Sensex back in green, rises 51 points ahead of GDP data

The BSE Sensex recovered about 51 points and the NSE Nifty scaled the 8,900-mark in early trade today as investors took to buying ahead of GDP data scheduled to be released later in the day amid firm global cues.
    
The 30-share index was trading higher by 50.53 points or 0.18 percent, to 28,863.41 with the sectoral indices led by consumer durables, capital goods, healthcare, metal, auto and banking trading higher by up to 0.58 percent.
    
The gauge had lost 80.09 points in the previous session.
    The NSE Nifty too was up 13.80 points, or 0.16 percent, to 8,910.50.

Brokers said buying by domestic institutional investors took off well today alongside a firming trend in other Asian markets. US President Donald Trump's speech at a joint session of Congress later in the day will also be keenly watched.

    

Among other Asian markets, Hong Kong's Hang Seng was up 0.02 percent, Japan's Nikkei gained 0.69 percent, while Shanghai Composite Index was up 0.13 per cent in early trade today.

    

The US Dow Jones Industrial Average ended 0.08 percent higher in yesterday's trade.

The S&P BSE benchmark Sensex trimmed its early gains in late morning trade and was quoting higher by 3 points on renewed selling pressure in refinery stocks despite buying in Capital Goods, Auto, Banking and Healthcare sectors. Foreign capital outflows affected the market sentiment.

Foreign funds sold shares net of Rs 145.55 crore yesterday as per the provisional data issued by stock exchanges. The Sensex resumed higher at 28,825.19 and firmed up further to 28,876.54 on initial buying but fell afterwards to 28,797.21 before quoting at 28,816.13 at 1030hrs, still showing a gain of 3.25 points, or 0.01 pct.

The NSE 50-share Nifty eased by 2.65 points, or 0.03 per cent, to quote at 8,894.05 at 1030hrs. Major losers were Coal India 2.09 pct, Bajaj Auto 0.81 pct, HUL 0.68 pct. Tata Motors 0.55 pct and TCS 0.54 pct. However, Bharti Airtel firmed up by 1.08 pct, SBI 0.82 pct, Adani Ports 0.81 pct, Larsen 0.74 pct and Maruti 0.71 pct.

In the overseas market, most Asian shares rose today in early trade bolstered by gains on Wall Street as investors awaited a speech by US President Donald Trump for signals on tax reform and infrastructure spending.

US stocks pushed further into record territory on yesterday as the Dow Jones industrial average closed at a record high. The Standard & Poor's 500 index also closed at a record high.

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BSE, NSE likely to open strong; key stocks to watch

BSE Sensex and NSE Nifty are more likely to continue on their sturdy upward momentum in opening trade on Tuesday.

BSE Sensex on Monday closed up zero.68%, at 28,66158 factors while NSE Nifty saw a fifty seven.50 factors upward push to shut at eight,879.20 points.

Key shares to observe:

Tata Consultancy services and products: TCS on Monday mentioned that the company will spend Rs sixteen,000 crore to buyback 2.eighty five% fairness shares at Rs 2850 per share. Shares of the corporate won on Monday in anticipation of the news.

Ambuja Cements: the corporate mentioned higher than anticipated net profit for the quarter ended December 31, 2016.

Infosys: Vishal Sikka, CEO and MD of the IT major has refuted claims made via a whistle-blower. He stated that malicious tales are being unfold to target him.

ONGC Ltd: The state-owned oil main has settled tax dispute with Gujarat govt. ONGC's overseas arm OVL has despatched out RFP to raise mortgage to refinance an acquisition.

Siemens: the corporate has won a contract value Rs 287 crore to set up signalling programs for Nagpur Metro.

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Under-the-radar stocks on BSE, NSE in today's trade

The market benchmark BSE Sensex recovered over 109 factors in mid-session change Thursday on popular beneficial properties amid a firming development at different Asian bourses following every other document closing of the united states markets.

