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Markets continue to trade higher led by sustained buying among metal and index heavyweights like HDFC and Infosys. However, the upside is capped due to selling pressure among FMCG major ITC.
By 10:40, the Sensex was higher by 83 points at 27,542 and the Nifty gained 24 points at 8,361.
The top gainers on the Sensex are Infosys, Hindalco, HDFC, Wipro and Vedanta.
On the losing side, ITC, Dr Reddy’s Labs, NTPC, Bharti Airtel and ONGC have slipped between 1-3%.
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Updated at 9:50
Markets have commenced the session on a higher note tracking positive Asian cues.
Investors are awaiting the policy decision from the US Federal Reserve. Markets are expecting a signal from the Fed on whether to expect a rate hike in September or not.
By 9:50, the Sensex was higher by 47 points at 27,506 and the Nifty gained 14 points at 8,351.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up nearly 1%. The market breadth is strong with 1,214 advancing stocks as against 498 declines.
Markets participants are eyeing the derivatives expiry for the month of July, which is due tomorrow.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 1375.66 crore yesterday as per provisional data.
Further, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 28 July 2015, that the Southwest Monsoon has been vigorous over West Rajasthan and Gujarat state and active over Gangetic West Bengal, Odisha, Jharkhand, East Rajasthan and West Madhya Pradesh during past 24 hours.
On the macro-economic front, the Reserve Bank of India is likely to keep the benchmark repo rate unchanged at 7.25% in its policy review meet next week according to reports.
GLOBAL MARKETS
Asian shares attempted a rebound on Wednesday on hopes that Beijing could stem the rout in its markets without damage to the economy, though caution was the watchword ahead of a policy decision from the US Federal Reserve.
Australia's main index rose 0.9% in early trade, while Japan's Nikkei flitted in and out of positive territory. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.5%.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen had ended on Tuesday just 0.2% lower, while the Shanghai Composite lost 1.7%. Both indexes had slumped as much as 5% at one point.
On Wall Street, the Dow ended on Tuesday with gains of 1.09%, while the S&P 500 rose 1.24% and the Nasdaq 0.98%.
Q1 RESULTS TODAY
Allahabad Bank, Castrol India, Dabur India, Godrej Consumer, JSW Steel, MphasiS, Nestle India, NHPC, UPL, Vedanta, WABCO India, Yes Bank will unveil Q1 results today.
SECTORS & STOCKS
BSE Metal and Auto indices are up 0.5-1%. Sectors like IT, Banks, Healthcare, FMCG, Capital Goods and Power are trading marginally positive.
The top gainers from the Sensex pack are Vedanta, HDFC, Tata Steel, Hindalco, Axis Bank and Wipro.
HDFC’s net profit has increased marginally by 1.21% to Rs 1,360.98 crore from Rs 1,344.66 crore in the April-June quarter a year ago.
Wipro it has been selected by DSM, a global, science based company active in health, nutrition and materials, as its strategic IT partner to provide Workplace Services. The stock is up over 1%.
On the losing side, ITC, ONGC, Dr Reddy’s Labs, Bharti Airtel and NTPC have slipped between 0.7-1.2%.
With Reuters input
