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Markets have gained momentum in the noon trades with Relaince Industries contributing the most to the rise on the Sensex ahead of the quarterly results due this week. Decline in crude prices and progress of monsoon has uplifted the sentiments.
At 11:35 AM, the Sensex was at 28,381, up 199 points while Nifty was at 8,589 up 59 points.
Top 5 gainers on the Sensex include HUL, Sun Pharma, HDFC, Bajaj Auto and Cipla up between 2-3%.
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(updated at 10:45 AM)After opening on a lower note, markets have extended the gains in the morning trades aided by a rally in healthcare shares and index heavyweights such as Reliance Industries, HDFC twins and ITC.
At 10:45 AM, the Sensex was at 28,319, up 136 points while Nifty was at 8,571 up 42 points.
The broader markets are outperforming their larger peers with BSE Midcap and Smallcap indices up by 0.5% each. The market breadth is positive with 1,412 advances against 688 declines on the BSE.
Meanwhile, the monsoon session of the Parliament, which began on a stormy note on Tuesday, would be closely watched by the investors as the government is looking to pass the key bills including the controversial Land Acquisition Bill as well as the GST bill.
Also, the on-going corporate results season with Biocon, Axis Bank, Lupin, Reliance Industries, Wipro set to announce their Q1 results for FY16 in the latter half of the week would dictate the trend on the bourses.
On the currency front, the Indian rupee has opened at 63.58 against the US dollar, weaker by 7 paise.
RESULTS CALENDAR
Bajaj Finserv, Ceat, JSW Energy, KPIT, Network 18, PVR and SKS Micro Finance are likely to unveil their numbers during the day.
SECTORS & STOCKS
Sectorally, BSE Bankex and FMCG indices are up between 0.3-0.6% each while BSE Healthcare index has advanced 1.1%.
Infosys has lost 1.1% on the Sensex on account of profit-booking. The stock had soared over 11% on Tuesday after the company posted Q1 results that beat the street’s expectations.
Divergent trend is seen in Sun Pharma as the stock has gained 2% on account of value buying. The stock had tanked nearly 15% on Tuesday after the drug major had issued a profit warning.
HUL has also witnessed value buying post its disappointing Q1 results. The stock is up 1.7%
The country’s largest telecom player, Bharti Airtel, said it had no plans of exiting Africa and will continue to invest in the region, a day after it entered into a pact with France’s Orange for selling its four subsidiaries. The stock had zoomed nearly 5% yesterday. It is now trading marginally flat.
Vedanta has scaled down operations and may make “huge” job cuts due to low world prices and rising imports. The stock is down 3.2%. Tata Steel
Bajaj Auto has registered gains of 2.1% ahead of its Q1 results that are due tomorrow.
Other notable gainers are Reliance Industries, ONGC, Wipro, up between 0.4-1% while the notable losers are HDFC Bank, BHEL, Axis Bank, down between 0.4-0.8%
Among other stocks, JSW Energy is down 2.2%, PVR up nearly 1%, CEat is up 2% ahead of their Q1 results.
Asian Paints reported a consolidated net profit of Rs 455.2 crore against Rs. 338.7 crore y-o- on higher net sales of Rs 3,578 crore against Rs. 3,325.4 crore for the first quarter ended June. The stock is up 1.8%
Idea Cellular Ltd posted a better-than-expected 28 % jump in quarterly profit, helped by higher data revenue. The telecom company would also introduce 4G LTE services in 10 service areas next year. The stock is down 1.5% on account of profit booking.
Cairn India reported a 24% drop in first-quarter profit following a decline in crude oil prices globally. Net profit slump to Rs 835 crore during the first quarter from Rs 1,093 crore a year ago. The stock is down 3%.
Shares of Eicher Motors were trading lower by nearly 3% on the BSE on account of profit booking post April-June (Q2) quarter results. The company reported a 41% year-on-year increase in consolidated net profit at Rs 222 crore for the quarter that ended June 30, 2015.
Shares of Indiabulls Housing Finance have gained 4% on the NSE, after the company reported a 21% jump in profit at Rs 511 crore against Rs. 424 crore y-o-y in the June quarter on higher loan disbursement.
