Technology, banking & financials, metals, select pharma and oil stocks provided support.
10:40 am Earnings Poll: Software services provider Tech Mahindra's second quarter profit after tax is seen rising 8.2 percent sequentially to Rs 732 crore, aided by strong operational performance.
According to analysts polled by CNBC-TV18, revenue is likely to increase 4.5 percent quarter-on-quarter to Rs 6,578 crore and dollar revenue may climb 2.1 percent to USD 1,010 million. Constant currency growth in dollar revenue may be around 2.7-2.8 percent, which may be relatively better after two soft quarters.
Dollar revenue may be supported by some growth in telecom vertical (on a low base in preceding quarter) and continued momentum in enterprise segment.
Analysts feel two recent acquisitions LCC (Lightbridge Communications Corporation) may show some sequential improvement and Comviva business may not be a headwind during the quarter, adding Comverse deal is likely to provide USD 8 million in revenue.
10:20 am FII View: Sunil Garg, JP Morgan feels 'sideways' is about as constructive as it gets on MSCI Asia ex-Japan technicals.
"We are also abandoning outperformance expectations until we see clear evidence. While our bias remains bearish, notwithstanding the October rally, we see MSCI Asia ex-Japan in a painful rangebound existence in the near term," he says.
Garg says he continues to see rotational opportunities as the main plays, with main trades being underweight on India, China likely to go nowhere, continue to prefer consumer discretionary versus staples, technology over financials and commodity sectors to remain challenged.
Also read - Bottom up approach important; see more downgrades: Emkay
10:00 am Market Check
The market continued to see buying interest on the back of short covering after falling for last six consecutive sessions. Technology, banking & financials, metals, select pharma and oil stocks provided support.
The 30-share BSE Sensex rose 107.85 points to 26667 and the 50-share NSE Nifty gained 27.25 points at 8078.05. The BSE Midcap and Smallcap indices were up 0.3 percent and 0.7 percent, respectively.
The market breadth was also positive as about 1294 shares advanced against 548 declining shares on the BSE.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .