 "Markets gain momentum; Nifty over 7,450")
Markets have gained strength in post noon trade tracking gains in Asian markets; however market participants remain cautious ahead of the derivatives expiry tomorrow.
Further, the outcome of the two day US FOMC meet, which will conclude later today, is also eyed.
At 1 pm, the S&P BSE Sensex was up 108 points at 24,594 and Nifty50 was up 30 points at 7,465.
The Indian rupee is quoting at Rs 68 against the USD, depreciating by 17 paise in the anticipation of the outcome of FOMC meet.
The crude oil prices rose above $30 a barrel on Tuesday on hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.
However, the oil prices faltered slightly on Wednesday ahead of the US Fed meet outcome.
RESULTS CAPSULE
Ahead of December quarter results, Colgate Palmolive has dropped 1% while Havells India has dropped nearly 2%. Bharti Infratel has gained 4.5% . HT Media, Godrej Consumer, and Just Dial are other companies that would announce their results later in the day. Ahead of its quarterly results, HDFC has gained 0.5%.
STOCKS AT 52-WEEK HIGH
| COMPANY | PRICE() | 52 WK HIGH | CHG() | CHG(%) |
| BERGER PAINTS | 272.00 | 272.80 | 7.90 | 2.99 |
| JSW STEEL | 1116.05 | 1123.65 | 8.65 | 0.78 |
| SPICEJET | 88.05 | 89.70 | 9.25 | 11.74 |
KEY STOCKS
Among the individual stocks from the Sensex pack, Sun Pharma has gained 1.5% as Sun Pharma's subsidiary Sun Pharma Advanced Research Co. (SPARC) has surged 3.5% after it received market regulator Securities and Exchange Board of India’s (Sebi) nod to raise up to Rs 250 crore via rights issue.
NTPC has emerged as the top gainer with 3% gains ahead of its Q3 results on Friday.
From the auto pack, Tata Motors has gained 2.3% while Maruti Suzuki has gained 1.4% on media reports that the company's Japanese parent Suzuki Motor Corporation is considering a wide-ranging partnership with Toyota Motor Corporation.
Among other notable gainers, Dr. Reddy’s , SBI, Tata Steel, ITC have all gained between 1-2% each.
On the flip side, Coal India has dipped 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.
Axis Bank, HUL, BHEL have all dropped between 1-3% each.
Among other shares, National Building Construction Corporation (NBCC) is trading higher by 4% on the BSE after the company announced that it has bagged a work order from India Trade Promotion Organization (ITPO) for re-development of Pragati Maidan in New Delhi for an estimated cost of Rs 2,149 crore.
Shares of HCL Infosystems were down over 2% 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.
SpiceJet has rallied 12% on the BSE, extending its Friday’s surge after the company reported robust earnings for the third quarter ended December 31, 2015 (Q3FY16).
