Live: Sensex Trades With a Positive Bias; ONGC, Cairn India Among Laggards

1:53 p.m.: The stock market were trading firmly higher. The Sensex was up 76 points to 25,414 and Nifty was at 7,757, up 22 points.

1:27 p.m.: Indian Hotels, Mphasis, M&M Finace, Bharat Forge, Apollo Hospitals, Container Corp, Amara Raja Batteries and Pidilite Industries were among the laggards in the mid-cap space.

1:06 p.m.: Stock markets came off the intraday day high levels on the back of selling in select FMCG, oil & gas, metal, realty and capital goods stocks. The Sensex was up 50 points at 25,389 and Nifty was up 15 points at 7,750.

12:46 p.m.: Cairn India, GAIL India, Tata Steel, ONGC, Bosch, Asian Paints, HDFC, Maruti Suzuki and BHEL were among the losers in the Nifty, down 0.74-3.32 per cent each.

12:32 p.m.: Gammon India shares surged nearly 10 per cent to Rs. 12.53 after the company said that its board will consider a proposal for investment in its engineering procurement and construction business.

12:30 p.m.: Kansai Nerolac Paints and Brigade Enterprises advanced over 4 per cent after the industrial paints maker Kansai Nerolac said that it has completed sale of land in Chennai to real estate company Brigade Properties for overRs. 535 crore.

12:17 p.m.: Jain Irrigation Systems (JISL) shares rose by nearly 4 per cent today after the company’s food processing arm raised Rs. 402 crore from Mandala Capital. JISL’s scrip rose by 3.57 per cent to Rs. 60.85 on BSE.

12:12 p.m.: The stock markets continued to trade with a positive bias in noon deals. The Sensex advanced 73 points to 25,411 and Nifty was up 23 points at 7,758.

12:06 p.m.: Shares of drug firm Natco Pharma jumped up to 7 per cent today after the company’s board approved the sale of ‘Save Mart Pharmacy Stores’ in the US, which is a non-core business of the firm.

11:58 a.m.: Market breadth remains positive as 1,212 stocks advance while 937 decline.

11:46 a.m.: Godrej Industries was the top gainer from the mid-cap space, up 3.76 per cent to Rs. 367. ABB, Torrent Power, Oberoi realty, MRF, Oriental Bank of Commerce, Indian Bank and J P Associates were also among the gainers, up 1.9-3.4 per cent each.

11:37 a.m.: Some amount of selling pressure visible in select oil & gas stocks. The BSE oil & gas index slipped 0.25 per cent; ONGC, Cairn India, GAIL India, Petronet LNG and Oil India were among the losers from this space.

11:22 a.m.: Banking shares recovered from initial losses. The Bank Nifty which edged lower in the opening deals bounced back in the green. The Bank Nifty was up 0.67 per cent or 109 points at 16,244; Canara Bank, Bank of India, IndusInd Bank, ICICI Bank, Kotak Bank and HDFC Bank were among the gainers, up 0.8-1.2 per cent each.

11:11 a.m.: Nifty 7,800 strike price call option was the most active options contract on the National Stock Exchange. The premium on the contract surged 73 per cent to Rs. 8.30. As many as 34,306 contracts were added to the open interest of 1,14,679 contracts.

10:57 a.m.: Expectations are low from the earnings season, says Dipan Mehta, member BSE & NSE.

10:38 a.m.: Ahluwalia Contracts bags orders worth Rs. 199.86 crore for construction of institutional building including electrical, plumbing and firefighting services. Reacting to this development, shares Ahluwalia Contracts traded 1.14 per cent higher at Rs. 284.

10:30 a.m.: Buying visible across the sectors. IT index was the top sectoral gainer, up 1.3 per cent; Infosys, TCS, Tech Mahindra, Wipro, HCL Technologies, KPIT and Tata Elxsi were among the top movers.

10:16 a.m.: The stock markets moved higher in the morning deals. The Sensex advanced 124 points to 25,463 and Nifty was up 37 points at 7,782.

10:14 a.m.: Deutsche Bank has maintained buy on Yes Bank for target of Rs. 1025/share. Deutsche Bank has increased target price from Rs. 900/share. It says retail is emerging as a big growth driver and retail is the next growth story for Yes Bank. It adds that the non-performing loan (NPL) concerns are reducing.(Click here for more brokerage calls)

9:58 a.m.: The market breadth is positive as 884 stocks advance while 663 decline.

9:49 a.m.: Pradip Hotchandani, head of research at Prudent Broking Services, says the Nifty has bounced back after briefly dipping below support at 7,600. Going forward, levels around 7,700-7,900 can act as stiff resistance which may be taken out after a consolidation phase of 10-12 trading sessions.(Watch)

9:32 a.m.: Selling pressure seen in select banking, metal, realty, capital goods, FMCG and PSU banking shares. On the other hand, pharma, IT, power and auto indices were quoting the green.

9:25 a.m.: The Sensex and Nifty edged higher in trades today on the back of buying in metal, pharma and IT stocks.

The Sensex advanced as much as 80 points to 25,418.52 and Nifty rose 19 points to 7,754.

From the Nifty-50 basket of stocks, 32 were advancing while 18 were declining.

Vedanta, Tata Power, UltraTech Cement, Hero MotoCorp, Bajaj Auto, Lupin, Tech Mahindra, Sun Pharma and Infosys were among the gainers.

On the other hand, ONGC was the top loser in the Nifty, down 1.5 per cent to Rs. 214.65 after the price of domestically produced natural gas was cut by a steep 20 per cent to $3.06 per unit from $3.82, reflecting a fall in global rates.

Tata Steel, Punjab National Bank, Idea Cellular, Bank of Baroda, Adani Ports and Coal India were also among the losers.

The broader markets were broadly in-line with the benchmark indices. The BSE mid-cap index advanced 0.01 per cent while small-cap index was up 0.2 per cent.

7:55 a.m.: The Sensex and Nifty are likely to open on a flat note in trades today tracking listless trading of Nifty futures on the Singapore Stock Exchange.

The Singapore Nifty or SGX Nifty was down 0.02 per cent or 2 points at 7,743.

Traders say that the Indian benchmark indices are likely to witness volatile moves in trades today tracking expiration of derivatives contracts for the month of March.

Meanwhile, most of the Asian markets were trading on a flat note. China’s Shanghai Composite was up 0.23 per cent and Japan’s Nikkei advanced 0.11 per cent. While, Hong Kong’s Hang Seng slipped 0.06 per cent.

Overnight, US stocks plowed further into positive territory for 2016 on Wednesday, helped for a second session by comments from Federal Reserve Chair Janet Yellen that eased anxiety about potential interest rate hikes.

Yellen said on Tuesday the U.S. central bank should proceed cautiously as it looks to raise interest rates. On Wednesday, her comments were echoed by Chicago Fed President Charles Evans, who said there was a high hurdle to raising rates in April, given low inflation.

The S&P 500 gained 0.44 per cent to end at 2,063.95 points, bringing its gain for 2016 to about 1 per cent.

The Dow Jones industrial average added 0.47 per cent at 17,716.66 points and the Nasdaq Composite also added 0.47 per cent to 4,869.29.

Back home, foreign institutional investors bought shares worth Rs. 1,442.47 crore while domestic institutional investors sold shares worth Rs. 396.9 crore on Wednesday.