 "People look at a screen displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai")
By 11:20 am, the benchmark S&P Sensex was at 28,101 mark up 24 points while Nifty50 index rose 1 point at 8,693 levels. Among broader markets, BSE Midcap and Smallcap indices are up 0.1%-0.6%.
"Short term outlook for the market still remains negative till Nifty trades below 8,746 levels. Sustain above these levels will finally confirm short term trend reversal & Medium term outlook for the market remains positive till Nifty trades above 8,294 levels & expecting targets in the range of 9,400-9,700 levels in medium term", adds Devang Shah, author of www.trendtechno.com (Trade with Trend).
Top gainers from the Sensex pack are Adani Ports, ICICI Bank, SBI, Tata Motors and Maruti Suzuki. On the losing side, Wipro, Asian Paints, Bharti Airtel, Axis Bank and TCS are down 1%-4%.
Among other shares, 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.
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Updated at 9:40 am
Markets have turned flat after making a higher opening tracking positive trend among global peers.
By 9:35 am, the benchmark S&P Sensex was at 28,103 mark up 26 points while Nifty50 index rose 6 points at 8,699 levels. Among broader markets, BSE Midcap index is down 0.15 whereas the Smallcap index is up 0.3%.
"Nifty50 has completed its corrective pattern and has started the upward ascent. The level of 8,500 in the Nifty50 indeed is the Laxman Rekha for the bulls to operate. On weekly chart, Nifty50 has made a real body strong hammer indicating that the momentum rally has started. All short positions if any should be exited. Fresh longs can be entered with stop below 8,550 in the Nifty50. Investors can start accumulating quality stocks to build long term portfolio," said Jimeet Modi, CEO of SAMCO Securities.
Besides, market sentiment will be dictated by investment trend of overseas investors, movement of the rupee and crude oil prices, the experts noted.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 272.91 crore on Friday as per provisional data released by the stock exchanges. Indices may also experience some volatility amid derivatives expiry due on Thursday.
In the overseas markets, Asian stocks were subdued early on Monday after Wall Street's sluggish performance at the end of last week, while the dollar hovered near nine-month highs as fresh 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 down 0.1%. Japan's Nikkei stood little changed, while South Korea's Kospi gained 0.4%.
On Friday in Wall Street, the S&P 500 and the Dow were little changed and the Nasdaq advanced as a record day for Microsoft and earnings from McDonald's helped offset a fall in energy and healthcare shares.
Q2 EARNINGS
Axis Bank, Adani Enterprises, Adani Power, Bharti Infratel, GSFC, Idea Cellular, Indiabulls Real Estate, K P R Mill, Navin Fluorine International, Rallis India and Reliance Capital will unveil their second quarter earnings today.
STOCK TREND & CORPORATE NEWS
Top gainers from the Sensex pack are ICICI Bank, GAIL, Adani Ports, Maruti Suzuki and Power Grid, all surging between 1%-2%. On the losing side, Wipro, Bharti Airtel, Axis Bank, Hero Moto and TCS are down between 0.3%-3%.
Wipro's September quarter profit fell 8% to Rs 2,070 crore; revenue grew 9.1% to Rs 14,407 crore. The flagship IT services business reported revenue of Rs 13,137 crore, an increase of 0.2% from the earlier quarter. In dollar terms, revenue at $1,916 million dipped 0.8%. The stock is the top Sensex loser, down over 3%.
Cairn India reported Rs 779 crore in net profit for the quarter ending September, its highest in the last six quarters. The stock is up nearly 1%.
Maharashtra Electricity Regulatory Commission (MERC) has, therefore, asked the two leading distribution companies, Tata Power and Reliance Infrastructure (R-Infra), to explore alternatives such as medium-term and long-term power purchase, through competitive bids, not continue to only tie-up with their respective group generation companies. Tata Power and Reliance Infra are up 1% each.
Andhra Bank has announced the opening of Sovereign Gold Bond Scheme 2016-17 series-III as notified by Government of India for public subscription from Monday. The stock is trading flat.
Country's largest car maker Maruti Suzuki India continued its hold on the Indian passenger vehicles segment with six of its models featuring in the top ten selling list in the first half of this fiscal, thereby helping the company maintain its market share. Maruti Suzuki is up around 1%.
Apollo Tyres is setting up Europe's largest greenfield plant in Hungary with an investment of 475 million euros to produce nearly 62 lakh tyres for passenger cars and heavy commercial vehicles per annum. Shares of Apollo Tyres are marginally down.
Reliance Industries, operator of the world's biggest oil-refining complex, has forayed into cooking gas retailing, launching a 4-kg LPG cylinder on pilot basis. The stock is flat with positive bias.
State-owned NTPC Group is gearing up to cross the milestone of over 50,000 MW installed power generation capacity by March-end 2017 with expected addition of over 4,630 MW. Shares of NTPC are up almost 1%.
With Reuters inputs
