Markets end higher led by financials
Gains led by HDFC, RIL, ICICI Bank and HDFC Bank
Markets ended marginally higher on Thursday, amid a rangebound trading session, led by financials on hopes of a rate cut by the central bank at its policy meet early next week. Today was the expiry of October derivative contracts.
The 30-share Sensex provisionally ended up 72 points at 18,782 and the 50-share Nifty ended up 22 points at 5,714.
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(Updated at 14:20hrs)
Markets remained rangebound with positive bias in noon trades, ahead of the expiry of October derivative contracts, led by mortgage lender HDFC and index heavyeights.
At 2:19PM, the Sensex was up 46 points at 18,756 and the Nifty was up 13 points at 5,705
In Asia, Japan's Nikkei average rose to a four-week closing high on Thursday, lifted by exporters as the yen weakened on growing expectations that the Bank of Japan would further ease monetary policy next week.The Nikkei climbed 1.1% to 9,055. The Hang Seng was up 0.4%, Straits Times gained 0.2%. However, Shanghai Composite was down 0.7%.
European shares were marginally up in early trades on better-than-expected earnigns from chemical giant BASF SE and Unilever NV. The FTSE-100, CAC-40 and DAx were up 0.5% each.
Mortgage lender HDFC was up 1.8% at Rs 764 on hopes that the central bank would ease key policy rates at its meet on October 30.
Among the index heavyweights Reliance Industries was up 0.6% at Rs 815 after the petroleum ministry agreed to exempt the company from a performance audit.
ITC and L&T were up 0.5% each after both companies recently reported robust second quarter earnings.
ICICI Bank was up 0.8% at Rs 1,089 ahead of its second quarter earnings on Friday.
Hero MotoCorp which opened lower in early trades after it reported 27% drop in second quarter profits firmed up after the company said that retail sales during the festival of Navratri topped two lakhs units. The stock was up 1.6% at Rs 1,824.
Among Sensex losers, Hindustan Unilever was down 1% ahead of its second quarter earnings later today.
Among other shares, Oriental Bank of Commerce has rallied 5% at Rs 309 bouncing back over 7% from intra-day low after reporting 80% year-on-year (yoy) jump in net profit at Rs 302 in the September quarter on back of higher other income.
In the broader markets, both the Mid-cap and Small-cap indices were flat with negative bias.
Market breadth was weak with 1,497 declines and 1,212 advances on the BSE.