The 30-share barometer used to be quoting 109.11 factors, or zero.38 % better at 28,264.sixty seven. The gauge had misplaced 196.06 points within the earlier two periods.

listed here are under-the-radar shares in as of late's change

SBI, affiliate banks

Shares of SBI and its mates rose sharply by way of as much as thirteen.5 percent these days after the cupboard licensed their merger, a step aimed toward strengthening the sector via consolidation of public

Banks.

The scrip of State bank of Mysore soared thirteen.fifty four percent, State financial institution of Bikaner and Jaipur zoomed 10.86 per cent, State financial institution of Travancore jumped 10.fifty four per cent whereas SBI won three.10 per cent on BSE.

in the hunt for to create a world-sized bank, the cabinet the previous day gave the go-ahead to the merger plan of SBI and its 5 pals. however, no determination used to be taken on the notion to merge the Bharatiya Mahila bank with SBI. The merger of affiliate banks is more likely to result in ordinary financial savings, estimated at greater than Rs 1,000 crore in the first year, thru a mix of greater operational efficiency and lowered price of money, an legitimate commentary mentioned.

the 2 unlisted affiliate banks with a view to be merged with SBI are State financial institution of Patiala (SBP) and State bank of Hyderabad (SBH).

Dr Reddy's Laboratories

Shares of Dr Reddy's Laboratories as of late fell by nearly 4 % after the corporate mentioned it has obtained an damaging ruling in america court docket regarding a patent infringement case over anti-nausea injection Aloxi.

Reacting to this, shares of the corporate went down by 3.66 p.c to hit its 365 days low of Rs 2,803.50 on BSE. On NSE, it fell by way of 3.86 % to Rs 2,798.ninety five -- its 52-week low.

In a BSE submitting, Reddy's Laboratories mentioned: "the U.S. District courtroom for the District of latest Jersey issued its opinion relating to Helsinn Healthcare's patent infringement claims towards Dr Reddy's proposed palonosetron product".

"The courtroom found that Dr Reddy's proposed palonosetron hydrochloride 0.25 mg/5 ml infringes on sure claims of the us patents...And that the asserted claims were not legitimate". Helsinn Healthcare SA is a Switzerland-based pharma firm. "we are upset within the decision and intend to pursue an enchantment in due course," a company spokesperson said.

Nestle

Shares of Nestle India as of late fell by means of 3.5 percent after the company mentioned a decline of 8.sixty six percent in standalone net profit for the fourth quarter ended December 2016.

The inventory slipped 3.5 % to Rs 5,957.20 on BSE. At NSE, shares of the company dipped three.35 per cent to Rs 5,962.35.

FMCG major Nestle India the day prior to this stated a decline of eight.sixty six p.c in its standalone net revenue to Rs 167.31 crore for the quarter ended December 2016, hit with the aid of higher tax fee and demonetisation that impacted its home gross sales.

the company, which follows January-December monetary yr, had posted a internet profit of Rs 183.19 crore right through the October-December quarter closing fiscal.

however, internet gross sales of the corporate all through the quarter underneath evaluate have been up sixteen.17 % to Rs 2,261.28 crore as in opposition to Rs 1,946.44 crore within the corresponding quarter last fiscal, Nestle said in a BSE filing.

TCS

Scrip of Tata Consultancy products and services (TCS) lately rose by using just about 3 p.c after the stated its board will meet subsequent week to believe share buyback.

After a favorable opening, shares of the company received 2.55 p.c to Rs 2,477.50 on BSE. On NSE, it rose by using 2.sixty six p.c to Rs 2,478.

"We want to tell you that the Board of directors will believe a inspiration for buyback of fairness shares of the corporate at its meeting to be held on February 20, 2017," Tata Consultancy services and products Ltd said in a BSE submitting.

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Sensex edges up, banking stocks fall

BSE Sensex trades greater through 32 points, or 0.11%, to 26,471, whereas the Nifty 50 falls 5 factors, or zero.05%, to 8,796

The BSE Sensex edged up in the opening hours of Tuesday. The broader Nifty declines relatively whereas the rupee opens decrease in opposition to america buck. The Asian currencies, including Taiwan buck, South Korean gained, Singapore dollar, Malaysian ringgit, additionally transfer downhill.

