 "Nifty holds 8,650 amid choppy trades; Eicher Motors up 4%")
At 2:20pm, the S&P BSE Sensex was down 109 points at 28,100 and the Nifty50 slipped 20 points at 8,646. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.4%-0.8% each.
Index heavyweights Reliance Industries and HDFC witnessed profit taking after recent gains and were down 1.4%-1.9% each.
ICICI Bank was down nearly 3% ahead of its first quarter earnings later today. Among others, L&T was down nearly 1% while Coal India was trading flat ahead of their respective first quarter earnings.
Among other shares, PG Electroplast (PGEL) has rallied 11% to Rs 187, extending its Thursday over 14% surge on the BSE, after the rating agency ICRA assigned its long-term rating of ICRA BB to Rs 50 crore fund based and non-fund based bank facilities of the company with stable outlook.
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(Updated at 11:30am)
Benchmark share indices turned choppy in late morning trade after selling pressure in ICICI Bank ahead of its first quarter earnings capped further upsides.
At 11:30am, the S&P BSE Sensex was down 46 points at 28,162 and the Nifty50 slipped 1 point at 8,666. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.6%-1% each.
Foreign portfolio investors remained buyers in Indian equities with net purchases of Rs 1,767.06 crore on Thursday, as per provisional stock exchange data.
The Reserve Bank of India (RBI) on Thursday allowed demat account-holders with depositories to bid for trades in the online anonymous bond trading platform of the central bank.
ICICI Bank and Larsen & Toubro are set to announce Q1 results today. ICICI Bank has dipped around 3% and L&T has slipped over 1%.
Asian Paints was marginally down amid profit taking after sharp gains in the previous sessions post robust earnings for the quarter ended June 2016.
India's largest insurer Life Insurance Corporation of India (LIC) has signed an agreement with private sector lender Axis Bank as its bancassurance partner wherein the bank will distribute LIC's products to its customers. Shares of Axis bank are up over 1%.
Eicher Motors surged nearly 4% after the company reported 58.6% year on year (YoY) growth in net profit at Rs 376 crore for the quarter ended June 30, 2016 (Q1FY17), on back of healthy revenue and strong operating margins.
UltraTech Cement said it participated in the auction of coal linkages for captive power plant sub-sector and won two linkages of 27,600 tons and 19,700 tons, respectively, from Dipka Mines (SCDG) in Chhattisgarh. The stock has risen around 1%.
Coal India was up 0.6% while L&T was down 1.3% ahead of their first quarter earnings later today.
UltraTech Cement has moved higher to its new high at Rs 3,739, up 1.4% on the National Stock Exchange (NSE) in otherwise subdued market, after the cement maker announced that it won two coal linkages from Dipka Mines (SCDG) in Chhattisgarh after participating in the auction of coal linkages.
Among other shares, Muthoot Finance has surged nearly 7% to Rs 340, also its record high on the BSE in intra-day trade, after the company reported 48% increase in net profit at Rs 270 crore for the quarter ended June 2016 (Q1FY17) compared with Rs 183 crore in the same quarter last year.
Gujarat Alkalies and Chemicals has surged 17% to Rs 284 on the BSE in intra-day trade after net profit for the quarter ended June 30, 2016 (Q1FY17) nearly doubled to Rs 86 crore on the back of higher sales turnover. The company engaged in commodity chemicals business had registered a profit of Rs 44 crore in the year-ago quarter.
