Mumbai: Markets are trading higher as buying is seen in realty, metal, pharma, power, capital goods and select banking stocks. Some choppiness is lingering at higher levels.
Positive Asian cues are also helping our markets. Midcap and small cap stocks are supportive to market breadth, wherein about 1,689 shares have advanced while 1,041 shares declined. Nearly 434 shares are unchanged.
The Sensex gained 97 points at 14,641 and Nifty up 32 points at 4,400, at 11:04 hrs IST. Nifty August Futures is trading with 14 points premium. BSE Midcap and Small Cap indices rose around 1 per cent each.
Top gainers are Reliance Comm, Tata Steel, BHEL, SAIL and Idea Cellular while losers are M&M, ONGC, Satyam and Tata Comm.
BSE Realty and Metal indices shot up over 2 per cent each. Healthcare, Power and Capital Goods surged around 1.5 per cent each.
Ansal API will invest Rs 3,600 crore in IT SEZ and parks. The stocks went up over 1.5 per cent.
Experts are advising buying stocks at lower levels and say mood is positive. Amitabh Chakraborty of Religare Securities believes that there will be a lot of promoter activity in the market today and promotions will fare positively. Further, he said that FII 's are no longer selling but are positive on the Indian markets and will buy stocks.
Neppolian Pillai of Modern Shares and Stock Brokers sees support for the Nifty at 4220 to 4320 and for the Sensex at the 14050 to 14400 levels. He feels one should buy into this fall.
Markets @ 9:56 hrs IST: Mkts rebound on positive Asian cues
Markets have bounced back smartly in opening trade and recovered yesterdays losses on the back of strong upmove in Asian markets. It has broken five days losing streak. Buying is seen in realty, power, metal, capital goods and technology stocks.
At 9:56 hrs IST, the Sensex shot up by 116 points at 14,660 and Nifty up 37 points at 4,404. CNX Midcap went up by 0.83 per cent at 5,758.
Amongst frontliners, Idea Cellular, Hindalco, M&M, Ambuja Cements, SBI, Reliance Infra, Tata Power, Ranbaxy Labs, BHEL, TCS, Wipro, Reliance Comm, JP Associates, Reliance Ind, Tata Steel, Sterlite Ind, Unitech and PNB have gained while Tata Motors, ICICI Bank and ONGC lost ground.
Idea Cellular is set launch its services in Mumbai today. Company expects to break even in two years. Stock shot up by 2.5 per cent.
HEG went up over 6 per cent as the company finalised share buyback up to Rs 48.5 crore at maximum price of Rs 350 per share.
Indian Rupee is trading at around 43.79 per dollar.
Asian markets were trading higher. Hang Seng rose 1.9 per cent. Jakarta, Nikkei, Straits Times, Kospi and Taiwan gained 0.3-0.7 per cent.
US markets declined for a second straight day as an inflation report agitated a market already rattled by worries about the financial sector. The Dow Jones industrial average slipped into bear-market territory during intraday trading but thinly escaped by the closing bell.
Bears raise their ugly head on Wall Street after higher than expected wholesale prices and a fall in housing starts. Crude dampens the mood further with a spurt above USD 115/bbl.
The Dow plunged 130.84 points, or 1.14 per cent, to 11,348.55. The S&P 500 index lost 11.90 points, or 0.93 per cent, to 1,266.70, and the Nasdaq slipped 32.62 points, or 1.35 per cent, to 2,384.36.
F&O cues:
* Nifty down 0.56 per cent; Open Interest up 3.1 per cent
* Futures Open Interest up by Rs 1,091 crore, Options Open Interest up by Rs 1,107 cr
* Bank Nifty adds 28 per cent in Open Interest
* Nifty Futures add 10.6 lakh shares in Open Interest, at 21 pt premium
* Delivery based selling leads to higher premium
* Stock futures add 2.55 cr shares in Open Interest, of that 2.4 cr in Sep series
* Nifty Open Int Put-Call Ratio at 1.09 Vs 1.14
* Nifty Puts add 2.5 lakh; Calls add 18.8 lakh shares in Open Interest
* Nifty 4400 Call add 6.2 lakh shares in Open Interest
* Nifty 4600 Call add 2.5 lakh shares in Open Interest
* Nifty Dec 3700 Put add 4 lakh shares in Open Interest
* Nifty Dec 4000 Put add 2 lakh shares in Open Interest
* Nifty Dec 5000 Call add 3.6 lakh shares in Open Interest
* Nifty 4500 Put shed 4.8 lakh shares in Open Interest
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