The shares of ITC Ltd and Titagarh Wagons Ltd upward push while the Banking stocks alternate decrease in the opening hours of Tuesday.

9.30am: BSE Sensex trades greater by way of 32 points, or 0.11%, to 26,471, whereas the Nifty 50 falls 5 factors, or zero.05%, to 8,796.

9.28am: Banking shares trade lower. IDBI financial institution Ltd shares fall 1.9%, bank of India shares 1.5%, Union bank of India shares 1.three%, ICICI financial institution Ltd shares fall 1%, DCB financial institution shares 0.8%, Andhra bank shares fall 0.6%, sure bank shares fall zero.6%, Axis bank shares fall zero.6%, Allahabad bank shares fall zero.5%.

9.25am: ITC Ltd shares rise 1.1% to Rs279.50 after large block deal. round 2% stake of the corporate or 242.50 million shares of the corporate changed hands in three block deals, in line with Bloomberg report. alternatively, details of the buyers and sellers were not recognized.

9.20am: Titagarh Wagons Ltd shares rise four.2% to Rs114.75 after the company mentioned a internet revenue of Rs3.28 crore in December quarter towards net loss of Rs38.71 lakhs a 12 months in the past.

9.15am: The rupee opened at sixty seven.29 a dollar. At 9.15am, the home currency was buying and selling at sixty seven.31—down zero.thirteen% from its previous shut of sixty seven.22.

9.10am: Jaypee team stocks received further. Jaiprakash mates Ltd shares upward push three.three%, Jaypee Infratech Ltd rise 5.9%, Jaiprakash power Ventures Ltd upward push 2.8%. when you consider that 26 December, Jaiprakash mates received 95%, Jaiprakash power Ventures 74% whereas Jaypee Infratech jumped 70%.

9.05am: India’s 10-12 months bond yield was once at 6.402% from its Monday’s shut of 6.414%. Bond yields and costs transfer in opposite guidance.

9.00am: Asian currencies markets have been trading lower. Taiwan greenback was once down 0.39%, South Korean received zero.38%, Singapore buck zero.36%, Malaysian ringgit zero.22%, China offshore spot zero.19%, Philippines peso 0.17%, jap yen zero.eleven%, China renminbi 0.1%

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Sensex falls 100 points, Nifty below 8,600 ahead of Economic Survey

within the broader market, BSE Midcap and BSE Smallcap indices were little changed

The benchmark indices on Tuesday extended losses for the second straight day ahead of business Survey 2017-18 to be unveiled later today, while globally the biggest drop up to now in 2017 on Wall side road dampened the investor sentiment across Asian markets.

At 09:17 am, the S&P BSE Sensex used to be trading at 27,713, down 136 points, whereas the broader Nifty50 used to be ruling at eight,587, down 46 points.

in the broader market, BSE Midcap and BSE Smallcap indices slipped 0.2% each and every.

“Going ahead, Nifty may face a revenue-reserving at eight,seven-hundred mark. Momentum could calm down in opposition to 8,seven-hundred and Nifty may just contact the make stronger ranges of 8600-8570 on downside. For intraday, the reinforce lies at eight,520-8,470 and resistance positioned at eight,640-eight,670,” said brokerage Nirmal Bang in a technical be aware.

in the meantime, foreign portfolio investors (FPIs) bought equities to the tune of Rs 607.36 crore on Monday, as per provisional data. home institutional traders have been also internet buyers and bought shares value Rs 40 crore.

Buzzing shares

ONGC was the top Sensex gainer to spike over 5% to Rs 212 on reviews that the corporate has bought the primary installment of $19 million from Venezuela's state oil firm Petroleos de Venezuela in opposition to convalescing pending dividend, said Reuters quoting a senior company legitimate.

idea cell extended gains to rise over 7% to Rs 106 as investors believe the merger with Vodafone India will give a boost to company's finanaces. The inventory had added over 29% in intraday exchange on Monday.

among losers, Tata Motors shed nearly 2% to Rs 523 on reports that the Jaguar Land Rover (JLR) has shelved its plan to manufacture a small SUV (activity utility car) in India.

funds session starts

Finance Minister Arun Jaitley is all set to desk economic Survey 2017-18 as funds session of the Parliament begins later these days. Market will take cues from the industrial knowledge such as GDP growth estimates, fiscal deficit numbers and tax figures and so forth on hand within the economic Survey.

