 "Sensex gains 100 points; Nifty aims 9,000, RIL up 4%")
Markets have recovered and are trading marginally higher led by strong buying among index heavyweight Reliance Inds and pharma shares.
At 13:15PM, the 30-share Sensex was up 90 points at 29,549 and the 50-share Nifty was up 20 points at 8,977.
Shares of Reliance Industries (RIL) were trading higher by 4% at Rs 899 on the National Stock Exchange (NSE) in noon deal in otherwise subdued market.
Other notable gainers are TCS, Sun Pharma, Cipla, Dr Reddy’s Labs and HDFC
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Updated at 12:38
Benchmark indices are trading marginally higher as the losses in select banks and auto shares have limited the gains oil and pharmaceutical shares.
At 12:38PM, the 30-share Sensex was up 44 points at 29,504 and the 50-share Nifty was up 10 points at 8,966.
In the broader market, both the BSE Midcap index and Smallcap indices, up 0.8% and 0.9% each have performed better than the front-liners. Market breadth in BSE is positive with 1,439 advances against 1,084 declines.
On the macro-economic front, annual growth in production of the eight key infrastructure industries declined to at least a year’s low of 1.8% in January compared to 3.7% in the same month last year.
This is likely to have a negative impact on the industrial growth numbers for the month, as these industries have a weight of 38 per cent in the Index of Industrial Production (IIP).
Fiscal deficit rose to Rs 5.68 lakh crore in April-January period, breaching the budget estimate by 107% which may call for harder measures by the government to meet the target of 4.1% of the GDP for full 2014-15 financial year.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 424.79 crore yesterday, as per provisional data.
Buzzing Stocks
6 out of the 12 sectoral indices of BSE are trading higher. BSE Oil & Gas index, up 2.2% is the top gainer followed by BSE Healthcare index, up 1.7%. BSE Auto index down 0.9% is the top loser followed by BSE Realty index down 0.8%.
RIL has gained over 4%. LIC has increased its stake in the company by 2.09% after buying 6.78 crore shares in the open market. ONGC is up 1.5% while GAIL has lost 0.3%.
IT stocks are trading mixed in today’s session. While TCS and Wipro have gained around 2.6% and 2.1% each Infosys is down 0.1%.
Sun Pharmaceuticals has gained over 2% in intra-day deals after the company said it will acquire the opiates business of GlaxoSmithKline (GSK) in Australia. GSK’s opiates business, including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria). Dr Reddys Lab and Cipla have gained over 2% each.
Among capital goods stocks, L&T has shed around 0.4%. The construction arm of L&T has won orders worth Rs 2,215 crore across various business segments over the last two months, according to company disclosure to BSE.
Private bank shares like Axis Bank down 2.4% and ICICI Bank down 1.1% along with auto shares like Tata Motors down 1.5% and M&M down 2.7% and CIL down 4.5% are weighing on the markets.
At 13:15PM, the 30-share Sensex was up 90 points at 29,549 and the 50-share Nifty was up 20 points at 8,977.
Shares of Reliance Industries (RIL) were trading higher by 4% at Rs 899 on the National Stock Exchange (NSE) in noon deal in otherwise subdued market.
Also Read
Insurance behemoth Life Insurance Corporation of India (LIC) is steadily increasing its stake in RIL during past couple of months.
Other notable gainers are TCS, Sun Pharma, Cipla, Dr Reddy’s Labs and HDFC
******************************
Updated at 12:38
Benchmark indices are trading marginally higher as the losses in select banks and auto shares have limited the gains oil and pharmaceutical shares.
At 12:38PM, the 30-share Sensex was up 44 points at 29,504 and the 50-share Nifty was up 10 points at 8,966.
In the broader market, both the BSE Midcap index and Smallcap indices, up 0.8% and 0.9% each have performed better than the front-liners. Market breadth in BSE is positive with 1,439 advances against 1,084 declines.
On the macro-economic front, annual growth in production of the eight key infrastructure industries declined to at least a year’s low of 1.8% in January compared to 3.7% in the same month last year.
This is likely to have a negative impact on the industrial growth numbers for the month, as these industries have a weight of 38 per cent in the Index of Industrial Production (IIP).
Fiscal deficit rose to Rs 5.68 lakh crore in April-January period, breaching the budget estimate by 107% which may call for harder measures by the government to meet the target of 4.1% of the GDP for full 2014-15 financial year.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 424.79 crore yesterday, as per provisional data.
Buzzing Stocks
6 out of the 12 sectoral indices of BSE are trading higher. BSE Oil & Gas index, up 2.2% is the top gainer followed by BSE Healthcare index, up 1.7%. BSE Auto index down 0.9% is the top loser followed by BSE Realty index down 0.8%.
RIL has gained over 4%. LIC has increased its stake in the company by 2.09% after buying 6.78 crore shares in the open market. ONGC is up 1.5% while GAIL has lost 0.3%.
IT stocks are trading mixed in today’s session. While TCS and Wipro have gained around 2.6% and 2.1% each Infosys is down 0.1%.
Sun Pharmaceuticals has gained over 2% in intra-day deals after the company said it will acquire the opiates business of GlaxoSmithKline (GSK) in Australia. GSK’s opiates business, including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria). Dr Reddys Lab and Cipla have gained over 2% each.
Among capital goods stocks, L&T has shed around 0.4%. The construction arm of L&T has won orders worth Rs 2,215 crore across various business segments over the last two months, according to company disclosure to BSE.
Private bank shares like Axis Bank down 2.4% and ICICI Bank down 1.1% along with auto shares like Tata Motors down 1.5% and M&M down 2.7% and CIL down 4.5% are weighing on the markets.