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Benchmark indices continue to trade firm amid positive global cues along with strong buying among financials and index heavyweight RIL.
By 11:05 am, the S&P BSE Sensex was up 202 points at 28,186 and the Nifty50 gained 56 points at 8,715. In the broader markets, BSE Midcap and Smallcap indices are up 0.5%-0.7%.
Top gainers from the Sensex pack are ICICI Bank, Adani Ports, HDFC, Axis Bank and SBI, all surging between 1%-3%. On the losing side, Wipro, Sun Pharma, ITC and TCS are trading marginally lower.
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Among other shares, RBL Bank was up 7% to Rs 334 on the BSE in intra-day trade after the bank reported a healthy 34% year on year (YoY) jump in net profit after exceptional item at Rs 89.89 crore for the quarter ended September 30, 2016 (Q2FY17).
Aptech hit a fresh 52-week high of Rs 186, up 6% on BSE in early morning trade after the company reported nearly three-fold jump in consolidated net profit of Rs 7.17 crore for the quarter ended September 30, 2016 (Q2FY17)
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Updated at 9:30 am
Markets have started the session on a positive note tracking firm trends among global peers.
By 9:30 am, the S&P BSE Sensex was up 216 points at 28,200 and the Nifty50 gained 62 points at 8,722. Among broader markets, BSE Midcap and Smallcap indices are up almost 1% each,
On Wednesday, Indian banks and telecom stocks declined, while health-care and energy shares advanced as the benchmark gauge fluctuated after posting its biggest gain in five months.
“Volatility has continued to decline, reducing potential for a breakout. And to that end the 8727-8510 band could hold trades today. Meanwhile, past 8626 region sparked short covering rallies, which incidentally has brought the 8700 challenge into focus. Favoured view expects this region to discourage the upside attempts. Direct rise above the same may not interest bulls straight away, and may invite some distribution or long liquidation”, added Geojit BNP Paribas in a technical note.
In the overseas markets, Asian stocks advanced on Thursday, propelled by strong US earnings and oil prices near a 15-month high, as the third and final US presidential debate before the November 8 election got underway.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.25%. Japan's Nikkei extended gains to 0.9%. China's CSI 300 increased 0.2%, and Hong Kong's Hang Seng index climbed 0.6%.
US stocks registered small gains yesterday helped by better-than-expected earnings and rising oil prices.
The Federal Reserve released the latest iteration of its Beige Book, which summarizes economic conditions in the US. In it, the Fed said economic activity increased at a modest pace in most regions.
Oil prices dipped on Thursday on profit taking after markets rallied the previous day due to a draw in US stocks and an expectation of an OPEC-led cut in production.
Back home, Reliance Industries, YES Bank, Biocon, DB Corp, Gulf Oil Lubricants India, Praj Industries and LIC Housing Finance will unveil their second quarter earnings today.
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Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 282.77 crore yesterday as per provisional data released by the stock exchanges.
STOCK TRENDS & CORPORATE NEWS
Top gainers from the Sensex pack are ICICI Bank, ONGC, GAIL, Bajaj Auto and Axis Bank, all up between 1%-1.5%.
Bharti Airtel has announced a plan wherein any customer buying a new 4G handset will get 10 GB of 3G/4G data on a recharge of Rs 259.
The government will tomorrow sell 15% stake in construction company NBCC (India) Ltd at a floor price of Rs 246.50 a share, which is expected to fetch around Rs 2,200 crore.
The Competition Commission of India (CCI) has ordered an investigation against public sector GAIL India for alleged unfair business practices regarding supply and distribution of gas to industrial players.
State Bank of India, the country's largest lender, is planning to raise up to Rs 3,300 crore through additional tier-1 (AT1) bonds to shore up capital adequacy.
The newly-listed RBL Bank on Wednesday reported a 34% increase in the September quarter net at Rs 89.9 crore on a healthy rise in core interest income, which was fuelled by loan book expanding at a faster clip.
With Reuters inputs
