Nifty in narrow range; J&K Bank, Amara Raja surge 6%
The 50-share NSE Nifty continued to move in a tight range of 15 points from 5705-5720 due to lack of global and local cues. Shares of pharmaceutical firm Cipla retained its top position in the buying list, rising 3 percent on strong results.
The 50-share NSE Nifty continued to move in a tight range of 15 points from 5705-5720 due to lack of global and local cues. Shares of pharmaceutical firm Cipla retained its top position in the buying list, rising 3 percent on strong results while top car maker Maruti Suzuki lost 1.6 percent on media reports that its Manesar workers are planning a peaceful hunger strike to force management to take back 548 sacked employees.
The BSE benchmark rose 29 points to 18,791.40 and the NSE benchmark was up 8.35 points to 5,712.55 while the broader markets gained 0.3-0.5 percent.
Shares of Reliance Industries, Larsen & Toubro, Bajaj Auto, Tata Steel and Hero Motocorp were down 0.7 percent each.
Aluminium major Hindalco Industries extended losses to 1.7 percent ahead of earnings today. Analysts on an average expect the company's profit after tax to go down by 24 percent year-on-year and 10 percent quarter-on-quarter to Rs 382 crore in the July-September quarter of current financial year.
Country's largest private sector lender ICICI Bank was down 0.16 percent while its rivals State Bank of India and HDFC Bank gained 0.45-0.77 percent.
Cigarette major ITC and telecom operator Bharti Airtel moved up 0.5 percent. Housing finance company HDFC rose 1 percent.
Software services exporters Infosys and Wipro climbed just 0.7 percent.
In the second line shares, Jammu & Kashmir Bank and Amara Raja Batteries (post strong earnings) rallied 6 percent each. Chennai Petroleum, Shree Global and Eicher Motors were up 4-5 percent.
Tuni Textile, Voltas, Jubilant Lifesciences, Ybrant Digital and Responsive Industries were down 2-5 percent.
At 10:39 hours IST: Nifty flat to positive; Infosys, HDFC, Tata Motors support
Indian shares gained somewhat strength amid choppy trade and weak Asian cues. Shanghai dropped 1.5 percent while Nikkei and Hang Seng were down 0.5 percent as investors looked cautious ahead of US Presidential election today.
The 30-share BSE Sensex was up 47 points to 18,809.63 and the 50-share NSE Nifty rose 13 points to 5,717.40.
Country's second largest software services exporter Infosys and housing finance company HDFC were up 1 percent each.
Commercial vehicle major Tata Motors moved up 1 percent too ahead of second quarter earnings tomorrow. Healthcare firm Cipla remained top gainer with 3 percent gains as net profit jumped 90 percent year-on-year to Rs 500 crore for the quarter ended September 2012.
Top lender State Bank of India was up 0.84 percent while its rival HDFC Bank gained 0.5 percent and ICICI Bank was flat.
Telecom operator Bharti Airtel, state-run oil & gas producer ONGC moved up 0.6 percent while steel producer Jindal Steel rallied 1.7 percent ahead of their second quarter results this week.
Private oil & gas producer Reliance Industries and engineering conglomerate Larsen & Toubro were down 0.6 percent and 0.3 percent, respectively.
Top car maker Maruti Suzuki went down 1.6 percent on media reports that its Manesar workers are planning a peaceful hunger strike to force management to take back 548 sacked employees.
Aluminium major Hindalco Industries declined 0.8 percent ahead of quarterly earnings today. Two-wheeler makers Hero Motocorp and Bajaj Auto fell 0.8-1.3 percent.
The broader markets gained 0.3-0.5 percent, outperforming benchmarks as advancing shares outnumbered declining by a ratio of 1228 to 912 on the Bombay Stock Exchange.
At 9:20 hours IST: Sensex opens listless; Cipla gains 3% on strong Q2 nos
The BSE Sensex was completely listless in early trade on Tuesday ahead of US Presidential election. The weakness in auto stocks, Reliance Industries, ICICI Bank and SBI counterbalanced by the gains in technology, FMCG, HDFC pack and Cipla.
The 30-share BSE Sensex went up 6.6 points to 18,769.46 while the 50-share NSE Nifty was flat at 5,704.25.
ITC, Infosys, Wipro, TCS, HCL Technologies, Hindustan Unilever and Bharti Airtel (second quarter numbers tomorrow) gained 0.3-0.8 percent.
Drug producer Cipla rose 3 percent following a 90 percent spike year-on-year in its net profit to Rs 500 crore for the quarter ended September 2012, which was above expectations.
Software services exporter Tech Mahindra gained 2 percent as its second quarter consolidated net profit rose 23 percent year-on-year to Rs 296 crore, helped by new deal wins and acquisitions.
Tata Steel, Reliance Industries, Tata Motors, PNB and Axis Bank were under pressure.
Maruti dropped nearly 2 percent as The Economic Times reported that Manesar workers are planning a peaceful hunger strike to force management to take back 548 sacked employees.
Aluminium major Hindalco Industries declined over 1 percent ahead of September quarter earnings today.
In the second line shares, air-conditioner-maker Voltas fell nearly 3 percent as its consolidated net profit rose 2.53 percent YoY to Rs 42.53 crore for the July-September quarter, which was below street estimates due to lower than expected other income that fell 56 percent YoY to Rs 18 crore.
Jubilant Life Sciences rallied 1.5 percent as its consolidated net profit rose by 91 percent to Rs 152 crore in the quarter ended September 2012 from Rs 79.4 crore in a year ago period.
Amara Raja Batteries surged 6.4 percent as its net profit increased 35 percent YoY to Rs 70.1 crore during the quarter.
Gujarat Gas moved up 0.5 percent as consolidated net profit rose 24 percent YoY to Rs 100 crore for the quarter ended September 2012.
Mastek shot up 5 percent to Rs 142 after the board of directors have approved a share buyback up to Rs 175 a share. The company will buy back up to 3.2 million shares for Rs 36 crore.
United Spirits rose 3 percent as Mint reported that Diageo is set to pick upto a 51 percent stake in the company this week.
Shares of Vijaya Bank and Allahabad Bank lost another 0.5-1 percent due to asset quality concerns.