BoJ continues established order

The financial institution of Japan maintained to its ultra-simple financial coverage and held again from raising its inflation forecast for the approaching 12 months, signalling its anxiousness in regards to the uncertain path of US President Donald Trump’s coverage.

In a widely anticipated move, the BoJ maintained the 0.1% pastime it prices on a component to the surplus money that monetary institutions park with the primary financial institution.

Wall boulevard falls most so far this year

major US market indices posted their biggest drop up to now in 2017 as investors involved that a curb on immigration ordered by way of Donald Trump used to be a reminder that some of the Trump’s insurance policies should not market-friendly.

The Dow Jones Industrial reasonable fell 122.65 factors, or zero.61%, to shut at 19,971.thirteen, the S&P 500 misplaced 13.seventy nine points, or 0.60%, to 2,280.9 and the Nasdaq Composite dropped 47.07 points, or zero.eighty three%, to five,613.71.

Asian markets were also on the protecting. MSCI's broadest index of Asia-Pacific shares outdoor Japan fell zero.3% while Japan's Nikkei dropped 1.1%.

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Sensex Edges decrease On warning ahead Of funds

Indian shares edged lower on Monday after four straight periods of gains on warning ahead of the federal finances, while broader sentiment was additionally hit by way of fears about the affect of U.S. President Donald Trump's immigration curbs.

executive is because of existing its 2017/18 budget on Wednesday, with shares remaining week posting their largest weekly good points in eight months on hopes the federal government will announce incentives to ease the affect from a bold and unsafe gamble to outlaw high-price previous forex bills.

however additional warning set in on Monday, especially as Asian shares fell on concerns that Trump's ban on the entry of refugees into the U.S. would show destabilising for the remainder of the sector.

"Markets are somewhat wary of what lies in the price range and have most certainly have rallied too a long way on the belief that some good is in the offing," said Saurabh Jain, assistant vice-president of analysis at SMC global Securities.

The broader NSE Nifty was down 0.14 p.c at 8,629.05 with the aid of 0546 GMT, while the benchmark BSE Sensex was once 0.06 p.c decrease at 27,866.14.

each indexes had risen greater than three % closing week in their biggest weekly good points when you consider that late may.

IT shares contributed to a majority of the losses on the NSE index. The Nifty IT index fell 1.15 percent, dragged down with the aid of Infosys Ltd and Tata Consultancy products and services Ltd, which misplaced over 1.40 p.c each and every.

investors additionally booked profits in latest outperformers: the Nifty financial institution index, which led gains ultimate week, fell zero.40 %, dragged down through HDFC bank Ltd and Kotak Mahindra bank Ltd. The index had received 4.seventy two % closing week.

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Rupee opens 11 paise down at 68.18 against dollar

The rupee opened eleven paise down at 68.18 against buck due to buying of yankee foreign money by means of banks and importers.

meanwhile, the home equity market opened marginally within the green following blended international cues. The BSE Sensex opened fifty two.89 factors, or 0.19 per cent, up at 27,761, whereas NSE Nifty opened 7.seventy five factors, or 0.09 per cent, up at eight,610.50. The native forex used to be trading 14 paise down at 68.21 in opposition to dollar round 9.15 am (IST).

The rupee on Wednesday settled 8 paise higher at 68.07 in opposition to dollar.  the rupee ended on a slightly better word on Wednesday on the back of energy in major currencies in opposition to the united states buck and receding dangers of outflow redemptions. strength in home equities and a delicate US$ supported the rupee to increase good points.

international institutional buyers (FIIs) sold shares price Rs a hundred and ten.50 crore on Wednesday with gross gross purchases and sales of Rs 5153.ninety eight crore and Rs 5043.forty eight crore, respectively, in step with knowledge to be had with depository NSDL.

