Sensex up 100 points; HDFC Bank up 1%

The benchmark indices have erased some of its early gains with IT major Infosys and Tata Motors contributing nearly 36 points to the decline. 

 

The barometer index, Sensex is up 123 points at 25,765 and Nifty is up 34 points at 7,698 levels.

 

Hindalco has lost nearly 1.5% followed by Infosys and GAIL down between 1-1.5%

 

On the flip side, HDFC Bank, one of the largest private lenders in India, is up nearly 1% after recordeding an astounding Rs 2,233 crore net profit in the first quarter of the fiscal 2014-15.

 

The bank's Net Interest Income or NII has been recorded at Rs 5,171 crore on q-o-q basis as against Rs 4,419 crore on y-o-y basis, which according to the experts is quiet satisfactory.

 

Bank's Net Interset Margin or NIM unchanged at 4.4% on q-o-q basis. Broking revenue up over 70% on y-o-y basis and 30% on q-o-q basis.

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(updated at 11.15 AM)
Markets continue to trade higher in the early morning trades led by gains in energy major RIL and HDFC twins. At 9.50 AM, The Sensex is up 214 points at 25,855 and the Nifty is up 50 points at 7,714 levels

Anxieties concerning geopolitical tensions surrounding the Israel-Palestine and the Ukraine-Russia conflicts eased slightly as investors shifted their focus to earnings releases and positive merger and acquisition developments.

 

 

Global Markets

 

Asian stocks were a fraction firmer on Monday as investors set aside geopolitical concerns for the moment to focus on the generally upbeat flow of U.S. corporate earnings ahead of a host of results due this week.

 

Volumes were light, however, with Japanese markets on holiday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.24 percent, with small gains for most markets across Asia.

 

The Dow ended Friday up 0.73 percent, while the S&P 500 gained 1.03 percent and the Nasdaq 1.57 percent. For the week, the Dow rose 0.9 percent, S&P 500 gained 0.5 percent and the Nasdaq added 0.4 percent.

 

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The rupee is trading at 60.21/22 versus its Friday's close of 60.28/29 as losses in the dollar versus other Asian units aid sentiment but further sharp gains unlikely due to importer demand.

Following the momentum, BSE Midcap and Smallcap indices have gained 1% each

 

Sectors& Stocks

 

On the sectoral front, all major indices are trading in green with BSE Oil and Gas index leading the rally up 1.6% followed by Consumer durables, Realty, Power and Healthcare indices up between 0.5-1.5%. Bankex is up 0.7%

 

Among the gainers, RIL is up 3% after recording strong QI numbers. The net profit rose 13.7% to Rs 5,957 crore on a turnover of Rs 107,905 crore. ONGC is up 0.4% 

 

In the financial space, HDFC twins are up 1% each ahead of the QI numbers which are due to be released today.

SBI, ICICI Bank and Axis Bank are up 0.5%

 

The technology shares which surged on Friday after TCS posted good numbers are trading marginally in green during the morning trades.

 

Sun Pharma is up 1.1% after India's two stock exchanges approved the merger of Ranbaxy Laboratories with Sun Pharmaceutica.  Dr Reddy’s lab is following the rally and is up 0.8%

 

In the metal pack, Sesa Sterlite, Tata Steel and Coal India are up between 0.6-1.2%

 

Some of the other notable stocks in the positive territory are BHEL, Bharti Airtel, Tata Power

 

On the flip side, Hindalco has lost 1%. The company has decided to raise up to Rs 50 billion ($829.5 million) by selling shares to institutions or through other options. 

 

Notable names in red are GAIL, Baja Auto and Tata motors

 

Among other shares, Financial Technologies (India) has surged 7% to Rs 286 on National Stock Exchange after the company announced that it has entered into a share purchase agreement (SPA) to sell its 15% stake in Multi Commodity Exchange (MCX) to Kotak Mahindra Bank for Rs 459 crore.

 

Financial Technologies (India) Ltd (FTIL) on July 20, 2014, entered into a share purchase agreement (SPA) with Kotak Mahindra Bank Limited for the sale of 15% equity shares of MCX for an aggregate consideration of Rs 459 crore, the company said in a statement

 

The market breadth is healthy on the BSE with 1,390 advances and 378 declines