Nifty facing resistance at 8,000; Hero MotoCorp up 3%

Markets continued to trade higher, amid firm global cues, as sentiment continues to remain positive on the back of several reforms announced by the government.

At 9:40AM, the 30-share Sensex was up 213 points at 26,790 and the 50-share Nifty was up 62 points at 7,990.

In the broader market BSE Mid Cap and Small Cap indices have gained around 0.8% each.

Market breadth is positive with around four gainers for every decline.

FIIs remained net buyers on Tuesday though by a small margin of around Rs 32.40 crore.

Rupee is trading at 61.20 against US Dollar appreciating further than its previous day close at 61.31.

Asian Market

Asian markets were trading higher tracking overnight gains on Wall Street after encouraging earnings from US technology majors. Stocks in Japan gained the most after trade data released earlier today showed that exports in September increased 6.9% compared to the same month last year. The benchmark Nikkei was up 1.7%. However, Shanghai Composite was trading flat with negative bias while Hang Seng and Straits Times were up 0.6-0.7%.

Sectors and Stocks

BSE Auto, Capital Goods and Healthcare indices have gained more than 1% each while BSE Metal, Oil & Gas and Power indices have gained around 0.8%.

Ahead of festive buying and anticipating greater sales due to cuts in diesel prices have pushed up auto stocks. Tata motors has gained the most around 2% while M&M,Bajaj Auto and Maruti Suzuki have gained between 0.6% to 1%.

Hero Motocorp has gained around 3% on heavy festive season sales. It sold 150,000 two-wheelers on the occassion of Dhanteras on October, 21.

Among banking stocks, HDFC has gained arund 0.8%, Axis Bank has gained around 0.7% while ICICI Bank has gained around 0.3% while SBI has gained around 0.7%.
 
Among pharma stocks, Dr Reddys Lab is the biggest gainer and has advanced more than 2% while Sun Pharma and Cipla have gained around 1%.
 
Metal shares have extended gains on the back of promising industrial output data from China. Sesa Sterlite and Tata Steel have gained around 1% while Hindalco has gained around 2%.
 
ONGC,GAIL and Reliance have gained between 0.5% to 1%.
 
Coal India has lost around 0.4% as the company is not seen to be benefitting from coal reforms.

Cairn India has lost around 0.7% on disappointing results in the July-September 2015 fiscal quarter. Its pofits have declined by around 33%  at Rs 2,278 crore compared to the same quarter last fiscal when it was Rs 3,385 crore mainly on account of lower crude prices and a maintainance shutdown of its Rajasthan block.