 "Nifty hovers around 8,700 amid rangebound trade")
Markets continued to remain rangebound in noon trades on Monday as gains in select financials helped offset losses in IT majors.
At 14: 35 pm, the S&P BSE Sensex was up by 123 points or 0.45%, trading at 28,200 levels. Nifty50 was up by 29 points at 8,722 levels. In broader market, the S&P BSE Midcap and Smallcap were up by 0.2% and 0.7% respectively.
Oil and Natural Gas Corporation (ONGC) has moved higher to its fresh 52-week high of Rs 290, up 3.6% on BSE, after the company said the board will meet on Thursday, October 27, to consider bonus issue proposal.
Adani Ports, ICICI Bank, State bank of India and GAIL were the top gainers on Sensex, inching up between 1.5%-3%. Wipro, Asianpaint and Axis Bank were the top losers, slipping between 1%-4%.
Wipro has dipped 4% to Rs 478 on BSE in early morning trade after the company reported disappointing September quarter (Q2) results and a sluggish IT revenue guidance for the third quarter ending December 2016.
Mindtree touched a 52-week low of Rs 452, down 6% on BSE in intra-day trade, after the company’s consolidated net profit declined 23% to Rs 95 crore for the quarter ended September 2016 (Q2FY17) on sequentially.
V-Guard Industries hits record high of Rs 199, up 7% on BSE in intra-day after it reported a robust 70% year on year (YoY) jump in net profit at Rs 39 crore for the quarter ended September 2016 (Q2FY17), on back of strong operational performance.
Global Markets
Asian stocks eked out gains but lacked clear direction on Monday after Wall Street's sluggish performance late last week, while the dollar hit a near nine-month high as comments from a Federal Reserve official boosted bets of a rate hike by year-end.
MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.2%.
South Korea's Kospi gained 0.4%. Australian stocks lost 0.5%, hurt by a decline in energy shares.
Japan's Nikkei .N225 moved in a tight range and was last up 0.2%.
Shanghai .SSEC outperformed, rising over 1% as energy and raw material stocks jumped on indications that government measures to slash production capacity had shown signs of some success.
Oil
Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as US drillers stepped up work.
Brent crude futures LCOc1 were trading at $51.59 per barrel at 0133 GMT, down 19 cents, or 0.4%, from their last close.
US West Texas Intermediate (WTI) crude was down 22 cents, or 0.4%, at $50.63 a barrel.
With Reuters Inputs
