Markets trim gains; Nifty consolidates around 7,450

At 2:30 pm, the S&P BSE Sensex was up 44 points at 24,530 and Nifty50 was up 10 points at 7,446

Markets are trading flat on caution ahead of the expiry of January derivative contracts tomorrow and the US Federal Reserve meet outcome later today.

At 2:30  pm, the S&P BSE Sensex was up 44 points at 24,530 and Nifty50 was up 10 points at 7,446. In the broader market, BSE Midcap and Smallcap indices are trading higher by 0.5% each.

The Indian rupee is quoting at Rs 68 against the greenback, depreciating by 18 paise in the anticipation of the outcome of FOMC meet.

The crude oil prices rose above $30 a barrel on Tuesday on prospects that OPEC and non-OPEC producers may reach a consensus to slash the output citing concerns regarding one of the largest oversupply gluts in decades. However, in today’s trade the oil prices are seen heading southward towards the $30 per barrel on account of profit booking.

KEY STOCKS

Among the individual stocks from the Sensex pack, Sun Pharma gained 1% after Sun Pharma's subsidiary Sun Pharma Advanced Research Co. (SPARC) received market regulator Securities and Exchange Board of India’s (Sebi) nod to raise up to Rs 250 crore via rights issue. SPARC has surged 3.5%

NTPC emerged as the top gainer soaring over 3% ahead of its Q3 results on Friday. Meanwhile, ICICI Bank inched up ahead of the results tomorrow and HDFC shed 0.3% ahead of the results later today.

From the auto pack, Tata Motors gained 1% while Maruti Suzuki climbed nearly 1% on reports suggesting that the company's Japanese parent Suzuki Motor Corporation is considering a wide-ranging partnership with Toyota Motor Corporation.

Shares of public sector undertaking (PSU) banks surged on the back of heavy volumes. Union Bank of India, Oriental Bank of Commerce, Allahabad Bank, Canara Bank, Syndicate Bank, Bank of India, State Bank of India, Bank of Baroda, Indian Overseas Bank and Punjab National Bank gained up to 2%.

On the flip side, Coal India dipped over 1% after five unions, representing 80% of workforce, decided to protest against government’s divestment plans and have asked government to address issues of contractual workers.

RESUlT REACTION

SpiceJet rallied over 13% extending its Friday’s surge after the company reported robust earnings for the third quarter ended December 31, 2015 (Q3FY16).

Shares of HCL Infosystems dipped 4% after the company reported higher consolidated net loss at Rs 64 crore for the quarter ended 31 December 2015 compared with a loss of Rs 49.6 crore in the same quarter last year.

FMCG firm Godrej Consumer Products Ltd (GCPL)  was flat after it reported a 23% increase in its consolidated net profit at Rs 323 crore for the third quarter to December, helped by lower costs.

Vardhman Textiles surged 3% after the company reported 66% year on year (YoY) growth in consolidated net profit at Rs 161 crore for the third quarter ended December 31, 2015 (Q3) due to lower raw material cost. The company engaged in textiles business had registered a net profit of Rs 97 crore in the same quarter last fiscal.