)
Markets have extended gains and are trading near day’s high led by strong buying among pharma, auto and financial shares.
By 11:10, the Sensex was higher by 295 points at 28,001 and the Nifty gained 76 points at 8,498 levels. Sensex and Nifty have hit an intra-day high of 28,022 and 8,503 levels, respectively.
The top gainers from the Sensex pack are M&M, Dr Reddy’s Labs, Lupin, Hero Moto, Coal India, Hindalco and SBI, all surging between 3-4%.
******************************
Updated at 9:30
Markets have started the August derivatives series on a firm note on buying among rate-sensitive sectors such as banks and auto.
By 9:25, the Sensex was higher by 212 points at 27,918 and the Nifty gained 53 points at 8,471 levels.
Markets gained on last day of July series F&O expiry, with global cues supporting post Federal Open Market Committee (FOMC) meet. Fed kept rates unchanged, and gave no hint of lift-off coming in next meeting.
According to Angel Broking's report, "The trend deciding level for the day is 27,737 / 8,430 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 27,823 – 27,941 / 8,451 – 8,480 levels. However, if NIFTY trades below 27,737 / 8,430 levels for the first half-an-hour of trade then it may correct towards 27,619 – 27,532 / 8,400 – 8,379 levels."
Among broader markets, BSE Midcap and Smallcap indices are up over 0.5%. Market breadth is positive on the BSE with 1,016 shares advancing and 298 shares declining.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 170.68 crore yesterday, as per provisional data.
Further, private sector banks are in for a major booster dose as the minister of state for finance Jayant Sinha said a comprehensive package will be announced on Friday. The market participants are likely to watch out for RBI's policy, earnings and functioning of parliament in the new series.
RESULTS TODAY
Larsen & Toubro, ICICI Bank, CESC, Bharati Shipyard, GlaxoSmithKline Pharma, Mahindra Lifespace, Karur Vysya Bank, Sun TV, Suzlon Energy and Titan Inds are scheduled to announce their June quarter earnings today.
GLOBAL MARKETS
Asian shares inched higher on Friday but were on track for a weekly loss, while the dollar edged away from highs scaled after US GDP data reinforced expectations that the Federal Reserve is on track to raise interest rates this year.
Investors kept a wary eye on China, where stocks dropped on Thursday after state media reported that banks were investigating their equities exposure in the wake of the recent dramatic rout there.
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1% in early trading, but set for a weekly loss of more than 1%.
Japan's Nikkei stock index was down about 0.2%, poised to log a 0.3% loss for the week.
On Wall Street, US shares put in a mixed performance, as downbeat earnings offset solid economic data.
US gross domestic product data released on Thursday showed growth accelerated in the second quarter, though slightly short of some forecasts. Growth was tweaked higher in the first quarter, backing the Fed's assessment at its meeting this week that the economy was expanding "moderately."
SECTORS & STOCKS
Sectors such as IT, Healthcare, Auto, Banks, FMCG, Consumer Durables, Metal, Power and Realty are trading higher by almost 1% each.
Top gainers from the Sensex pack are ICICI Bank, SBI, Dr Reddy’s Labs, M&M, Coal India, Hero Moto, Cipla and Hindalco.
According to media reports, Bharti Airtel has rolled out latest 4G technology in Meghalaya's capital Shillong, the first in North East.
Dr Reddy's Laboratories has surged around 3% after the company reported a 13.67% jump in consolidated net profit at Rs 625.65 crore on the back of improved gross profit margins.
Among other shares, Exide Industries has dipped 3% to Rs 139, also its 52-week low on the BSE, after reporting 16.2% year-on-year (YoY) drop in net profit at Rs 155 crore for the quarter ended June 30, 2015 (Q1), due to lower sales
Shares of JBF Industries are trading 2% higher at Rs 313 on the National Stock Exchange (NSE) ahead of the board meeting today to consider fund raising plan through preferential issue.
With Reuters input
