Mid-Session: Market trims early gains; United Spirits up 7% Analysis for Nov 03, 2015

Posted By: Religare
Subscribe to GoodReturns

The Indian benchmark indices rose for the first time in seven sessions on Tuesday, tracking a firm cues from global peers, led by gains in the index heavyweights such as RIL, M&M, NTPC, Hindalco Industries, Vedanta and Infosys. However, the undertone remained cautious ahead of the outcome of Bihar state polls due this week, with a BJP win likely to be positive for the market.

At 12:20 hours, the BSE SENSEX was trading at 26619.16, up by 60.01 points or by 0.23 per cent, and the NSE Nifty was quoting 31.7 points higher at 8082.50.

During the day"s trade so far, the BSE Sensex touched an intraday high of 26732.24 and intraday low of 26604.19, while the NSE Nifty touched high and low of 8100.35 and 8069.9, respectively.

On the corporate front, shares of United Spirits surged over 7 per cent on Bombay Stock Exchange (BSE) after the country"s largest Indian spirits company reported robust earnings for the second quarter ended September 30, 2015. The alcoholic beverages company swung into profit and reported a net profit of Rs 929 crore as against from a loss of Rs 26 crore in the year-ago period.

On the sectoral front, power and IT stocks were leading the rally, gaining as much as 0.8 per cent and 0.78 per cent, respectively.

Leading the rally on the D-Street were NTPC Ltd. (Rs. 136.85,+3.05%), Hindalco Industries Ltd. (Rs. 82.80,+2.29%), Mahindra & Mahindra Ltd. (Rs. 1224.80,+1.29%), Vedanta Ltd. (Rs. 98.15,+1.29%), Infosys Ltd. (Rs. 1143.10,+1.02%), among others.

However, some selling were witnessed in blue chip stocks, such as GAIL (India) Ltd. (Rs. 305.20,-1.55%), ITC Ltd. (Rs. 333.15,-1.22%), Bharti Airtel Ltd. (Rs. 347.10,-0.94%), Larsen & Toubro Ltd. (Rs. 1375.90,-0.90%), Lupin Ltd. (Rs. 1883.00,-0.88%), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2572, shares advanced were 1481 while 988 shares declined and 103 were unchanged.

Among the global peers, Asian stocks were trading mix, with China"s Shanghai Composite slipped in red amid concerns over a factory slump, while shares in Hong Kong surged over 1 per cent tracking resurgence in US equities on Monday. Meanwhile, markets in Singapore, Taiwan & South Korea advanced while Japanese markets were closed.

Story first published: Tuesday, November 3, 2015, 12:48 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'