong foot with L&T, Adani Ports")
Markets continue to remain firm supported by rise in the Asian equities. Meanwhile, India's CAD declined sharply to $0.3 billion or 0.1% of its GDP in the fourth quarter ended March for financial year 2015-16, against $7.1 billion in the third quarter ended December 2015 which further lifted the mood.
At 10:40 am, the S&P BSE Sensex gained 153 points to quote at 26,679 and the Nifty50 rose 37 points to trade at 8,176.
Max Financial Services has zoomed 20% to Rs 514, also its 52-week high on the BSE in intra-day trade on heavy volumes. The rally comes on the back of reports that HDFC Life and Max Life are in talks to create the country's biggest private life insurer.
V-Guard Industries has rallied 11% to Rs 1,470, also its record high on the National Stock Exchange (NSE) after the company announced that its board approved the proposal for splitting of equity shares in the ration of 1:10.
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(updated at 9:15 am)
Markets have opened the session on a firm note mirroring strength in the Asian equities and a strong close on the Wall Street. However, caution is likely to prevail over the likelihood of Britain leaving the European Union.
At 9:15 am, the S&P BSE Sensex gained 186 points to quote at 26,711 and the Nifty50 rose 50 points to trade at 8,191.
"A shorter trading range is expected. Early positive bias may deflate if unable to float above 8,200. Downsides are seen limited though. Rise above 8,244 or fall below 8,000 could unleash directional moves, both of which are less expected though," says Geojit BNP Paribas in a technical note.
"A shorter trading range is expected. Early positive bias may deflate if unable to float above 8,200. Downsides are seen limited though. Rise above 8,244 or fall below 8,000 could unleash directional moves, both of which are less expected though," says Geojit BNP Paribas in a technical note.
India's current account deficit (CAD) declined sharply to $0.3 billion (0.1 per cent of Gross Domestic Product) in the fourth quarter of ended March 2016 (FY16) from $ 7.1 billion (1.3 per cent), in third quarter ended December 2015, on account of lower trade gap.
Yesterday, the S&P BSE Sensex slumped 201 points to close at 26,525 and the Nifty50 dropped 66 points to end at 8,141 levels mirroring massive sell-off in the Asian equities after Bank of Japan maintained status quo and refrained from adding fresh stimulus. Also, cautious policy stance by the US Fed on global growth worries and Brexit fears sparked panic selling at D-Street.
GLOBAL MARKET
Asian shares rose on Friday, but remained on track for weekly losses in a week dominated by fears that British voters will opt to leave the European Union in next week's referendum.
Wall Street marked gains overnight, with the benchmark S&P 500 index .SPX erasing sharp losses to snap a five-day losing streak.
Japan's Nikkei stock index .N225 gained 1.7%, taking back some of its steep losses. But Japanese shares were still poised to shed more than 5 percent for a week in which the perceived safe-haven yen soared after the Bank of Japan opted to stay the course on policy instead of mustering additional stimulus in the face of risks from waning inflation and weak global growth.
STOCKS
IOC is likely to take the largest 37.5% stake in the proposed joint venture to manage fuelling facilities at all airports controlled by the Airports Authority of India (AAI) according to media sources. The stock gained 0.6%.
Software major Wipro on Thursday gave a petition to the inter-ministerial Board of Approval here to set up a Special Economic Zone for information technology and IT-enabled services in the Rajarhat area near here. Wipro is up 0.4%.
To support start-ups in the financial technology (fintech) space, State Bank of India has set up a Rs 200-crore fund. The stock has climbed 0.5%.
Pharma major Glenmark is planning to raise around $200 million, of which International Finance Corporation (IFC) is planning to invest up to $75 million. The company plans to raise the money through market issuance of quasi-equity instruments. Glemmark has advanced 0.5%.
In a bid to check cheap imports into the country, India's largest steel maker Steel Authority Of India (SAIL) has urged the government to review the market opening trade pacts with Japan and South Korea. SIAL surged 1%.
Alstom T&D India said that market regulator Sebi has allowed it to sell 42,565 shares to maintain the minimum public shareholding requirement. The stock is trading 0.4% lower.
NTPC plans to add 2,500-MW of conventional capacity and at least an equal amount of renewable plants every year, Chairman and Managing Director Gurdeep Singh said. The stock has gained 0.7%.
