Markets continue to trade in morning trades on Monday, amid weak Asian cues, as profit taking in ICICI Bank and Tata Motors restricted further gains.
The Sensex was up 13 points at 17,570 and the 50-share Nifty was up 6 points at 5,326.
Investors are also looking forward to the inflation data on Tuesday.
Asian markets were trading weak, as hopes of stimulus from central banks were offset by weaker growth data from Japan. The Shanghai Composite was down 0.5% while the Hang Seng slipped 0.1%. The Nikkei, Kospi and Taiwan Weighted was marginally down.
Among the sectoral indices, Realty index was the top gainer up 0.9% along with Oil & Gas and Power. Bankex, Auto and FMCG indices were among the top losers down 0.2 to 0.3%
Among Sensex shares, ONGC was up 1.7% on reporting a better-than-expected 48% year-on-year (yoy) jump in net profit at Rs 6,078 crore for the quarter ended June 2012, due to high crude oil prices and foreign exchange fluctuations.
Bharti Airtel was up 1.9% after the stock was beaten down last week as banks including Goldman Sachs and Standard Chartered cut their ratings on India's top telecoms carrier in the wake of disappointing quarterly earnings.
Index heavyweight Reliance Industries was marginally up by 0.5% at Rs 786.
ICICI Bank was down nearly 1% on profit taking after the stock remained in an uptrend since the last week of July after the private sector lender reported a better-than-expected 36% year-on-year (yoy) growth in net profit at Rs 1,815 crore for the quarter ended June 2012, on back of higher interest income.
Tata Motors which had gained 5% last week also witnessed profit taking and was down 1.4% at Rs 229.
Among other shares, Reliance Comm was up 2.6% after reporting a 3% year-on-year (yoy) increase in consolidated net profit at Rs 162 crore, despite of higher interest cost for the quarter ended June 30, 2012. Total turnover grew 8% at Rs 5,319 crore on y-o-y basis.
Unichem Labs has soared 8.3% to Rs 164 after it's net profit more than doubled to Rs 33.14 crore for the quarter ended June 30, 2012, on the back of higher sales and other income. The company had reported a net profit of Rs 15.62 crore in previous year quarter.
Shares of Vijay Mallya-promoted UB Group's companies have rallied on back of huge volumes in morning trades. Kingfisher Airlines was up 14% at Rs 8.42. “Kingfisher continues to believe it will get recapitalised and get on a path of sustained profitability. The airline is in discussions with several strategic and financial investors to bring fresh capital,” the company said in a statement.
In the broader market, the Mid-cap and Small-cap indices were marginally up in early trades.
Market breadth improved further with 1,248 gainers and 741 losers.
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(Updated at 9:33 hrs)
Markets are trading flat in opening trades on Monday, amid weak Asian cues, as gains in ONGC and Bharti Airtel helped offset losses in ICICI Bank, Tata Motors and FMCG majors.
The Sensex was up 4 points at 17,562 and the 50-share Nifty was up 1 point at 5,321.
Inflation data on Tuesday will be a key event for in a shortened trading week because of the Independence Day holiday on Wednesday, August 15.
Asian markets were trading weak, as hopes of stimulus from central banks were offset by weaker growth data from Japan. The Shanghai Composite was down 0.5% while the Hang Seng slipped 0.1%. The Nikkei was trading flat with positive bias.
Among the sectoral indices, Oil & Gas index was the top gainer along with Healthcare. capital Goods, Auto, FMCG and Bankex were down 0.2 to 0.4%
Among Sensex shares, ONGC has rallied 3.6% at Rs 289 on reporting a better-than-expected 48% year-on-year (yoy) jump in net profit at Rs 6,078 crore for the quarter ended June 2012, due to high crude oil prices and foreign exchange fluctuations. Revenues grew 24% at Rs 21,216 crore on yoy basis. Meanwhile, the state-owned oil exploration company announced a huge oil discovery off the west coast, a move that will help the country cut its huge oil import bill and raise its sagging oil production. The new discovery was made in the currently producing D1 oilfield.
Bharti Airtel was up nearly 2% after the stock was beaten down last week as banks including Goldman Sachs and Standard Chartered cut their ratings on India's top telecoms carrier in the wake of disappointing quarterly earnings.
ICICI Bank, Tata Motors and FMCG majors Hindustan Unilever and ITC were top Sensex losers because of profit taking at higher levels.
In the broader market, the Mid-cap and Small-cap indices were marginally up in early trades.
Market breadth was strong with 788 gainers and 497 losers.
