 "Telecom shares rally in a rangebound market; Bharti Airtel up 3%")
Benchmark indices continue to trade flat as investors turned cautious ahead of the outcome of the US Fed meet later today and the expiry of April derivative contracts on Thursday.
At 2:35pm, the S&P BSE Sensex was up 28 points at 26,035 and the Nifty50 was up 7 points at 7,970. In the broader market, the BSE Midcap and Smallcap indices were trading with marginal gains. Market breadth was slightly weak with 1257 losers and 1212 gainers on the BSE.
Meanwhile, global crude oil prices rallied to hit their highest level in 2016 highs after a report by American Petroleum Institute showed decline in US crude oil inventories last week.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 512.22 crore yesterday, as per provisional data released by the stock exchanges.
Globally, Asian stocks ended lower ahead of the outcome of the US Fed meet later today. Meanwhile, the Bank of Japan (BOJ) monetary policy meet is scheduled for Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan.
Oil explorers firmed up tracking a rally in global crude prices. ONGC was up nearly 4%, Oil India gained 2.5% while Cairn India was up over 1%.
Axis Bank was down 3% after the bank said it has has put loans worth Rs 22,600 crore under watch in Q4FY16. The private lender expects that 60 per cent of these may become non-performing assets (NPAs) in the next eight quarters.
UltraTech Cement was down over 2% despite better-than-expected profit growth after average realisations (blended cement and concrete) at Rs 4,609 a tonne marked a nine per cent y-o-y decline.
Bharti Airtel was up nearly 4% ahead of its fourth quarter earnings later today. Among others, Idea Cellular and Reliance Communications were up 1.5%-2.5% each.
Among other shares, Bharti Infratel has gained 3% after the company said its board has approved buy back of equity shares worth Rs 2,000 crore and proposed a dividend of Rs 3 per equity share.
IDFC Bank was down nearly 6% after the bank reported weak earnings for the fourth quarter ended March 2016 and increase in non-performing assets.
Shares of Raymond surged 6% after the company reported 161% growth in consolidated net profit at Rs 56.2 crore for the quarter ended March 31, 2016 compared with Rs 21.5 crore in the same quarter last fiscal.
NHPC has dipped nearly 7% after the government decided to divest 11.36% stake in the power producer company through an offer-for-sale issue on Wednesday.
Swaraj Engines was up 3% after the company reported a strong 41% jump in net profit at Rs 11.65 crore for the quarter ended March 2016 (Q4).
