Markets rebound from day's low; Nifty reclaims 8,250

Market recovered from their day's lows led by private lenders and index heavweights

Markets recovered sharply from their day's lows in late morning trades amid renewed buying interest in private lenders and index heavyweights.

At 11:15am, the S&P BSE Sensex was up 203 points at 26,967 and the Nifty50 was up 61 points at 8,264.

Gains were led by renewed buying interest in private lenders. HDFC Bank rose nearly 1% followed by ICICI Bank and Axis Bank.

Among the index heavyweights. ITC pared early losses to trade nearly 1% higher. The FMCG major has forayed into the dairy whitener market with its Sunfresh brand, its second offering in dairy business, after it opened its innings in this space last October with packaged ghee.

HDFC and Reliance Industries were trading 0.8%-1% higher.

Shares of Adani Ports & Special Economic Zone were up over 1% on the BSE in an otherwise lacklustre market after rating agency India Ratings & Research assigned a stable outlook for its proposed non-convertible debentures (NCDs)

Among other shares, KCP is trading higher by 6% to Rs 92 on the BSE after the company announced plans to expand capacity of its cement unit in Andhra Pradesh.
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(Updated at 10:40am)
Markets continued to remain rangebound in the first hour of trade with pharma shares trading firm on renewed buying interest after losses in the previous session.

At 10:40am, the S&P BSE Sensex was up 14 points at 26,777 and the Nifty50 was up 8 points at 8,211. In the broader markets, the BSE Midcap and Smallcap indices were up 0.3%-0.6% each. Market breadth 1273 gainers and 639 losers on the BSE.

Lupin lead the gains in the pharma pack up 1%. The stock had witnessed profit taking in the previous session on talk that it is recalling over 54,000 vials of anti-bacterial injection, Ceftriaxone, at its Mandideep facility in Madhya Pradesh due to violation of current manufacturing norms.

Among others, Sun Pharm and Cipla were up 0.2%-1% each while Dr Reddy's Labs was trading with marginal losses

Yes Bank was up 1.3%. The private lender on Thursday informed the exchanges that it has executed a share subscription and shareholders' agreement, agreeing to subscribe to 20 lakh equity shares of Receivables Exchange of India (RXIL).

Adani Ports was up 1% after India Ratings & Research has assigned "Provisional IND AA+" rating with a stable outlook for proposed Non-Convertible Debentures (NCDs) of Rs. 200 crores to the Company.

ITC was down 0.7%. The FMCG major has forayed into the dairy whitener market with its Sunfresh brand, its second offering in dairy business, after it opened its innings in this space last October with packaged ghee.

Among others,shares of logistics companies extended gains for the fourth straight session in an otherwise weak market on hopes of clearance of the goods and services tax (GST) Bill in the upper house of the Parliament.Gati, Snowman Logistics, Sical Logistics, Allcargo Logistics, Patel Integrated Logistics and VRL Logistics were up in the range of 1%-7% on the BSE.
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(Updated at 9:30am)
Markets slipped further, amid weakness in their Asian peers, as investors turned cautious ahead of the US Federal Reserve meet and worries regarding a UK referendum that could push Britain out of the European Union.
 

At 9:30am, the S&P BSE Sensex was down 57 points at 26,706 and the Nifty50 was down 13 points at  8,190 .

"The 8200 mark gave a platform for arresting yesterday’s sharp falls providing the earliest opportunity to return to the northbound trajectory. However, even if opening trades show positivity, favoured view expects more consolidation or dips to 8164 before upswing prospects strengthen. To this end, the “sell on rallies” approach recommended yesterday should remain in favour today as well," Geojit BNP Paribas Financial Services said in a technical note.

Meanwhile, Food prices have flared up over declining output after two years of drought and with new arrivals still a few months away. Sugar, pulses and wheat have seen a decline in production from the previous season and traders are estimating an output lower than the government’s earlier projections.

Foreign institutional investors were net buyers in equities worth Rs 234 crore on Thursday, as per provisional stock exchange data.

Infosys extended losses and was down over 1% amid worries that compensation increase and higher visa fees could impact margins in the first quarter of the current fiscal. Further, concerns that growth could remain volatile in the near term and cautious outlook for the retail sector among other verticals also dampened sentiment. The stock has also turned ex-dividend today for final dividend of Rs 14.25 per share for the year ended 31 March 2016 (FY 2016).

Other heavweights which weakened in early trades include ICICI Bank and HDFC among others.

However, Sensex gainers include, Reliance Industries, L&T, Adani Ports and Power Grid among others.


GLOBAL MARKETS

Asian equities are trading cautiously as participants remain edgy on worries regarding a UK referendum that could push Britain out of the European Union. Meanwhile, decline in the crude oil prices and a weak finish on the Wall Street dampened sentiments.

Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite dropped between 0.3%-0.6%.

Crude oil declined from a 10-month high in New York, as a stronger dollar countered a rally driven by tightening global supplies.