 "Deutsche Bank cuts Sensex target to 28,000")
Markets continue to maintain the upbeat trend supported by strong buying among financial and auto shares.
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At 12:10 pm, the S&P BSE Sensex was higher 341 points at 25,570 and the Nifty50 was trading 100 points higher at 7,833. Among broader markets, BSE Midcap and Smallcap indices are up nearly 1% each.
Besides, crude prices extended gains in Asia on Monday as raging wildfires hit production in Canada, while traders digested news that Saudi Arabia had replaced its oil minister.
Among stocks, HDFC, Bajaj Auto, ICICI Bank, L&T and ITC are the top five Sensex gainers, all surging between 2%-3%.
From the auto pack, Bajaj Auto, M&M and Hero Moto are up 1.8%-2.3%.
Domestic passenger car sales increased 1.87% to 1,62,566 units in April as against 1,59,588 units in the year-ago period.
Last month, motorcycle sales rose by 16.24% to 10,24,926 units from 8,81,743 units a year earlier, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Shares of sugar companies are in focus and rallied up to 10% on the BSE on expectation of strong earnings for quarter ended March 31, 2016 (Q4FY16).
Upper Ganges Sugar & Industries (11% at Rs 167), Andhra Sugars (up 10% at Rs 156), Kakatiya Cement Sugar & Industries (10% at Rs 417), Mawana Sugars (10% at Rs 37), Parry Sugar Industries (5% at Rs 56) and Ugar Sugar Works (4% at Rs 27) are trading at their respective 52-week highs on the BSE.
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Updated at 10:40 am
Benchmark indices continue to hold on to their strong gains led by upmove in rate-sensitive sectors like financials, auto and realty.
At 10:40 am, the S&P BSE Sensex was higher 319 points at 25,547 and the Nifty50 was trading 94 points higher at 7,827. Bank Nifty has jumped 1.5% at 16,544 mark.
Top gainers from the Sensex pack are Asian Paints, Bajaj Auto, ITC, NTPC, L&T and HDFC, all surging by 2% each.
After a two-year gap, Pune-based two- and three-wheeler maker Bajaj Auto has regained its third rank, in terms of number of units sold, displacing Chennai-based TVS Motor. Bajaj Auto has surged over 2%.
Thyrocare Technologies has seen a stellar debut on the bourses, with the stock listing at Rs 665 -- a 49% premium compared with its issue price of Rs 446 per equity share, on the National Stock Exchange (NSE).
Hester Biosciences has surged 19% to Rs 630 on the BSE after the company reported 56% year on year (YoY) growth in net profit at Rs 55 crore for the quarter ended March 31, 2016 (Q4FY16), on back of healthy operational income.
Tasty Bite Eatables has rallied 19% to Rs 2,000 on the BSE after the company reported a strong 85% year on year (YoY) jump in net profit at Rs 5.88 crore for the fourth quarter ended March 2016 (Q4FY16).
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Updated at 10:05 am
Markets have extended gains and are trading near day's high supported by strong buying among index heavyweights like ITC and HDFC.
By 10:03 am, the S&P BSE Sensex was higher 337 points at 25,565 and the Nifty50 was trading 99 points higher at 7,832. Among broader markets, BSE Midcap and Smallcap indices are up 0.5%-0.6%.
"Friday’s bounce off 7700 failed to gain momentum, but there was no enough positive vibes to force a positive opening today. However, early rise is expected to be challenged by 7800. It would be prudent to look for a rise past 7870, before upside moves are played. Meanwhile, inability to float above 7800 and a fall back below 7700 could extend bearish bias, but may not lead to major falls until below 7540" adds Geojit BNP Paribas in a technical note.
Asian stocks were subdued early on Monday after a disappointing US jobs report raised questions about the underlying strength of the world's biggest economy, while crude oil prices soared on supply woes stemming from wildfires in Canada.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15%. Australian stocks and South Korea's Kospi shed 0.2% each. Japan's Nikkei bucked the trend and rose 1% as the yen's recent surge appeared to halt for now.
US shares posted modest gains on Friday, mainly as the weaker-than-expected U.S. jobs report fanned expectations that the Federal Reserve would have to hike interest rates at a very slow pace. The Dow gained 0.4% and the S&P 500 edged up 0.3% on Friday.
Back home, foreign portfolio investors (FPIs) bought shares worth a net Rs 27.71 crore on Friday, 6 May 2016, as per provisional data released by the stock exchanges.
Among key stocks, ITC on Sunday said it is progressively resuming production of cigarettes with 85% pictorial warning. The stock has surged over 2%.
Shares of HDFC continue to maintain the winnings streak post the announcement of Q4 numbers. The stock has gained 2%.
Diagnostic chain operator Thyrocare Technologies lists at Rs 662 on the BSE, a 48.4% premium over issue price of Rs 446. The company had priced the initial public offer (IPO) at the top end of the Rs 420 to Rs 446 per share price band.
NTPC has gained almost 3% after the company announced that it has raised Rs 1000 crore through private placement of secured non-convertible debentures.
Asian Paints are trading higher over 2.5% ahead of the Q4 earnings to be announced on Wednesday. Hindustan Unilever (HUL) will announce its Q4 results on today. The stock is up 0.5%.
