The benchmark indices on Friday pared some losses after opening higher tracking positive trend seen in Asian markets after Wall Street rallied with Nasdaq hitting record high on strong US corporate earnings.
At 9:48 am, the S&P BSE Sensex was ruling at 29,469, up 47 points, while the broader Nifty50 was trading at 9,151, up 15 points.
In the broader market, the S&P BSE Midcap index and the S&P BSE Smallcap index added 0.5% each.
"Though feeble, upsides prevailed in the previous session, and on anticipated lines. The 9,170 region is likely to give away, but upsides need to be carefully played given a soft ADX. Direct rise above 9,280 could change all that putting prices back into the 9,500 trajectory. Alternatively, inability to float above 9,170 could lent a weak bias again," said Geojit Financial Services in a technical report.
Buzzing stocks
Reliance Industries (up 2%), GAIL (up 1%) and Bharti Airtel (up 0.9%) contributed most to the gains on Sensex, while Sun Pharma (down 2%), Cipla (down 0.7%) and TCS (down 0.5%) shed the most.
Indiabulls Ventures rose 5% to hit its upper circuit for the third day in a row at Rs 109 ahead of board meeting today to consider preferential issue of equity shares of the company, to certain foreign investor(s).
Mindtree rallied nearly 4% to Rs 459 after the company on Thursday reported 5.725 quarter-on-quarter (QoQ) fall in consolidated net profit figures at Rs 97.20 crore for the quarter ended March 31, 2017. It had posted a net profit of Rs 103.10 crore in the same quarter last year.
Radico Khaitan surged 10% to Rs 132, extending its Thursday’s 11% rally on the National Stock Exchange (NSE) on the back of heavy volumes. On Thursday, Madhuri Madhusudan Kela bought 704,741 equity shares or 0.53% stake in the company at price of Rs 117 per share on the NSE, the bulk deal data showed.
Buzzing stocks
Reliance Industries (up 2%), GAIL (up 1%) and Bharti Airtel (up 0.9%) contributed most to the gains on Sensex, while Sun Pharma (down 2%), Cipla (down 0.7%) and TCS (down 0.5%) shed the most.
Indiabulls Ventures rose 5% to hit its upper circuit for the third day in a row at Rs 109 ahead of board meeting today to consider preferential issue of equity shares of the company, to certain foreign investor(s).
Mindtree rallied nearly 4% to Rs 459 after the company on Thursday reported 5.725 quarter-on-quarter (QoQ) fall in consolidated net profit figures at Rs 97.20 crore for the quarter ended March 31, 2017. It had posted a net profit of Rs 103.10 crore in the same quarter last year.
Radico Khaitan surged 10% to Rs 132, extending its Thursday’s 11% rally on the National Stock Exchange (NSE) on the back of heavy volumes. On Thursday, Madhuri Madhusudan Kela bought 704,741 equity shares or 0.53% stake in the company at price of Rs 117 per share on the NSE, the bulk deal data showed.
Earnings today
Nine companies will report their March quarter earnings, which include ACC, FAG Bearing, HDFC Bank, Amal, Shree Digvijay Cement Company, Soma Paper, Tata Metaliks, and Walchand Peoplefirst.
RBI to keep rates steady
The Reserve Bank of India is expected to keep interest rates steady well into next year after it shifted to a neutral monetary policy stance in February, and despite having raised concerns over a potential spike in inflation, a Reuters poll found.
Earlier this month, the Reserve Bank of India raised a secondary rate while holding the key repo rate steady to mop up excess liquidity from the government's demonetisation drive, making it the fourth meeting in a row it has surprised markets.
Global markets
Asian stocks rose, lifted by bets on strong US earnings and US tax reform, while the euro retreated from a three-week high as jitters returned over the first round of French presidential elections on Sunday after a shooting in Paris.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.25%. It is set to end the week 0.6% lower.
Japan's Nikkei advanced 0.8% on track for a weekly gain of 1.3%.
US stocks rallied on Thursday, with the Nasdaq closing at a record, as a round of solid earnings led by American Express pushed equities higher.
The Dow Jones Industrial Average rose 174.22 points, or 0.85% to 20,578.71, the S&P 500 gained 17.67 points, or 0.76% to 2,355.84 and the Nasdaq Composite added 53.74 points, or 0.92% to 5,916.78.
The S&P 500 closed just below its 50-day moving average, a level that had acted as resistance after the index fell below it last week.
(With inputs from Reuters)
(With inputs from Reuters)