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Sensex Fall Over a hundred points, Axis financial institution Slumps On susceptible Q3

Axis bank pronounced seventy three per cent decline in its web profit at Rs 580 crore in comparison with Rs 2,a hundred seventy five crore year in the past, as unhealthy loans jumped.

9.fifty five a.m.: Brokerages have reduce their income estimates for Axis bank post its vulnerable Q3 earnings. Macquarie has reduced its revenue estimates by 30-forty per cent, CLSA by means of 14-18 per cent, credit score Suisse with the aid of 7 per cent and usaby 8-7 per cent.

9.45 a.m.: investors endured to sell Axis bank shares on asset high quality difficulty. Axis bank's gross non-performing assets (GNPA) as a percentage of whole advances rose to 5.22 per cent compared to 4.17 per cent in the September quarter. meanwhile, it can be web non-performing assets, which is GNPA minus provisions, rose sixteen basis factors sequentially to 2.18 per cent of advances. Axis bank shares have been down 5.86 per cent at Rs 455.45.

9.20 am.: The BSE Sensex fell over a hundred factors led via losses in banking and IT inventory, while the Nifty50 index breached the eight,400 mark. Sensex made a low of 27,196.2 and the Nifty fell as much as 38 points to 8,397.05.

Losses in banking shares have been led through Axis bank, which plunged over 6 per cent to Rs 452.sixty five on vulnerable income for the October-December quarter. the private sector lender mentioned seventy three per cent decline in its net profit at Rs 580 crore in comparison with Rs 2,one hundred seventy five crore yr ago, as bad loans jumped leading to over four hundred per cent annual leap in its provisions to Rs 3,796 crore. ICICI bank and bank of Baroda were the opposite banking losers within the Nifty50 index.

instead of banks, IT stocks also witnessed promoting. HCL, Infosys, Tech Mahindra fell between 0.5-0.9 per cent each.

in the meantime, Asian shares fell on Friday as caution prevailed in financial markets beforehand of US President-opt for Donald Trump's inauguration, even as China's fourth-quarter economic boom beat expectations and Federal Reserve Chair Janet Yellen took a less hawkish coverage stance.

9.00 am.: Rupee opens better at sixty eight.05 per greenback against Thursday's close of sixty eight.12

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Sensex reclaims 27,000, Nifty 8,300 ahead of Trump's first presser

Among broader markets, BSE Midcap and BSE Smallcap rose 0.7% and 0.6% respectively

Benchmark indices continued trading higher tracking Asian markets, which were trading at 2-month high as investors awaited cues from President-elect Donald Trump's first presser due later in the day.

At 10:21 am, the Sensex was trading at 27,051, up 152 points, and the Nifty was ruling at 8,338, up 49 points.

Among broader markets, BSE Midcap and BSE Smallcap rose 0.7% and 0.6% respectively.   

"Anything beyond 8,345 region can be expected to attract volatility for the time being. On the other hand 8,400-8,450 appear as the next objectives in a very optimistic scenario, while slippage past 8,230 could allow bears to tighten grip," said Geojit BNP Paribas in a note.

On Monday, foreign portfolio investors (FPIs) sold shares worth a net Rs 21.20 crore, while Domestic institutional investors (DIIs) bought shares worth a net Rs 253.36 crore, provisional data available with BSE showed.

Sectors and Stocks

Tata Steel, Coal India, Lupin, L&T and HDFC Bank were the top gainers while Bajaj Auto fell around 1% making it the biggest laggard in BSE Sensex.

IOC gained over 1% after reports global brokergae CLSA said it higher chances of earnings surprise by IOC than peers and stabilisation of Paradip refinery remains a key trigger for the stock.

IndusInd Bank rose over 3% to Rs 1199.7 on BSE Sensex after strong Q3 results. Also, CLSA maintained ‘Buy’ on the stock and upgraded the target price to Rs 1,450 from Rs 1400 earlier and Morgan Stanley is overweight with a target price of Rs 1,500.

