Live Stock Market Updates – Nifty trades above 7,950 mark

Some buying activity is seen in capital goods, industrial, power, oil and gas, auto, telecom, utilities and finance sectors, while metal, pharma and FMCG are showing weakness on BSE.

nse-building-1463568206-9719300[1]At 10:27 AM, the S&P BSE Sensex is trading at 26.048 up 116 points, while NSE Nifty is trading at 7,978 up 44 points.

The BSE Mid-cap Index is trading up 0.43% at 11,127, whereas BSE Small-cap Index is trading up 0.49% at 11,007.

L&T, BHEL, ONGC, GAIL, Bajaj-Auto, Infosys, Hero MotoCorp, Tata Motors and Dr.Reddy’s are among the gainers, whereas NTPC, Sun Pharma, TCS, SBI, ITC, M&M, Tata Steel and Lupin are losing sheen on BSE.

Some buying activity is seen in capital goods, industrial, power, oil and gas, auto, telecom, utilities and finance sectors, while metal, pharma and FMCG are showing weakness on BSE.

The INDIA VIX is down 2.78% at 15.0875. Out of 1,770 stocks traded on the NSE, 542 declined,781 advanced and 447 remained unchanged today.

A total of 17 stocks registered a fresh 52-week high in trades today, while 20 stocks touched a new 52-week low on the NSE.

The Indian rupee opened marginally higher by 1 paise at 67.32/$ against US Dollar on Thursday as against the previous close of 67.33/$. On Wednesday, the rupee recovered lost ground, with values rebounding till 67.30 levels in the offshore NDF markets. Strength in domestic equities and softness in US dollar against the basket of currencies helped the upside in Indian rupee. On broader front, although US dollar has pared, the overall ascent remains intact till the run up to Fed meet on June 15th.

The F&O expiry could see the usual choppiness but the bias remains positive for now. The cost of carry for few blue chips stocks is very high and this could lead to lower rolls. Either cost of carry reduces through the day or the last few minutes could see cash-based buying which could prop up the indices. ONGC, BPCL, Jet Airways, Union Bank of India earnings will be in focus.

Algo trading has been coming under increased watch by the regulator and SEBI may bring in new regulations to ensure level-playing field and fair access to investors. Penalties may be raised on HFT firms which have a high order-to-trade ratio, says a report. SEBI is also planning to delist 4000 companies this fiscal, according to reports. Many are listed on the regional stock exchanges, where there is no trading.

Asian markets are trading on a mixed note. Japan’s Nikkei 225 was up 0.4%, Shanghai composite down 0.74%. Oil prices gained in the US session after US government data showed a larger-than-expected drop in crude inventories. Global benchmark Brent futures settled up 2.3 percent at USD 49.74 a barrel, while US crude futures added 1.93 percent to USD 49.56.

Wall Street ended higher for the second day in a row. The Dow Jones advanced 145.46 points or 0.82%. The S&P 500 rose 14.48 points or 0.70%, while Nasdaq Composite Index gained 33.84 points or 0.70%.

On the political front, the Union Cabinet has approved a national policy on capital goods or machinery and equipment which aims at creating more than 2 crore new jobs and tripling the production of capital goods to Rs.7.5 lakh crore by 2025. Cabinet has waived loans worth more than Rs.9,079 crore owed by Hindustan Fertilizer Corporation as part of a financial restructuring package.

Laurus Labs is planning a Rs.750-1,000 crore IPO, which is expected to hit the markets in the second half of the year, according to reports. The company is expected to dilute up to 25% stake in the share sale.

Larsen & Toubro rallied 9.6% to Rs.1,416 after the company reported consolidated net profit of Rs.2,453.64 crore for the quarter ended March 31, 2016, registering growth of 18.55% yoy and 137.11% qoq. The stock has hit upper circuit at Rs.1,420.40 on BSE.

Aditya Birla Fashion and Retail cracked 6.5% to Rs.138 on BSE. The company reported a net loss of Rs.109.82 crore on standalone basis for the January-March quarter of 2015-16 against a loss of Rs.63.78 crore in the same period last year. The company will be entering into a binding MoU with global clothing brand Forever 21 to acquire its online and offline rights for the Indian market.

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