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Benchmark indices have trimmed gains and are trading near day’s low weighed by selling among defensive segments like pharma, FMCG and IT.
At 14:40 pm, the S&P BSE Sensex was trading at 26,438, up 87 points, while Nifty50 was quoting 8,156, up 29 points.
Top gainers from the Sensex pack are Maruti Suzuki, GAIL, Asian Paints, Hero Moto and M&M, all surging between 2%-4%. On the losing side, Axis Bank, Sun Pharma, Power Grid, ITC and TCS are down almost 1% each.
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Updated at 13:15 PM
Benchmark indices continue to trade firm amid strong buying among rate sensitive sectors like financials, auto and realty.
At 13:15 pm, the S&P BSE Sensex was trading at 26,555, up 205 points, while Nifty50 was quoting 8,190, up 63 points. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up over 1% each.
“Currently market is witnessing a relief rally and on chart it is forming a round bottom. We expect it to extend the rally little more on the upside as market is yet to give a signal of fatigue or short term profit booking. We expect around 8,250 market to find resistance and profit booking can emerges and on the down side 8,000 remain a key support level to watch for,” said Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments.
India's economy probably picked up steam in the July-September quarter on strong demand, but Prime Minister Narendra Modi's surprise currency crackdown this month will likely dent growth in coming months, a Reuters poll found.
However, Bank of America Merrill Lynch (BofA) on Monday trimmed the country's economic growth estimates by 30 basis points to 7.4% for the current financial year as demonetisation of Rs 500 and Rs 1,000 notes is expected to hurt activity in December.
Overseas, most Asian stocks fell ahead of key global events set to take place this week, including a meeting tomorrow between the world's largest oil producers and the release of the US nonfarm payroll report on Friday
US stocks declined yesterday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.
Oil prices dipped on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday aimed at reining in a global supply overhang and propping up prices.
Back home, Maruti Suzuki, M&M, GAIL, HDFC and Bharti Airtel have risen between 2%-3.5%. On the losing side, Sun Pharma, Cipla, HUL, Power Grid and Lupin are down almost 1% each.
In a major relief for the common man, the Reserve Bank of India (RBI) on Tuesday extended the withdrawal limit of cash from bank deposit accounts.
The Reserve Bank of India (RBI) imposed a temporary cash reserve ratio (CRR) over the weekend, on the incremental rise in bank deposits following the government’s demonetisation move.
Among other shares, Triveni Engineering & Industries rallied 10% to Rs 64.70 on the BSE at intra-day trade after the company reported nearly three-fold jump in consolidated net profit at Rs 68 crore for the quarter ended September 30, 2016 (Q2FY17), on back of higher operational income.
Mahanagar Gas has hit a new high of Rs 828, up 7% on the National Stock Exchange (NSE) in early morning trade after reporting 41% year-on-year (YoY) growth in net profit at Rs 102 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material cost.
TVS Electronics is locked in upper circuit of 10% at Rs 161, also its record high on the National Stock Exchange (NSE), on heavy volumes.