Shares of metal companies are in focus with the Nifty Metal and S&P BSE Metal index hitting their respective 52-week highs on Wednesday in intra-day trade after rally in steel stocks.

JSW Steel, Tata Steel, Hindalco Industries, National Aluminium Company (Nalco), Coal India, Jindal Steel & Power (JSPL), Steel Authority of India (SAIL), NMDC and Bhushan Steel from the metal index were up 2% to 6%.

Auto sales at 16-year low

Monthly automobile sales growth rate in India slipped to a 16-year low in December with total vehicle sales declining by 18.66 per cent as demonetisation hits the industry hard.

According to latest Society of Indian Automobile Manufacturers (Siam) data, most of the major segments, including scooters, motorcycles and cars, witnessed record decline December sales as the automobile sector continued to bear the brunt of negative consumer sentiments in the wake of the ban of Rs 500 and Rs 1,000 notes announced in November. It sparked a severe cash shortage that dented demand. Sales fell 18.66% in December to 1.2 million units, the biggest monthly drop since the same month in 2000.

Mixed outlook on Indian economy

The World Bank has cut India’s projected GDP to 7% from 7.6% in the current financial year after taking into account the impact of demonetisation. It stated the impact of demonetisation was for the short term. The forecast is just a tad below the Advance Estimates put out by the Central Statistical Office (CSO) which estimated the growth to be at 7.1% without considering the effect of demonetisation.

Meanwhile, International rating agency Moody’s Investors Service maintained a positive outlook (Baa3 positive) on India and said that beyond the short-term negative impact on growth, demonetisation has the potential to raise government revenues and provide some fiscal space to support growth if required.

Other Developments

Gold rose to a six-week peak on Tuesday, supported by earlier weakness in the dollar ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump's spending plans in the first speech since his shock election win in November.

Oil prices edged up on Wednesday, lifted by a small supply cut by crude exporter Saudi Arabia, but markets remained under pressure from signs that the planned OPEC output reductions were being poorly implemented and as supplies from elsewhere rose.

Prices for Brent crude futures, the international benchmark for oil prices, were trading at $53.77 per barrel, up 13 cents from their last close while WTI crude oil futures were at $50.96 a barrel, 14 cents above their last settlement.

Global Markets

Asian shares stood near two-month highs on Wednesday as investors looked to President-elect Donald Trump's news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies.

While his plan for tax cuts and infrastructure spending has boosted U.S. shares and the dollar, his protectionist statements have kept many investors on guard.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early Wednesday trade.

It stood at its two-month highs, essentially coming back to where it was just before the U.S. election after recovering from their losses of over five percent.

Japan's Nikkei ticked up 0.2%.

On Wall Street, the S&P 500 ended flat on Tuesday, as investors look also to earnings season, which starts this week, to assess if the record levels are justified, following 5% gains since the election. Dow Jones index fell 0.2%, to close at 19,855 while Nasdaq Composite index inched 0.4% higher for record close.

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Rupee opens 13 paise up against dollar; extends gains for 3rd day

The rupee extended its winning run for the third consecutive day on Friday and opened 13 paise higher at 67.83 against dollar on sustained dollar unwinding from banks and exporters. The local currency on Thursday settled 9 paise higher at 67.96 against dollar.

Meanwhile, domestic equity indices, BSE Sensex and NSE Nifty, opened on a flat note with positive bias following mixed global cues. The 30-share Sensex opened 51 points, or 0.19 per cent, up at 26,929.69, while the 50-share Nifty index kicked off the day at 8,281, 0.10 per cent higher than the previous close.

The local currency was trading around 12 paise higher against the previous close at 9:15 am (IST).

Meanwhile, the RBI on Thursday fixed the reference rate for the dollar at 67.7884 and euro at 71.5574. In cross-currency trade, the rupee fell against the pound sterling to settle at 83.65 from 83.44 yesterday.

Amit Gupta, Co-Founder and CEO, TradingBells said, “Strength in emerging equity markets as well as currencies has put pressure on the dollar. The USD-INR pair may show some recovery on Friday.”

