 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters")
Benchmark share indices came off their day's highs in late morning trade after profit taking in select index heavyweights and pharma shares capped further upside.
At 11:10, the S&P BSE Sensex was up 8 points at 27,467 and the Nifty50 was trading 4 points higher at 8,501. In the broader market, the BSE Midcap and Smallcap indices were trading flat with negative bias.
Tata Motors was up over 4% on reports that a foreign brokerage has upgraded the auto major.
ICICI Bank trimmed early gains and was up 1.3%. The outstanding watch list stood at Rs 32,490 crore down from Rs 44,000 crore at the start of the financial year.
However, ITC which had gained in the previous few sessions witnessed profit taking and was down 1.4% while Sun Pharma eased 2.6%.
Among new listings, Varun Beverages listed at Rs 430 on the National Stock Exchange (NSE), 3.4% below its issue price of Rs 445 per share. The stock is currently trading lower at Rs 442 per share.
Engineers India (EIL) has moved higher by 5% to Rs 264 on BSE in intra-day trade after the state-owned company said that the board will meet on November 16, to consider a bonus issue.
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(Updated at 9:20am
Benchmark share indices were trading higher in early trades on Tuesday tracking a rally in global stocks after recent estimates indicate that Hillary Clinton is most likely to emerge victorious in the US presidential elections.
At 9:20am, the S&P BSE Sensex was up 81 points at 27,540 and the Nifty50 gained 22 points at 8,519.
"Nifty has formed a Bearish Belt Hold candle on daily chart which indicates that sustained selling is being witnessed on bounce back move. If it manages to cross and hold above 8550 zones then only it may find some stability to continue the bounce back move towards 8620 and 8665 zones while on downside weakness may drag it towards 8450 and 8400 zones. Market is likely to remain highly volatile in next coming sessions ahead of US presidential election and traders need to be cautious for leverage position," Anand Rathi said in a technical note.
Foreign institutional investors turned buyers on Monday with net equity purchases of Rs 311 crore while domestic institutional investors also bought equities worth Rs 780 crore.
ICICI Bank was up over 2%. The slippages during the second quarter were about Rs 8,000 crore, out of which 80 per cent was from the watch list (below-investment grade loans with high prospects for slippage) and restructured book. The outstanding watch list stood at Rs 32,490 crore down from Rs 44,000 crore at the start of the financial year. The private banking major posted 2.37 per cent rise in net profit at Rs 3,102 crore for the September quarter, in line with market expectations.
Tata Motors was up over 2% on reports of an upgrade by a foreign brokerage.
PSU Engineering major BHEL was up 2% ahead of its second quarter earnings later today.
Global Markets
Asian markets firmed up on Tuesday on reports that Democratic presidential candidate Hillary Clinton is most likely to win the US election boosted investor sentiment. Japan's Nikkei came off its early highs on profit taking and the benchmark Nikkei was trading flat with negative bias. Among others, the Shanghai Composite, Straits Times and Hang Seng were trading with marginal gains.
US stocks zoomed over 2% on Monday after the FBI's clean chit on the alleged email scandal boosted her prospects in the race to the White House. Further, the S&P 500 snapped its nine-day losing streak, the longest since 1980 and the Dow Jones ended above 18,000 mark. The Dow Jones industrial average surged 2.1% to close at 18,259 , the Nasdaq gained 2.4% to close at 5,166 and the S&P 500 ended up 2.2% at 2,131.
