 "Nifty holds 7,200 amid choppy trades; RIL up 2%")
Markets have gained strength in the late noon trade amid a firm opening seen in European equities. The local rally across the board is led by gains in Reliance Industries and pharma shares.
At 2:15 pm, the S&P BSE Sensex was up 128 points at 23,837 and the Nifty50 was up 35 points at 7,246.
The top gainers on the Sensex are HUL, Sun Pharma, Lupin, RIL, Dr. Reddy’s , all up between 1.5% and 4% each.
The top losers on the Sensex are GAIL (India), Wipro, Adani Ports, Maruti Suzuki, and ITC, all down between 1%-2% each.
Shares of Aditya Birla Nuvo were up over 1.5% at Rs 750 after the company said it has formed a joint venture company with Idea Cellular following the approval from the Reserve Bank of India's in-principle approval to set up a Payments Bank.
Reliance Communications (RCom) today said fair trade regulator CCI has given nod to its deal to acquire Russian conglomerate Sistema's Indian telecom unit, Sistema Shyam Teleservices Ltd (SSTL) that operates under the MTS brand.
Jewellery exporter and retailer Rajesh Exports today said it has won Rs 840 crore export order from the UAE. The stock has, however, dipped marginally.
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(updated 12:45 pm)
Benchmark indices continue to trade in a narrow range with positive bias led by index heavyweight Reliance Industries and pharma shares. However, the upside is capped due to selling among ITC and Maruti Suzuki.
At 12:45 pm, the S&P BSE Sensex was up 61 points at 23,770 and the Nifty50 was up 15 points at 7,226.
The top gainers from the Sensex pack are HUL, Sun Pharma, RIL, ONGC, Bharti Airtel and Dr Reddy’s Labs, all surging between 1%-3%.
On the losing side, ITC, Maruti Suzuki, Adani Ports, Wipro and Tata Motors have dipped between 1%-2%.
Shares of fertilisers companies were trading higher by up to 9% on the bourses, extending their Friday’s gain, in an otherwise subdued market.
Rashtriya Chemicals & Fertilisers (RCF), Fertilisers & Chemicals Travancore (FACT) and Madras Fertilisers were up over 3% each, while Gujarat State Fertilizers & Chemicals (GSFC), Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), National Fertilisers, Southern Petrochemicals Industries Corporation (SPIC) and Chambal Fertilisers up 3%-4% on the BSE.
Shares of JK Tyre & Industries were up nearly 2% at Rs 82 on the BSE after the company said that the Competition Commission of India has approved the proposed acquisition as per its application dated October 12, 2015.
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Updated at 11:30 am
Markets are trading with gains amid a firm trend in the Asian peers and rise in the crude oil prices. Meanwhile, volatility is seen ahead of the expiry of February derivative contracts while investors are keenly awaiting the Railway Budget and Economic Survey report later during the week.
At 11:30 am, the S&P BSE Sensex was up 52 points at 23,761 and the Nifty50 was up 16 points at 7,227. In the broader market, the BSE Mdicap and Smallcap indices extended gains and were up 0.4% each. Market breadth is firm with 1292 gainers and 795 losers on the BSE.
STOCK TRENDS
Maruti Suzuki has slipped nearly 2% after the company said it has temporarily suspended production at its Gurgaon and Manesar plants on account of the ongoing agitation in Rohtak and nearby areas with supplies of certain components being disrupted.
ITC has dropped 2% on worries that the forthcoming Budget would raise excise duty on cigarettes.
The government could significantly raise food subsidies, and spends on MGNREGA in the Union Budget 2016-17. Any increase in rural spending/infrastructure spending/tax exemption, which can put money in hands of consumers, will indirectly benefit FMCG sector. Among the prominent stocks, Hindustan Unilever, Marico, Nestle India, Tata Global Beverages, Britannia Industries, GlaxoSmithkline Consumer Healthcare, Dabur India, Godrej Consumer Products and Bajaj Corp gained up to 2.5%.
Realty stocks are shining in today’s trade. NBCC, D B Realty, Prestige Estates, Godrej Properties, Unitech, Mahindra Lifespace Developers and Indibulls Real Estate soared up to 4%.
Rise in the crude oil prices have supported the energy shares. Reliance Industries has climbed 1.6% while ONGC is trading with marginal gains.
Lupin and Gavis Pharmaceuticals LLC have agreed to divest two generic drugs as part of the US Federal Trade Commission's (FTC) requirement to complete the transaction. Lupin has surged over 1%. Among its peers Sun Pharma, Cipla and Dr Reddy’s Lab have gained up to 1%.
Wipro, Adani Ports, BHEL, GAIL and NTPC are some of the notable losers in today’s session down between 0.5%-2%.
Among others, shares Ujaas Energy were locked in 5% upper circuit at Rs 24.95 after the company said it has received an order from the Airport Authority of India for Jaipur Aiport.
Shares of Inox Wind were up nearly 3% at Rs 238 on the Bombay Stock Exchange after the company said it has commissioned common power evacuation systems at its Lahori site in Madhya Pradesh.
