Markets come off day's high; Nifty hovers around 8,000

Consumer durables and realty stocks are losing sheen across the bourses

Markets have come off day’s high tracking a mixed trend in the European peers as investors became wary after turmoil in global equity markets during the week. However, firm trades continue to prevail across the bourses owing to strong rally in the oil and metal shares. 

At 1:35 PM, the 30-share Sensex was up 163 points at 26,394 and the 50-share Nifty was up 49 points at 7,997.  

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(updated at 1:05 PM)

Benchmark share indices continued to maintain bullish trend in noon trades on Friday, amid firm global cues, after prospects of a delay in interest rate hike by the US Federal Reserve helped allay fears of foreign capital outfows.

At 1:05PM, the 30-share Sensex was up 332 points at 26,563 and the 50-share Nifty was up 105 points at 8,054.

In the broader market, the BSE Mid-cap and Small-cap indices were up over 1.1% each. Market breadth was strong with 1,656 gainers and 828 losers on the BSE.

The Indian rupee continued to trade weak against the US dolar down 7 paise at 66.11 following fresh demand for the US currency from banks and importers on the back of higher dollar overseas.

Meanwhile, oil prices rebounded by more than 10% on Thursday, posting their biggest one-day rally in over six years following a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting.

Private banks such as ICICI Bank, HDFC Bank, SBI and Axis Bank were among the top Sensex gainers on the back of value buying at lower levels.

IT exporters gained on hopes of order inflows on the back of robust US GDP data. Infosys and Wipro were up 1.5-3% each.

Among other shares, shares of logistics companies are trading higher for third straight day on hopes that the government is considering reconvening Parliament to make another attempt to pass the Goods and Services Tax (GST). VRL Logistics, Transport Corporation of India, Patel Integrated Logistics, Gati,Sical Logistics, Snowman Logistics and Allcargo Logistics were up over 5% each.

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(Updated at 11:40AM)

Markets have kicked off the September series on a robust note mirroring strength in their global peers on the back of strong US GDP data. Prospects of a delayed US Federal Reserve interest rate hike, robust US economic data and fresh stimulus injection in China revived market sentiments.

At 11:40AM, the 30-share Sensex was up 372 points at 26,603 and the 50-share Nifty was up 120 points at 8,069. In the broader market, BSE Midcap and Smallcap space are up 1.4% each. The market breadth is firm with 1,668 shares advancing versus 658 shares declining.

RUPEE

After gaining in the previous session, the rupee lost 8 paise to 66.11 against the US dollar following fresh demand for the US currency from banks and importers on the back of higher dollar overseas.

CRUDE OIL

The oil prices jumped by more than 10% on Thursday, posting their biggest one-day rally in over six years following a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting.

STOCK TRENDS

All sectoral indices are trading in green with BSE Power, Realty, Oil & Gas, IT, Bankex are trading higher between 1.5-2%.

Oil exploration companies such as Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India are trading higher by over 5% each after oil prices jumped by more than 10% on Thursday, posting their biggest one-day rally in over six years.

IT majors Infosys, Wipro and TCS are trading higher between 0.1-2.7% on the back of depreciating rupee.

A sharp rebound in the china shares after the central bank injected fresh stimulus has lifted the metal pack after the commodity prices rebounded. Vedanta, Hindalco and Tata Steel are up between 2.5-6%.

Vedanta on Thursday said a collapse in aluminium prices and lack of availability of bauxite from Odisha had forced the conglomerate to opt for a gradual closure of its Lanjigarh facility in the state.

Shares of drug maker Cipla are trading higher by 1%on the Bombay Stock Exchange (BSE) after the company decided to foray into nutritional business and launch full range of nutritional products over the next 12-18 months. 

Drug firm Lupin received approval from US health regulator USFDA to market generic Omeprazole delayed-release capsules, used to treat ulcer, in the American market. However, the stock is down 0.6% on profit booking.

In the back drop of magi controversy, noodle makers including ITC have seen demand shrink. And ITC has even had to cut down its output in order to adjust production cycles with demand. The stock is trading down by 0.5%.

HDFC extended gains and is up 1%. The Smart City projects announced across the country would help boost demand for home loans.

Financials, Auto and Realty stocks are firming up as investors hope for a rate cut by the RBI after  a top official of Federal Reserve said that a September rate hike from the US agency looks "less compelling" in the wake of global growth concerns. 

Axis Bank, HDFC twins, SBI and ICICI Bank are up between 1-3%. In the auto pack, Bajaj Auto, Tata Motors, M&M, Hero motocorp are trading higher between 1-3.6%. In the realty space, DLF, Prestige Esatate, Ashiana Housing, HDIL, Oberoi Realty, Unitech up between 2.4-4%.

GLOBAL MARKETS

Asian shares extended a global rally on Friday after firm US economic data cheered the mood of the investors, with Chinese stocks rising for the second day following a shaky start to the week.

China's Shanghai Composite index rose 2% while Hong Kong Hang Seng index gained 0.4% and Japapn’s Nikkei gained 2.7%.

Wall Street rose overnight on the back of revised US gross domestic product data indicating the economy grew faster than initially thought in the second quarter. Dow Jones surged 2.3% and Nasdaq Composite gained 2.5%.