Markets hold early gains; Tata Motors, Adani Ports lead

Benchmark indices continur to hold early gains as December corporate earning season begins. Sensex rose over 100 points led by gains in energy, oil & gas, metals and auto sector.

At 12:26 pm, the Sensex was trading at 26,860, up 134 points, and the Nifty was ruling at 8,271, up 35 points.
 
Among broader markets, BSE Midcap and BSE Smallcap rose 0.5% and 0.6% respectively.      

"Last week’s upsides continue to inspire bargain hunting, which was visibly supporting prices from slipping much, yesterday. However, as long as below 8260, downside potential aiming 8120 will remain potent, and if it does not mature, volatility will dominate, keeping the 8580 view on hold," said Geojit BNP Paribas in a note.
 
Meanwhile, Oil prices on Monday posted their biggest one-day loss in six weeks amid fears that record Iraqi crude exports in December and rising US output would undermine OPEC's efforts to curb a global supply glut.
 
On Monday, foreign portfolio investors (FPIs) sold shares worth a net Rs 325.10 crore, while Domestic institutional investors (DIIs) bought shares worth a net Rs 99.82 crore, provisional data available with BSE showed.
 
Sectors and Stocks
 
Shares of ONGC rose 1% to Rs 199.80 after ythe company got price guarantee from GSPC in KG deal. GSPC will buy entire output at a predetermined price from the KG Basin gas field that it has agreed to sell to ONGC for $1billion.

Extending gains from yesterday's session, Tata Motors was the top performer on BSE Sensex. The stock rose over 1% to Rs 505.70 on back of strong December JLR sales.

Axis Bank also rose over 1% after it announced usage of block chain solutions for its operations. It was the thitd lender to do so after ICICI Bank and Yes Bank. 

Engineers India (EIL) was up 5% to Rs 161 on BSE in early morning trade after the company said it has received a project worth Rs 2,500 crore from the state-owned oil marketing company Hindustan Petroleum Corporation (HPCL) for execution of Vizag Refinery Modernization Project (VRMP).

HPCL was too up 3% at Rs 476, after hitting a high of Rs 482 on the BSE in intra-day trade so far.

Max Ventures and Industries (MaxVIL) has surged 18% to Rs 79.15 on the BSE in early morning trade after New York Life Insurance Company, the largest mutual life insurance company in the United States picked up 22.51% stake for Rs 121 crore in the company.

 
Global Markets
 
Asian stock markets were on the back foot on Tuesday as risk appetite evaporated overnight after the year's strong start, with equities retreating, oil markets roiled by a supply surge and the pound sliding on renewed concerns about a "hard" Brexit.
 
MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade. Japan's Nikkei dropped 0.2% as investors took refuge in the safe-haven yen.
 
Hang Seng index was trading higher by 0.15%, while Shanghai was down 0.41%.
 
On Wall Street, the Dow Jones Industrial Average index closed 0.38% down at 19,887.38 on Monday, while the S&P 500 settled 0.4% lower at 2,268,90. Nasdaq Composite Index climbed 0.2% to 5,531.82, a new closing record.