 "Nifty hovers around 8,650; Maruti Suzuki up 2%")
Benchmark indices continue to trade in a narrow range with Sensex and Nifty oscillating between negative and positive zone.
At 14:05 pm, the S&P BSE Sensex was up 4 points at 28,007 and the Nifty50 dipped 5 points at 8,631. Broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are down 0.1%-0.3%.
Shares of fast moving consumer goods (FMCG) companies are in focus with the Nifty FMCG index hitting 52-week high on Tuesday in intra-day trade on expectation of revival in rural economy due to above normal monsoon.
Among the individual stocks, Marico (up 7% at Rs 306) and ITC (up 3.5% at Rs 260) hit their respective 52-week highs on the National Stock Exchange (NSE) in intra-day deal.
Delta Corp rallied 9% to Rs 107, also its 52-week high of on the BSE, after the company reported a consolidated net profit at Rs 20 crore for the quarter ended June 30, 2016 (Q1FY17) as compared to a net loss of Rs 1 crore in the year ago quarter.
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Updated at 12:10 PM
Markets came off its intra-day highs after profit taking in select financials capped further upsides. Auto and FMCG shares continued to remain the top gainers in noon trades.
At 12:10pm, the S&P BSE Sensex was up 71 points at 28,074 and the Nifty50 inched up 14 points at 8,651.
On the macro-economic front, growth in the eight core sectors rose 5.2% in June, on the back of robust growth in coal and cement production. The index recovered from a five-month low in May, when it had grown 2.8%.
Meanwhile, the India Meteorological Department (IMD) on Monday retained its earlier forecast of ‘above normal’ rains during the four-month season of monsoon that started in June.
Auto stocks are up after registering strong growth in domestic sales in July on improved consumer sentiment.
Shares of Maruti Suzuki India touched Rs 5,000 mark, a fresh record high on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), crossing the market capitalisation (m-cap) of Rs 150,000 crore on Tuesday. The stock was up 2%.
Mahindra & Mahindra on Monday reported a 14% rise in total sales to 39,458 units in July. Maruti Suzuki clocked its highest-ever monthly sales in July, reporting a growth of 13.9%.
FMCG majors like ITC and HUL firmed up on renewed buying interest on expectations that rural volume growth may pick up pace after the IMD said rains during August and September would be ‘above normal’. ITC has surged over 2.5%. HUL was up over 1%.
Among others, InterGlobe Aviation (IndiGo) dipped 7% to Rs 906 on the BSE in early morning trade after the company reported 7.3% year on year (YoY) decline in net profit of Rs 592 crore for the quarter ended June 30, 2016 (Q1FY17) due to higher non-fuel expenses.
Advanced Enzyme Technologies has rallied 10% to Rs 1,295 on the National Stock Exchange (NSE), extending its 30% surge on Monday, listing day, after Reliance Mutual Fund bought shares of the firm through the open market on debut.
Tech Mahindra posted a consolidated profit after tax (PAT) of Rs 750 crore for the quarter ended June, up 20.5 per cent over the year-ago period. Revenue rose 10 per cent to Rs 6,921 crore. The stock is up over 3%.
Delta Corp rallied 9% to Rs 107, also its 52-week high of on the BSE, after the company reported a consolidated net profit at Rs 20 crore for the quarter ended June 30, 2016 (Q1FY17) as compared to a net loss of Rs 1 crore in the year ago quarter.
