 "Nifty opens above 8,250; RIL up 3%, HCL Tech falls 2% post Q1 nos")
Benchmark indices continue to trade higher in a tight range tracking strong performance among index heavyweight Reliance Inds as Q2 profit beats forecast. However, the upside is capped due to selling among select auto and financial shares.
By 10:35 am, the Sensex was higher by 76 points at 27,290 and the Nifty gained 13 points at 8,251.
The top gainers from the Sensex pack are Reliance Inds, Sun Pharma, Bharti Airtel, Vedanta and Lupin, all up between 1-5%.
ALSO READ: Derivative Strategies for HDFC, M&M
On the losing side, Tata Motors, Tata Steel, ONGC, L&T and Maruti Suzuki are down between 1-2%.
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Updated at 9:30 am
Markets are trading higher in the opening traders tracking positive Asian cues along with strong buying among index heavyweight Reliance Inds post better than expected Q2 results.
Further, China posted its weakest quarterly economic growth since the global financial crisis on Monday, raising pressure on policymakers to cut interest rates further and roll out other support measures to avert a sharper slowdown.
By 9:30, the Sensex was higher by 73 points at 27,288 and the Nifty gained 11 points at 8,249.
Among broader markets, BSE Midcap and Smallcap indices are up 0.2-0.5%. Market breadth is positive on the BSE with 816 shares advancing and 301 shares declining.
ALSO READ: Five Midcap picks from Geojit BNP Paribas
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 436.79 crore on Friday, 16 October 2015, as per provisional data released by the stock exchanges.
Q2 EARNINGS TODAY
UltraTech Cement, SKS Microfinance, Petronet LNG will unveil their second quarter earnings today.
GLOBAL MARKETS
Asian shares held near two-month highs on Monday as a batch of Chinese data showed the world's second-largest economy slowing further but not in danger of a hard-landing.
Some emerging market currencies trimmed early losses after China's third quarter gross domestic product data showed the economy growing slightly faster than market expectations at 6.9%.
Adding to optimism are growing bets that the US Federal Reserve would delay its first rate hike since 2006 to next year, encouraging investors to hunt for bargains in Asian equities.
MSCI's broadest index of Asia-Pacific shares outside Japan bounced around in a tiny range on Monday in the wake of the China data. It was last up 0.1% and on track for its best monthly performance since Feb 2012.
Japanese shares edged 0.5% lower while Australia's rose 0.1%. Chinese stocks rose 0.5% while Hong Kong shares slipped 0.3%.
SECTORS & STOCKS
BSE Oil & Gas index has surged almost 1% followed by counters like Realty, Healthcare, IT, Consumer Durables and Capital Goods, all gaining between 0.1-0.6%. However, sectors like Auto, Banks, Metals and FMCG are trading lower.
The top gainers from the Sensex pack are Reliance Inds, Vedanta, Lupin, Wipro and BHEL.
Reliance Industries reported on Friday a better-than-expected 12.5% rise in its fiscal second-quarter profit, helped by stronger margins in its core refining business. Shares of Reliance Inds have surged by 3%.
The Vedanta group signed an early agreement to invest around Rs8,400 crore to expand and develop its mineral and mining base in Rajasthan. Vedanta is trading higher by nearly 2%.
On the losing side, Tata Motors, Bajaj Auto, ONGC, HUL and Dr Reddy’s Labs are down 0.5-1%.
Hindustan Unilever (HUL) turns ex-dividend today for dividend of Rs 6.50 per share for the year ending 31 March 2016 (FY 2016).
IT major HCL Tech today reported a 3.2% dip in its Q1 net profit at Rs 1,726 crore. On an annual basis, the net profit was down 7.9%. The stock is trading lower by 2.3%.
New Delhi-based auto component maker Amtek Auto is close to reaching a solution with JPMorgan, which holds its non-convertible debentures worth Rs 200 crore. The stock has zoomed over 9%.
Lanco Infratech on Sunday announced it had won a case in the Supreme Court for its subsidiary company Lanco Kondapalli Power Limited (LKPL), dismissing appeals filed by Andhra Pradesh Power Coordination Committee and AP Discoms and also upholding the orders passed by APTEL and APERC in favour LKPL. Shares of Lanco Infra are up over 6%.
With Reuters and BS Reporter input
