 "Nifty reclaims 7,800 in opening trades; global markets firm")
Markets have trimmed their gains in the late morning deals weighed down by Index heavyweights Tata Motors and RIL. However, capital goods shares are also contributing to the losses ahead of the IIP data due to be unveiled later today.
By 11:20 AM, the Sensex was higher by 71 points at 25,694 and the Nifty gained 23 points at 7,811 levels.
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(updated at 11:20 AM)Markets continue to trade higher in a narrow range led by buying demand among banks , IT and real estate segments.
Investors have turned cautious ahead of the next week's US Federal Reserve meet on interest rate and the index of industrial production (IIP) data for the month of July due to be released later today.
By 10:30 AM, the Sensex was higher by 134 points at 25,754 and the Nifty gained 43 points at 7,831 levels.
However, the broader markets continue to outshine the benchmark indices- BSE Midcap and Smallcap indices are up over 1%. The health of the market is strong with 1,445 advances against 437 declines on the BSE.
The main gainers from the Sensex pack are SBI, Wipro, Axis Bank, Infosys and Vedanta.
Shares of aviation companies are in focus with Jet Airways and SpiceJet trading higher by up to 9% each on the Bombay Stock Exchange (BSE).
SpiceJet surged 9% to Rs 25.20, while Jet Airways (India) gained 7% to Rs 333 on the BSE in early morning trade.
Elder Pharmaceuticals has surged 19% to Rs 100 on the BSE on back of heavy volumes in early morning trade on media reports that the company may sell its assets to clear debt.
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Updated at 9:30
Markets have started the session on a higher note tracking positive global cues along with buying demand among banks, auto and realty leading the gains.
Meanwhile, investors are likely to remain cautious ahead of the next week's US Federal Reserve meet on interest rate.
By 9:30 AM, the Sensex was higher by 201 points at 25,824 and the Nifty gained 51 points at 7,840 levels.
However, the broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up over 1%. The health of the market is strong with 1,010 advances against 218 declines on the BSE.
GLOBAL MARKETS
Asian shares rose on Friday following gains on Wall Street, while the dollar firmed after facing pressure from a rise in the yuan, but gains were capped by uncertainty over whether the Federal Reserve will raise interest rates next week.
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.8%, and on track to rise more than 3% for the week.
Chinese shares got off to a wobbly start, with the CSI300 index and Shanghai Composite Index up slightly by late morning after bobbing in and out of negative territory.
On Wall Street, major indexes marked solid rises on Thursday, but European stocks broke a three-day run of gains with a drop of nearly 1.5%
Japan's Nikkei stock index dipped 0.1%, but pared earlier losses and was poised to end a choppy week more than 2% higher, even as investors remained cautious.
DOMESTIC MARKET
Foreign portfolio investors (FPIs) sold shares worth a net Rs 121.19 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 66.60 crore yesterday, as per the provisional data.
Among key macro economic announcements, the government is scheduled to unveil industrial production data for July 2015 today. Index of industrial production (IIP) rose at an accelerated pace of 3.8%, a four month high level, in June 2015 over a year ago compared with the revised growth of 2.5% in May 2015.
Indian consumer inflation was expected to have slowed to a record low in August, hit by slack global energy costs and low food prices, a Reuters poll found, likely increasing pressure on the central bank to cut rates at its meeting later this month.
SECTORS & STOCKS
BSE Realty and Consumer Durables indices have surged by over 1% followed by counters like Banks, Auto, IT, Healthcare, FMCG, Metal, Oil & Gas and Power, all gaining by almost 1% each.
The top gainers from the Sensex pack are SBI, Axis Bank, ONGC, M&M, Vedanta, HDFC, Infosys and Hero Moto.
Vedanta Resources has resorted to “aggressive cost reduction” and “workforce reduction” in its aluminium segment amid subdued and volatile market conditions globally. Vedanta is up over 1%.
The Delhi High Court on Thursday disposed of Oil and Natural Gas Corporation’s (ONGC) petition accusing Reliance Industries Ltd (RIL) of “deliberately disgorging” natural gas worth Rs 30,000 crore from the PSU’s well in the Krishna-Godavari basin, by asking the Centre to decide once it gets a report from the expert panel set up for this.
Sales of cars in August grew six per cent over the same month last year, according to data released by the Society of Indian Automobile Manufacturers (Siam) on Thursday. Shares of Hero Moto, M&M and Maruti Suzuki are up 1-2%.
Mahindra & Mahindra on Thursday launched the TUV3OO sports utility vehicle at an introductory price of Rs 6.9 lakh (ex-showroom, Pune). The top-end variant will cost Rs 8.4 lakh.
Infosys, India's second-largest information technology (IT) services company, on Thursday said although it had no plans of increasing entrant salaries. While some competitors had announced increasing salaries, it was taking a different approach. The stock is up almost 1%.
With Reuters input
