11:32 a.m.: Selling pressure visible in select IT, FMCG, pharma and capital goods stocks.
11:22 a.m.: Aptech Ltd shares jumped as much as 6.3 per cent to hit 52-week high of Rs. 186 after the company’s September quarter profit jumped nearly three-fold.
Mumbai-based Aptech’s net profit in September quarter came in at Rs. 7.17 crore on sales of Rs. 49.97 crore, compared with net profit of Rs. 2.75 crore on sales of Rs. 36.84 crore in the same quarter of the previous year.
10:35 a.m.: Market breadth was extremely bullish as 1,471 stocks were advancing while 739 were advancing.
10:02 a.m.: Banking stocks extend gains. Bank Nifty surges 1.4 per cent or 264 points to 19,684. ICICI Bank was the top gainer from this space, up 3.6 per cent to Rs. 274.55. Canara Bank, Punjab National Bank, Bank of India, Axis Bank, Bank of Baroda and State Bank of India were also among the gainers.
9:26 a.m.: Sensex rose nearly 200 points while the broader Nifty moved above its crucial psychological level of 8,700 on the back of broad-based buying interest amid strong global cues.
As of 9:25 a.m., the Sensex advanced as much as 191 points to 28,176 and Nifty rose 54 points to 8,713.
Buying was seen across the board with banking, metal and oil & gas stocks leading the gains.
From the Nifty basket of shares, 49 out of 51 stocks were trading higher.
Idea Cellular was the top Nifty gainer, the stock rose 2.2 per cent after yesterday’s 5 per cent upmove. ICICI Bank, Bhati Infratel, Yes Bank, ONGC, GAIL India, Zee Entertainment, Hindalco and Reliance Industries were also among the gainers, up 0.8-1.6 per cent each.
On the other hand, Bharti Airtel and HCL Technologies were among the laggards.
The broader markets were also trading higher. The BSE mid-cap index advanced 0.6 per cent and the small-cap index rose 0.7 per cent.
8:43 a.m.: Sensex and Nifty are set to open higher tracking gains on Nifty futures traded on the Singapore Exchange amid positive global cues.
The Nifty futures traded on the Singapore Exchange also known as the SGX Nifty was up 31 points or 0.36 per cent at 8,689.
Meanwhile, other Asian stock markets were trading higher for a third day as crude oil traded near a 15-month high following an unexpected drop in US crude oil stockpiles.
Japan’s Nikkei advanced 1 per cent, Hong Kong’s Hang Seng rose 0.49 per cent and Taiwan Weighted jumped 0.2 per cent.
Overnight, US stocks notched a second straight day of gains on Wednesday, as climbing oil prices lifted the energy sector and earnings from Morgan Stanley provided a boost to financials.
The Dow Jones industrial average rose 40.68 points, or 0.22 per cent, to 18,202.62, the S&P 500 gained 4.69 points, or 0.22 per cent, to 2,144.29 and the Nasdaq Composite added 2.58 points, or 0.05 per cent, to 5,246.41.
Back home, foreign institutional investors sold shares worth Rs. 282.77 crore while domestic institutional investors bought shares worth Rs. 724.64 crore on Wednesday.
Q2 Earnings Preview
Reliance Industries, Biocon, LIC Housing Finance and Yes Bank among others will report their September quarter earnings later in the day. Analysts polled by NDTV Profit expect Reliance Industries to report net profit of Rs. 7,199 crore on sales of Rs. 62,920 crore. Analysts say gross refining margins, petchem margins, production from KG-D6 basin and update on telecom venture will be key to watch out for.
Yes Bank is expected to report net profit of Rs. 777 crore on sales of Rs. 1,388 crore. Analysts expect absolute gross non-performing assets during September quarter to come in at Rs. 930 crore versus Rs. 840 crore during the previous quarter.
LIC Housing Finance is expected to report net profit of Rs. 475 crore on net interest income of Rs. 763 crore and loan growth is expected to come in at Rs. 15 per cent.
Biocon is expected to report September quarter profit of Rs. 139 crore on sales of Rs. 991 crore. Biocon is expected to report operating profit or EBITDA of Rs. 240 crore compared with Rs. 188 crore during the same period last year.
Meanwhile, NBCC will also be closely watched later in the day as the government will sell its 15 per cent stake on Thursday in state-owned construction company at a floor price of Rs. 246.50 a share to raise about Rs. 2,200 crore.