BSE Sensex was trading firm tracking positive regional equities. Asian shares were trading in green while US markets ended at fresh record highs ahead of the Fed meet today. Bank of Japan kept policy rates unchanged.
Live Market Commentary
Tushar Mahajan, head of futures & options at Nomura (India) does not see Nifty crossing 6300 in the May series. However, he says the pullback over the last two trading session is “healthy” for the market.
10:54am Intraday Block deals: Major ticket-size deals in IndusInd Bank, Idea Cellular, TCS, Amara Raja Batteries and AIA Engineering.
Dealer's Buzz: "Brokers said buying by funds in select stocks amid a better trend in the Asian region following overnight gains on the US market, mainly influenced the trading sentiment," reports PTI.
Brokerage Views: Karvy recommends to short Maruti Suzuki with a stop loss at Rs 1729 and target of Rs 1678. Maruti saw addition of short positions in yesterday's trade. The stock added more than 3 percent in open interest on the back of marginal rise in cost-of-carry to over 19 percent.
ICICI Direct recommends to buy TCS around Rs 1490 with a stop loss at Rs 1475 and target of Rs 1505-1520.
Gold Check: MCX Gold down Rs 25 or 0.1 percent at Rs 26085 per 10 gram.
Commerzbank analyst Axel Rudolph said the overall picture remains negative as long as gold remains below resistance around USD 1,500-1,532.20.
Earnings Poll: L&T will announce results today. The stock was trading flat.
Heavy engineering and construction major L&T is expected to post 1.2% year-on-year growth in Q4 profit as higher interest cost continues to impact company financials.
Capital goods maker Thermax is expected to post 11% decline in its March quarter profit as big-ticket orders were hard to come by in preceding quarters. The stock was down marginally.
Market Outlook: Nifty to consolidate; go long above 6200: ICICI Direct
Amit Gupta of ICICI Direct feels that 6,200 will remain a critical resistance for Nifty. One should wait for some profit bookings to reenter from lower levels.
Rahul Chadha of Mirae Asset Global Investments sees falling inflation and rate cuts as triggers for the economy. He remains overweight on pharma stocks and wary of refining and petchem stocks.
The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy of doubling the monetary base for the sake of reaching a 2 percent inflation target and jolting the economy out of two decades of stagnation.
10:23am IOC divestment plan
Government sources told Cogencis that cabinet panel may mull IOC divestment plan in June. The government hopes to raise Rs 6,000-7,000 crore via 10 percent stake sale in IOC. The stock was down 1 percent at Rs 301.80.
10:18am Indian Rupee at 2013 low on strength in US dollar. Rupee at 55.42 per dollar.
10:14am Sectoral Gainers: IT stocks rally
Shares of IT companies surged in the morning trade after a US Senate panel passed immigration bill.
TCS (Rs 1503.90, 0.73%), Infosys (Rs 2423.00, 1.07%), Wipro (Rs 340.80, 0.55%), HCL Tech (Rs 750.35, 1.92%) and Mahindra Satyam (Rs 113.35, 4.86%)
10:07am Buzzing Stocks
Tech Mahindra's Q4 consolidated net profit grew by 37%Q-o-Q to Rs 377.2 crore. The stock is up 7 percent.
Prestige Estates jumped 2 percent higher after company's Q4 net profit jumped 2.34 times year-on-year to Rs 89 crore.
Heidelberg Cement okays sale of Raigad Cement to JSW Group.
Zee Learn GDR issue fully subscribed. USD 20 million GDR issue for overseas investor closed for subscription yesterday
JK Paper's Q4 net profit rose by 90.9% Y-o-Y to Rs 21 crore. The stock was trading marginally in green.
Indian shares were trading firm tracking positive regional equities. Asian shares were trading in green while US markets ended at fresh record highs ahead of the Fed meet today. Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program.
At 09.56 hrs IST, the Sensex was up 65.63 points or 0.33% at 20177.24, and the Nifty was up 18.55 points or 0.30% at 6132.65. About 716 shares advanced, 467 shares declined, and 70 shares were unchanged.
Key gainers in the Nifty were HCL Tech (Rs 750.00, 1.81%), Coal India (Rs 312.15, 1.51%), Reliance Infra (Rs 420.80, 1.32%),
Laggards included DLF (Rs 236.60, 1.76%), Hero Motocorp (Rs 1,668.15, 0.93%), Bank of Baroda (Rs 729.90, 0.74%), Jaiprakash Associates (Rs 76.25, 0.72%) and Bajaj Auto (Rs 1,841.25, 0.68%)
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Sensex yr-end target 26900; cherry-pick pvt banks too: HSBC