 "Expect strong returns in new Samvat")
Benchmark indices continue to trade higher led by strong performance pharma and index heavyweight Reliance Industries.
At 12:04 pm, the S&P BSE Sensex gained 175 points to trade at 26,542 and the Nifty50 climbed 59 points to quote at 8,129. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1.2%.
Staying with its rising streak for the third day, the rupee appreciated 13 paise to 67.04 against the dollar in early trade today on increased selling of the US currency by exporters and banks amid higher foreign inflows.
Top gainers from the Sensex pack are Sun Pharma, Lupin, Adani Ports, SBI, RIL and Cipla.
Bharat Petroleum Corporation Limited (BPCL) has surged 7% to Rs 992 on the BSE in early morning trade after the company’s board has recommended the issue of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every existing one fully paid up equity share.
Finolex Cables has rallied 13% to Rs 345, also its lifetime high on the BSE, after the company reported a robust 77% year on year (YoY) growth in net profit at Rs 83 crore, on back of strong operational performance.
Gujarat Alkalies and Chemicals has surged 15% to Rs 226 on the BSE after the company reported more than doubled EBITD (earnings before interest taxes and depreciation) at Rs 133 crore for the quarter ended March 2016 (Q4FY16) against Rs 52 crore in a year ago quarter.
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Updated at 9:17 am
Markets have opened the June series on a firm note mirroring strength in Asian equities. Rise in crude oil prices, expectation of above normal monsoon and better than expected corporate results this quarter boosted sentiments.
Yesterday the S&P BSE Sensex rose 486 points to close at 26,367 and Nifty50 surged 135 points to end at 8,070. Nifty reclaimed the 8,000 mark for the first time since 04 November, 2015.
At 9:16 am the S&P BSE Sensex gained 89 points to trade at 26,456 and the Nifty50 climbed 32 points to quote at 8,102.
“Last couple of days’ extended rise has strengthened the case for meeting the medium term objective of 8,200-8,300. However, today’s ability to float above 8000 would be critical for the same. To this end, though major falls are less expected, volatility is likely to dominate proceeding, and a higher close would still be a possibility,” according to Geojit BNP Paribas technical note.
Among overseas markets, Asian stocks pulled ahead on Friday after patches of U.S. data continued to paint the world's largest economy in a positive light, while the dollar was on the defensive against its major peers.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2% to a two-week high. The index was on track to gain 2.3% this week. Japan's Nikkei nudged up 0.4%, buoyed by prospects of Tokyo delaying a sales tax hike.
The Dow inched down 0.1% and the S&P 500 ended flat overnight after rising strongly for two days as advancing utilities offset declines in materials, banks and other cyclical industries.
Oil futures dipped further in early Asian trade on Friday, finding resistance at the $50 a barrel mark as investors worried higher prices could reactivate shuttered crude output, adding to global oversupply.
Back home, BHEL, SBI, DLF, HPCL, OIL Ondia, NMDC, Reliance Power, REC, IOB, Sun TC and Tata Communications will unveil their Q4 numbers today.
STOCKS
Power Grid gained 0.6% after it posted a 13.2% jump in standalone net profit at Rs 1,599.05 crore for the March quarter on higher revenues from power transmission business.
Power Grid gained 0.6% after it posted a 13.2% jump in standalone net profit at Rs 1,599.05 crore for the March quarter on higher revenues from power transmission business.
RPG Life Sciences announced that it has sold its biotech unit to Intas Pharmaceuticals Limited. The company did not disclose deal size. The stock has jumped 3.5%.
Oil and Natural Gas Corporation (ONGC) posted a 12% jump in profit after tax (PAT) for the quarter ended March 2016 on account of nil under-recovery burden and part reversal of impairment provisions made earlier due to crude price decline.The stock inched up.
Natco Pharma has reported a 10.65% increase in consolidated net profit at Rs 60.24 crore for the quarter ended March, 2016 as compared with Rs 54.44 crore in the corresponding quarter previous year. The stock has gained 3%.
Jet Airways post a consolidated net profit of Rs 426 crore in the fourth quarter FY 2016. In the same quarter last year the airline had posted a net loss of Rs 1,803 crore due to the write off of its equity investment in subsidiary JetLite. The stock inched up.
GAIL India has reconfigured the Rs 12,000 crore Jagdishpur-Haldia pipeline, which will connect Prime Minister Narendra Modi's political constituency Varanasi to the gas grid, to link the Dhamra terminal. GAIL jumped 1%.
