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Markets open higher, amid firm global cues, led by shares of healthcare and auto companies . However, upside gains are capped as traders remain cautious ahead of the Union Budget 2015-16.
At 9:40 AM, the 30-share Sensex is up 78 points at 29,399 and the 50-share Nifty has gained 15 points at 8,884.
Foreign institutional investors remain net sellers in equities after they bought equities worth Rs2,187.96 crore on Wednesday, as per the provisional stock exchange data.
GLOBAL MARKETS
The Dow and S&P 500 ended barely lower on Wednesday after a drop in energy shares but declines were limited by minutes from the latest Federal Reserve meeting, which showed policymakers are concerned about raising interest rates too soon.
The S&P 500 was down 1.5%, with US crude oil falling 2.6% to settle at $52.14 a barrel.
The US dollar was nursing losses in Asia on Thursday while bonds held hefty gains as investors scaled back expectations on how fast, and how far, the Federal Reserve might raise interest rates in coming months and years.
Japan's Nikkei rose 0.6% to heights last seen in 2000 helped by gains in financial and shipping companies.
MSCI's broadest index of Asia-Pacific shares outside Japan was near flat with much of the region on holiday. Centres off include China, Indonesia, Malaysia, Philippines, Singapore, Taiwan and South Korea.
SECTORS & STOCKS
On the sectoral front, 11 out of 12 sectoral indices are trading in green. BSE Consumer Durables index is leading the rally up nearly 2% followed by realty and auto indices up 1% each.
Shares of Bharti Airtel are trading higher by 1.3%.
In a move aimed at increasing its data revenue, telecom major Bharti Airtel launched its first pan-Africa customised 3G smartphone for $53 to tap mobile Internet users.
Shares of M&M are up by 1.2%. M&M has decided to recall all the XUV500 vehicles, manufactured on of before July 2014 for the up gradation of the side curtain airbag.
In the financial segment,. HDFC gained around 0.5% while Axis Bank is up 0.7%. Axis Bank, the third largest private sector lender, has launched a new service. Named Burgundy, it will offer services like no-limit credit cards and a multi currency foreign exchange card, among others.
Tata Motors gained around 1.5% on reporting a marginal increase in global sales, including Jaguar Land Rover, at 80,499 units in January.
City-based Cipla Hyderabad's Natco and US drug maker Mylan are among the companies in the fray to buy select brands of Sun Pharma that have been put up for sale by the companies as per an order of the Competition Commission of India. Sun Pharma has gained over 0.7%, while chares of Cipla are surging by 1.6%.
Country's second largest software services firm Infosys has secured a multi-year, multi-million dollar deal with ABN AMRO to provide IT services to the retail and commercial bank. The stock is up nearly 1%.
Tata Consultancy Services (TCS), India's largest information technology services provider, announced on Wednesday it had partnered Startupbootcamp FinTech, an accelerator, to host Pitch Days in India. The stocjk is up 0.3%.
State-run petroleum explorer Oil and Natural Gas Corporation (ONGC) said it has signed a Memorandum of Understanding with Super Wave Technology (SWTPL) for development of an alternative to hydraulic fracturing or fracking technology that is used to produce shale oil and gas. The stock is up nearly 1%.
On the flip side, Dr Reddy’s Lab, Wipro and ITC are down between 0.3-1%.
