Nifty Surges To 15-Month High, Sensex Up Over 200 Points

Corporate earnings are likely to dominate sentiments in markets today

Corporate earnings are likely to dominate sentiments in markets today
10:15 a.m.: Nifty rose to its highest level in 15 months on the back of strong gains in banking, auto and capital goods stocks.

10:02 a.m.: Banking stocks were witnessing good buying interest. The Bank Nifty jumps 1.14 per cent or 214 points to 19,075; ICICI Bank was the top gainer from this space, up 2.9 per cent to Rs 269.25. Punjab National Bank, State Bank of India, Bank of Baroda, Federal Bank, Canara Bank, Kotak Mahindra Bank and IndusInd Bank were also among the gainers.

9:56 a.m.: Stock markets continue to trade on a strong note on the back of gains in banking, oil & gas, power, capital goods and auto stocks. Sensex rises 206 points to 28,182 and Nifty advances 69 points to 8,659.

9:33 a.m.: Buying was visible across the sectors barring a few pharma stocks. Banking, metal, oil & gas, power and auto stocks were witnessing good buying interest in the opening deals.

From the Nifty basket of stocks, 46 were advancing while 5 were declining.

Zee Entertainment was the top Nifty gainer, up 3.3 per cent to Rs 490 after the company post the market hours on Tuesday reported that its net profit in June quarter rose 22 per cent to Rs 217 crore.

Ambuja Cements, Maruti Suzuki, Hindalco, ICICI Bank, Tata Motors, Bank of Baroda and Power Grid were also among the gainers.

On the other hand, Dr Reddy’s Labs, Bajaj Auto, Lupin, Cipla, Reliance Industries and Sun Pharma were among the notable laggards.

The broader markets were outperforming the benchmark indices. The BSE mid-cap and small-cap indices were up 0.7 per cent each.

9.15 a.m.: The BSE Sensex and Nifty opened higher tracking gains in banking and auto shares. Dr Reddy’s Lab extended selloff and fell as much as 10 per cent following its weak Q1 earnings yesterday.

8.35 a.m.: The BSE Sensex and the broader Nifty are likely to open with a positive bias tracking positive trade in Asian stock markets. The Nifty futures trading on the Singapore Exchange (SGX) were up 0.14 per cent or 12 points at 8,603 as of 8.30 a.m., indicating a higher start for the Sensex and Nifty.

Foreign investors bought cash shares worth Rs 671 crore on Tuesday, while domestic investors were net sellers to the tune of Rs 418 crore.

Investors would be eyeing developments around the Goods and Services Tax or GST bill after states cleared the way for the central government to present it for approval of the Rajya Sabha or upper house of Parliament. State finance ministers agreed that a cap on the rate of GST will not be mentioned in the main bill.

Earnings season will continue to dominate sentiments. Dr Reddy’s Lab, which missed Q1 profit estimate by a wide mark, is likely to remain under pressure. Bharti Infratel and Ambuja Cements, which reported Q1 earnings after market hours yesterday, will also be in focus.

Meanwhile, Asian Paints, Bajaj Auto, Bharti Airtel, HDFC, JSW Steel and Yes Bank will report their Q1 numbers today.

In Asia, markets in Japan and Hong Kong edge up on Wednesday following a relatively upbeat session overnight for US and European stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent, while Japan’s Nikkei climbed over 1 per cent.

Global investors are eyeing the Fed, which concludes its two-day policy meeting later on Wednesday. The US central bank is widely expected to stand pat on monetary policy and the markets will sift through its statements – a post-meeting press conference will not be held – for any hints of a future interest rate hike.

[“source-ndtv”]