The benchmark index Nifty surged above 5000 mark in the opening bell. Asian shares edged higher but the euro eased on Tuesday, as a relief rally from last week's heavy selling proved short-lived.
The benchmark index Nifty surged above 5000 mark in the opening bell. Asian shares edged higher but the euro eased on Tuesday, as a relief rally from last week's heavy selling proved short-lived, with a surge in Spanish borrowing costs adding to simmering worries about Europe's debt restructuring challenges.
Top gainers on the Nifty were HCL Tech, Tata Motors, Ranbaxy Labs, BHEL and Tata Power. Reliance Infra, BPCL, Hindalco, ACC and Bajaj Auto were bleeding in red.
Coal India came out with a mixed set of numbers. Sales were up 29% (year on year) beating estimates, but margins took a hit on one time costs, profits came nearly 5% lower at Rs 4,013 crores. The stock was up 1.5%
Tata Motors is likely to surprise positively in earnings. The big cue to watch will be JLR’s volume growth. Auto major zoom close to 2% in morning trade.
According to a CNBC-TV18 poll, oil and gas major ONGC may report a drop in realizations to well below USD 45 per barrel, its profits may dip over 40% on the back of an increase in its subsidy share.
Angel Broking says, "On the daily chart we are now witnessing a positive crossover in "3 & 8 EMA" which suggests that momentum on the upside is likely to continue once the Indices trade above yesterday’s high of 16440 / 4995.
In this scenario, indices are likely to move towards 16700 - 16840 / 5050 - 5090 levels, which nearly coincide with the "200-day SMA". On the downside the 16290 / 4943 mark is a decent support for the markets.
Rupee below 55.50
The Indian rupee opens at 55.36 per dollar versus 55.18 yesterday. Vikram Nanivadekar, Verity Analytics expects the rupee to be rangebound today on mixed cues from other currencies and markets."
The euro was down 0.1% at $1.2530, just above its 2-month low of $1.2495 hit on Friday, while the Australian dollar, often seen as a gauge for risk appetite, fell 0.2% to $0.9830.
The Nifty rolls were observed at 30.98% vs. the 3M average of 30.51%. Market wide rollover was 35.88% vs. the 3M average figure at 29.79%
Other riskier assets were mixed, with US crude up 0.3% at USD 91.09 a barrel but Brent down 0.1% at USD 107.05. On Monday, Brent rose as high as USD 108.04, supported by resurfacing Middle East oil supply worries amid minimal progress in talks over Iran's nuclear programme.
Copper struggled, sticking around USD 7,684.25 a tonne after a three-session winning streak during which it had risen 2% by Monday's close of USD 7,685.
US markets were shut yesterday, while asian markets were trading firm in the morning.
ADS BY GOOGLE
video of the day
Domestic stories attractive; prefer KNR over L&T: HDFC Sec