Benchmark indices continue to maintain positive trend amid choppy trades led by buying among auto and financial shares.
By 10:45 am, the S&P BSE Sensex was higher by 82 points to trade at 25,105 and the Nifty50 gained 22 points to quote at 7,693. The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up almost 1%.
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Top gainers from the Sensex pack are Hero Moto, Maruti Suzuki, ICICI Bank, Dr Reddy’s Labs and Tata Motors, all surging between 1%-2.2%.
More than a year-and-a-half after it signed an MoU with the Andhra Pradesh government, Hero MotoCorp Ltd (HMCL) has submitted plans to begin production at its proposed plant in Chittoor district of the state.
On the losing side, Coal India, Tata Steel, ITC, NTPC and Bharti Airtel are down between 1%-2%.
Among other shares, Bharat Petroleum is up nearly 2% at Rs 935 on the Bombay Stock Exchange after the company said it has bought additional stake in Petronet CCK Ltd (PCL).
Nestle India has surged 5% to Rs 6,180 on the BSE in early morning trade after Maggi noodles has passed all safety tests directed by the Supreme Court and the National Consumer Disputes Redressal Commission (NCDRC).
TTK Prestige has rallied nearly 8% to Rs 4,690 on the BSE in early morning trade after the company engaged in houseware business said it will acquire a UK-based kitchenware company Horwood Homewares for an undisclosed sum.
Markets started the session on a flat note as investors turned cautious ahead of the announcement of key macro-economic data- Feb IIP and March CPI due later today.
By 9:30 am, the S&P BSE Sensex was higher by 61 points to trade at 25,091 and the Nifty50 gained 19 points to quote at 7,690. The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up over 0.6%.
On Monday, stocks rebounded from the worst weekly decline in two months, mirroring gains in other emerging markets and European equities, as power utilities and industrials climbed. Hopes of a good monsoon also added to the rally.
"We do not want to get carried away by this momentum as yesterday’s rally was mainly propelled by the defensive stocks and thus, going forward, we see a strong resistance zone around 7680 – 7720 levels. On the flipside, 7600 – 7560 would now be seen as immediate support zone," said Angel Broking in its morning report.
Further, Skymet, a non-government weather forecaster, said on Monday that the year's southwest monsoon should be slightly ‘above normal’, at 105 per cent of the Long Period Average (LPA).
Besides, foreign investors were net buyers in equities worth Rs 107 crore, as per provisional stock exchange data.
Meanwhile, market will remain closed on Thursday and Friday on account of Baba Saheb Ambedkar Jayanti and Ram Navami, respectively.
Among overseas markets, Asian stocks rose on Tuesday, led by a rebound in Japanese stocks, while commodities such as crude oil stood tall thanks to a sagging dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%. Japan's Nikkei, which fell to two-months lows on Friday, pared earlier losses and gained more than 1% on bargain hunting in recently beaten down shares like banking stocks.
Back home, Tata Steel is the top Sensex loser, down over 2% after the steel major on Monday signed an agreement to sell the loss-making 4.5-million tonne (mt) long-product Scunthorpe steel plant in Britain to UK-based investment firm Greybull Capital.
Country's largest service provider Bharti Airtel said its mobile commerce subsidiary, Airtel M Commerce Services, had received payments bank licence from the Reserve Bank of India. Shares of Bharti Airtel are down almost 1%.
Dr Reddy’s Labs is up almost 2%. The drug maker’s buyback offer is to commence on April 18.
Tata Motors has extended gains by 1% on robust JLR sales. JLR's volumes grew 29 per cent year-on-year, with China sales up 43 per cent (about half came from the China joint venture).
With Reuters input