Sensex pares gains after firm start; Nifty50 holds 8,650 level


The S&P BSE Sensex pared gains after rallying over 50 points in morning trade on Wednesday, led by losses in ITC, ICICI Bank, Tata Motors, L&T, and HDFC Bank.
The Nifty50 turned choppy but was still trading above its crucial psychological support level of 8,650 levels supported by gains in power, oil & gas, consumer durables, and realty stocks.
At 09:20 am: The 30-share index was trading 10 points higher or 0.04 per cent at 28,061.05 It touched a high of 28,131.07 and a low of 28,029.14 in morning trade

The Nifty50 was trading at 8,681 up 3 points or 0.04 per cent. It touched a high of 8,698.75 and a low of 8,669.55 in the first 30 minutes of trade.

The S&P BSE Midcap Index was up 0.19 per cent and BSE S&P Smallcap Index was trading 0.47 per cent higher.

Sun Pharma (up 1.08 per cent), Cipla (up 1.01 per cent), WiproBSE 1.89 % (up 1 per cent), and Lupin (up 0.97 per cent) were the major Sensex gainers.

ICICI Bank (down 0.8 per cent), L&T (0.76 per cent), HUL (down 0.70 per cent), and ITC (down 0.63 per cent) were the major Sensex losers
Domestic equity indices are likely to trade on a cautious note on Wednesday, as investors react to the Chinese GDP numbers and an overnight rise in US stocks, ahead of quarterly numbers from a dozen domestic companies scheduled for later in the day.

Q2 results: As many as 23 BSE-listed companies will announce their earnings during the day. Among them are Hindustan Zinc, RBL Bank, Quess Corp, KPIT Technologies, NIIT, AptechBSE 0.46 %, MCFL and Tata CoffeeBSE 1.91 %. The results are expected to generate stock-specific action on select counters.
Overall, eight dozen firms, including IT firms Wipro, MindtreeBSE 0.68 %, and Zensar TechnologiesBSE 2.38 %, cement major ACCBSE 0.05 %, microfinance company Equitas Holgings and Cairn IndiaBSE 1.07 % will, report their quarterly earnings during the week.

Cues from Singapore positive: At 7.50 am, Nifty50 futures on the Singapore Stock Exchange were trading 16.50 points higher at 8,684.50, indicating a positive opening for the domestic market.
“The market earlier saw nervousness over the geopolitical worries after the surgical strikes. However, there is no escalation so far. Thus, this is a rebound from the earlier selloff. Overall, we see a strong market going forward, as festive demand remains solid,” said Vaibhav Agrawal, VP & Head of Research at Angel Broking.

GST Council meet: The government is said to have proposed a four-slab structure with two standard goods and services tax (GST) rates of 12 per cent and 18 per cent at the GST Council, keen to ensure minimal impact of the new levy on prices and revenue. But some states called for a higher rate on luxury goods.
Nifty50 formed ‘Long White Day’ on Tuesday: A ‘Long White Day’ on the daily charts of the Nifty50 and its crossing the 50-day EMA are positive signs for the bulls. If the momentum continues, the index will be on track to hit its next logical target of 8,700 and 8,850, experts said. Traders can create fresh long positions on dips or on a close above 8,700, they said.

Asian markets stay higher: The Chinese CSI300 rose 0.18 per cent to 3,326.31 on Wednesday morning. China reported a 6.7 per cent YoY jump in its September quarter GDP. Japan’s equity benchmark Nikkei was trading 0.12 per cent higher at 16986. Other Asian indices, including Hong Kong’s Hang Seng (down 0.09per cent), South Korea’s Kospi (down 0.24 per cent) and Taiwan’s TWSE (up 0.71 per cent), were trading mixed.
US markets rose on Tuesday : The Dow Jones Industrial Average advanced 75.54 points, or 0.42 per cent, to close at 18,161. The S&P500 index rose 13.1 points, or 0.62 per cent, to 2,139. The Nasdaq Composite gained added 44.01 points, or 0.85 per cent, to settle at 5,243. US housing starts and crude oil inventory data will be released on Wednesday.

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