 "Nifty reclaims 8,000 mark on strong global cues")
Markets have opened the session on a positive note mirroring strength in the Asian peers following a firm closing on the Wall Street overnight. Meanwhile, European Central Bank’s stance on further easing the monetary policy has lifted the trading sentiments.
At 9:30 AM, the Sensex opened 117 points higher at 26,310 and the Nifty has gained 35 points to trade at 8.013. The broader markets are trading in line with the larger peers with BSE Midcap and Smallcap indices trading higher by 0.5-0.6%. The market breadth is firm on the BSE with 1,015 advanced versus 300 declines.
However, volatility is expected later during the session ahead of September F&O expiry on Thursday, as traders roll-over positions to the October 2015 series.
According to Angel Broking's report, "The trend deciding level for the day is 26,133 / 7,958 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,293 – 26,394 / 8,007 – 8,037 levels. However, if NIFTY trades below 26,133 / 7,958 levels for the first half-an-hour of trade then it may correct towards 26,033 – 25,872 / 7,928 – 7,878 levels."
Meanwhile, enhanced activity of the southwest monsoon across several parts of the country for the next three-four days is giving a breather to regions reeling under severe water deficiency, according to the India Meteorological Department (IMD) report.
STOCK TRENDS
On the sectoral front, all sectoral indices are trading in green with BSE IT and Realty gaining 1% each.
Ashok Leyland plans to list its financing arm in the second half of next year and could raise up to Rs 6.5 bn. The stock is trading 2.5% higher.
Bain Capital acquired a 10.2% stake in L&T Finance Holdings in two separate deals on Monday. The stock gained 1.4%.
Engineering conglomerate Larsen & Toubro (L&T) has set its succession plan rolling by elevating S N Subrahmanyan as deputy managing director (MD) and president from October 1. The stock is trading flat with positive bias.
Infosys has won a Rs 1,400-crore contract from GST Network (GST-N) to build the IT system so that the goods and services tax (GST) regime is rolled out on schedule. The stock has climbed 1.5%.
Tata Power will seek the Maharashtra Electricity Regulatory Commission (MERC)’s approval to strengthen its distribution network in the city. The stock is up 1%.
Amtek Auto has missed the deadline payments on the Rs 800 crore worth of bonds that matured on Monday. The stock has crashed 9%.
MMTC has informed the BSE that its board of directors had approved the proposal for sale of 10 per cent stake in Indian Commodity Exchange (ICEX), the now defunct bourse it jointly promoted with Indiabulls Financial Services. The stock has surged 5%.
Tata Motors plans to launch a new small commercial vehicle (SCV) 'Magic Mantra' in the country next month, thereby expanding product range under its popular public transport vehicle 'Tata Magic'. The stock is trading with marginal gains.
GLOBAL MARKETS
Asian shares rose on Tuesday and the dollar held steady as US markets bounced back and the European Central Bank said it was prepared to ease monetary policy further.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, with Australia up 1.1 percent and South Korea 0.1 percent. Japanese markets are shut through Wednesday.
The US dollar retained most of its overnight gains in early Asian trade. It remained at 95.917 against a basket of six currencies.
US stocks rose overnight as St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart separately made the case for an increase in U.S. interest rates this year, boosting financial shares.
With Reuters input
