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Key benchmark indices recovered in mid-morning trades buoyed by buying in heavyweights
At 11:26, the 30-share BSE Sensex was up 36.47 points at 20,248 while the 50-unit Nifty of the NSE was trading 12 points higher at 6,013 levels.
Broader markets too clocked gains with BSE mid-cap and small-cap indices trading higher by 0.4 - 0.9%.
Top gainers at his hour are Coal India, TCS, Tata Motors, M&M and HDFC Bank.
All major Asian indices maintained their modest upward trend with the Nikkei rallying to 14198, up by about 1.34% from previous day's close, and the Strait Times increasing by about 0.2% to 2,971.73.
The rupee strengthened to 62.39 compared to its previous close of 62.525, as the dollar continued to weaken against all major Asian currencies.
On the sectoral front, BSE FMCG and Oil & Gas indices remained down by 1% each, while the Bankex, Power, Capital Goods, and Consumer Durables also declined marginally by 0.2-0.7% each. BSE Auto, IT, Healthcare, and Realty indices remain slightly positive.
Among other shares, Tech Mahindra has gained by almost 4% to 1839 after its net profit rose 38% quarter-on-quarter to Rs 1,001 crore on a 33.5% year-on-year increase in revenues. On the other hand, Jubilant FoodWorks was trading at 1,070 levels, down by more than 2%, on weak Q3 numbers and negative same-store sales growth.
Shares of Muthoot Finance were up over 2% at Rs 132 after the Muthoot Group announced plans to set up white label automated teller machines across the country.
The market breadth in BSE remains positive, with 1331 shares advancing and 957 shares declining.
Results corner
Ranbaxy Laboratories, is trading 6.76% higher at Rs 343.50 on the BSE after reporting a narrower than expected loss in the third quarter earnings results.
India's biggest generic drugmaker by revenue, reported a narrower net loss in the latest quarter helped by ramped-up sales of two acne drugs in the United States.
Ranbaxy, majority owned by Japan's Daiichi Sankyo Co, on Wednesday said net loss in October-December was Rs 159 crore compared with a loss of Rs 492 crore a year earlier.
Net sales rose 7% to Rs 2,859 crore, the company said in a statement.
Revenue came in at Rs 2,894 crore as compared to Rs 2,711 crore in the year ago period.
The company reported Ebitda of Rs 270 crore and operating margin was at 9.3%.
Ranbaxy said that it has submitted its response to the USFDA about the Toansa facility, the latest plant to be hit by US regulator's ban. The company added that the direct impact of the ban on Toansa plant will be limited.