Amar Ambani, Head of Research, IIFL said, “Greenback is witnessing some liquidation, as the recent rally is based on the euphoria of expected higher infrastructure spending and heavy corporate tax cuts by the US President-elect Donald Trump.”

Foreign institutional investors (FIIs) continued to remain net sellers in domestic equity markets on Thursday as they sold shares worth Rs 681.93 crore with gross purchases and gross sales of Rs 3,544.24 crore and Rs 4,226.17 crore, respectively.

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Sensex surges over 150 points, Nifty above 8,250; Tata Motors top mover

Broader market outperformed the headline indices with BSE Midcap and BSE Smallcap gaining 0.5% each

The benchmark indices on Thursday opened higher tracking positive trend seen in Asian markets after minutes from the US Federal Reserve's December policy meeting, released overnight, suggested a less hawkish stance from policymakers.

Gains were, however, capped by inconclusive Goods and Services Tax (GST) meeting which ended yesterday.

At 09:32 am, the S&P BSE Sensex was trading at 26,790, up 157 points, while the broader Nifty50 was ruling at 8,238, up 48 points.

Broader market outperformed the headline indices with BSE Midcap and BSE Smallcap gaining 0.7% each.

"The 8,225 region kept a lid on Wednesday’s uppish attempts, but the firm support offered on every dips suggest that more upsides are in order. This brings the 8,250-8,300 objectives in play and the downside pivot will have to be pushed higher towards 8,187. This automoatically means that the 8,580 view is already in play, but, inability to float above 8,250 or a slippage past 8187-60 could tilt the bullish bias in favour of volatility," said brokerage Geojit BNP Paribas in a technical note.

Sectors and stocks

BSE Auto index (up 1.2%) was the leading sectoral gainer, led by gains in Tata Motors (up 3%), Motherson Sumi (up 1.8%), Bharat Forge (up 1.4%) and Bosche (1.4%). BSE Industrials (up 1%), BSE Metal (up 0.9%) and BSE Oil & Gas (0.8%) included other sectoral movers.

Among individual stocks, Tata Motors was the top gainer and jumped over 3% on the BSE.

Petron Engineering advanced over 8% after the company on Wednesday said it has received Letter of Intent from Shree Cement, for civil work of plant building & silos and misc. work at their Orissa Grinding Project for contract value of Rs 33 crore.

Sun Pharma added 2% after the pharma major announced successful Phase 3 confirmatory clinical trial results for Seciera for the treatment of dry eye disease.

GST: April implementation looks unlikely

An impasse over the division of administrative turf between the Centre and states, higher compensation due to demonetisation and definition of coastal states persisted at GST Council, indicating that a roll-out of the new indirect tax regime is difficult not only from April 1, but also from July 1, 2017.

The Council, comprising the Union finance minister, Union minister of state for revenue and representatives of states, would now meet on January 16 to resolve these tricky issues ahead of the Budget session, to start from January 31.

Minutes from Fed policy meet

The Fed policymakers noted upside risk to growth forecasts, but remained uncertain about the President-elect Donald Trump's promises of tax cuts, infrastructure spending and deregulation. Members suggested aggressive path of rate increases only if inflationary pressures rise.

The central bank's policy-setting committee unanimously raised interest rates last month by a quarter of a point and policymakers signaled a faster pace of rate increases in 2017 than previously expected. That was seen as the Fed's first reaction to Trump's victory in the November 8 election.

Global markets

Asian stocks edged higher underpinned by a firm Wall Street. MSCI's broadest index of Asia-Pacific stocks outside Japan gained 0.2%, on track for a eighth consecutive session of gains. Australian markets rose 0.4%. China's Shanghai Composite was up 0.1%, Hong Kong's Hang Seng added 1.1%, while Japan's Nikkei bucked the trend to lose 0.3%.

Overnight, the Dow Jones Industrial Average rose 0.3% to end at 19,942.16 and the S&P 500 gained 0.57% to 2,270.75 after minutes showed most Federal Reserve policymakers thought the economy could grow more quickly because of fiscal stimulus under the Trump administration.

Author : Wealth Research