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Markets have trimmed gains during the noon trades on profit taking in banking and capital goods shares.
At 12.20 PM, the Sensex is trading at 25,023 levels up by 25 points and Nifty is trading at 7,463 levels up by 9 points.
The market breadth is positive on the BSE with 1,535 shares advancing and 1,019 shares declining.
ICICI Bank, SBI, GAIL, L&T and Bajaj Auto are the top 5 gainers on the BSE. On the other hand, NTPC, Hindalco, Dr Reddy’s Lab, Sesa Sterlite and Hero Motocorp are the top 5 losers on the BSE
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(updated at 12.25 PM)
Markets continue to trade firm in late morning trades on Monday led by rate sensitive shares on hopes that easing inflationary pressures may give the central bank much needed comfort to ease key policy rates.
(updated at 12.25 PM)
Markets continue to trade firm in late morning trades on Monday led by rate sensitive shares on hopes that easing inflationary pressures may give the central bank much needed comfort to ease key policy rates.
At 11:40AM, the 30-share Sensex was up 196 points at 25,203 and the 50-share Nifty was up 60 points at 7,514.
As per the data released late Monday, consumer price index (CPI)-based inflation fell to 7.31% in June, the lowest since its launch in January 2012.
Its wholesale counterpart declined to a four-month low of 5.43% in the month and wholesale price inflation eased to a four-month low in June after the new government curbed farm exports.
The Indian rupee was trading lower at Rs 60.19 against the previous close of Rs 60.07 after the dollar appreciated against Asian currencies. Further, demand from oil importers is also favouring the dollar.
Asian markets were trading firm tracking overnight gains on Wall Street on Monday after the benchmark Dow Jones ended above 17,000 on the back of encouraging corporate earnings coupled with merger and acquisitions activity. The Nikkei was up 0.7%, Shanghai Composite was up 0.1%, Straits Times was up 0.1% and Hang Seng gained 0.4%.
The BSE Bankex was the top sectoral gainer up 1.91% followed by Capital Goods, Consumer Durables, Reatly, Auto, Oil and Gas indices.
Among the rate sensitive shares banks were among the top gainers led by ICICI Bank up 3.2%, SBI was up 2.9%, while HDFC Bank and Axis Bank were up 1% each.
Capital goods which had witnessed profit taking in the previous few sessions rebounded today on value buying. L&T and BHEL were up over 2.4% each.
In the auto pack, Tata Motors, M&M, Maruti Suzuki, Bajaj Auto were up 1% each.
Oil shares firmed tracking stability in global crude oil prices. Index heavyweight Reliance Industries was up 1.4% and ONGC gained 2.1%.
TCS was trading marginally lower on caution ahead of its first quarter earnings on Thursday.
Other Sensex losers include, ITC, Sesa Sterlite and NTPC among others.
Among other shares, TVS Motor Company has surged 6% to Rs 169, extending its previous day’s rally, after the company's market share rose to 12.6% from 12.1% in June quarter, first time in two years.
City Union Bank was up nearly 1%. The bank's Qualified Institutions Placement issue has reportedly oversubscribed by two times.
In the broader market, the BSE Mid-cap index was up 1.5% and the BSE Small-cap index was up 1.8%.
Market breadth continued to remain strong with 1,627 gainers and 755 losers on the BSE.
