Nifty holds 8,550 amid rangebound trade

Tata Motors was the top gainer in early trade post its robust June quarter earnings

Markets remained rangebound after the first hour of trade after gains in Tata Motors helped cap further downside.

At 10:40am, the S&P BSE Sensex was down 25 points at 27,757 and the Nifty50 was down 11 points at 8,562. In the broader market, BSE Midcap and Smallcap indices were down 0.1%-0.2% each. Market breadth was weak with 1108 losers and 946 gainers.

Tata Motors extended gains and was up over 4% on expectation of robust volume growth going forward.

Analysts at Religare Institutional Research expect strong volume growth to continue for Jaguar Land Rover (JLR) with XE available globally, gradual availability of the newly launched F-Pace and Evoque Convertible across markets in FY17, and the launch of Jaguar XFL by the China JV.

Reliance Industries and Axis Bank were up nearly 1% each.

TCS, HDFC Bank and ITC were among the top losers.
_______________________
(Updated at 9:35am)
Markets continued to trade flat with negative bias amid mixed global cues with select index heavyweights leading the decline.

At 9:35am, the S&P BSE Sensex was down 25 points at 27,757 and the Nifty50 was down 11 points at 8,562.

Foreign investors were net buyers in equities worth Rs 341 crore on Friday, as per provisional stock exchange data.

Tata Motors was the top gainer up 3% on better-than-expected revenues. The auto major reported 9% growth in consolidated net income and JLR revenue for the June 2016 quarter. However, consolidated net profit for the quarter was down 57% at Rs 2,236 crore.

Axis Bank, Reliance Industries and ICICI Bank were among the top gainers.

Adani Ports was down over 2.5% after the promoters plesged shares of the company.  In a disclosure on BSE, Adani Ports and Special Economic Zone's (APSEZ) said Gautam Adani/Rajesh S Adani have pledged over 1.34 crore shares or 0.66 per cent stake in the company to STCI Finance Ltd.

ITC, HDFC Bank and TCS were among the other losers.

GLOBAL MARKETS

Asian markets were trading mixed after the US Federal Reserve post its meeting over the weekend indicated increase in interest rate hike during the current calendar year. The Nikkei was up 2% on the back of weaker yen while Shanghai Composite was trading flat with positive bias. However, Hang Seng and Straits Times were trading 0.3%-0.8% lower.

US stocks ended mixed after US Federal Reserve's Jackson Hole meet over the weekend indicated that probability of an interest rate hike this year has increased. On Friday, the Dow Jones industrial ended down 0.3% at 18,395, the S&P 500 closed 0.2% lower at 2,169 and the Nasdaq closed 0.1% higher at 5,219.