Market Live: Nifty, Midcap near record highs; Reliance most active, BHEL gains 2%

Reliance was the most active stock on the National Stock Exchange, followed by M&M, Bharat Financial, Biocon and Reliance Capital.

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Benchmark indices as well as broader markets retained early gains, with the Nifty and Midcap trading near their record highs hit in opening.

The 30-share BSE Sensex gained 170.42 points at 29,826.26 and the 50-share NSE Nifty rose 50.90 points to 9,268.85. About three shares advanced for every two shares falling on the BSE.

Nifty Midcap and Smallcap indices climbed 0.8 percent each.

Reliance was the most active stock on the National Stock Exchange, followed by M&M, Bharat Financial, Biocon and Reliance Capital.

State-run power equipment maker BHEL gained 2 percent on export order worth Rs 10,000 crore for thermal power project in Bangladesh.

10:58 am USFDA nod: Jubilant Life Sciences has received Abbreviated New Drug Application final approval for Olmesartan Medoxomil tablets, 5mg, 20 mg and 40 mg, the generic version of Benicar of Daiichi Sankyo, which is used for treatment of hypertension.

10:55 am FII holding in Ujjivan: Limit for foreign investments in Ujjivan Financial Services has been reduced to 47 percent from the earlier 49 percent, the RBI said.

It's board had agreed to lower the limit for the purchase of its shares and convertible debentures by FIIs, registered foreign portfolio investors (RFPIs), qualified foreign investors (QFIs) and others through primary market and stock exchanges up to 47 percent of the paid-up capital under the portfolio investment scheme.

"Hence, FIIs, RFPIs, FDI, QFIs, ADR, GDR, NRIs, PIO investment limit under PIS for Ujjivan Financial Services stands decreased from 49 percent to 47 percent," the Reserve Bank said.

10:35 am Earnings estimates: IT services provider Wipro is expected to report dollar revenue growth within its guidance range for January-March quarter. IT services revenue in dollar terms may grow 1.87 percent sequentially to USD 1,938.5 million from USD 1,902.8 million, according to average of estimates of analysts polled by CNBC-TV18.

The company estimated dollar revenue growth at 1.8-1.9 percent and 1-1.5 percent growth in constant currency for the quarter ended March 2017.

Rupee revenue during the quarter may fall 0.8 percent quarter-on-quarter to Rs 13,090 crore while EBIT (earnings before interest and tax) is seen declining 3.7 percent to Rs 2,324 crore and margin may shrink 55 basis points to 17.75 percent compared with previous quarter, hit by rupee appreciation and lower margin from Appirio.

According to analysts, Wipro may forecast dollar revenue growth at 0-2 percent for first quarter of current financial year 2017-18.

10:17 am Valuable company: Better-than-expected earnings and hopes of good amount of telecom business contribution to total revenue going ahead helped Reliance Industries become most valuable company on bourses.

Reliance has current market capitalisation of Rs 4.67 lakh crore, surpassing TCS. The stock price was trading at Rs 1,444, up 2 percent.

10.05 am Market Check: Equity benchmarks as well as broader markets continued to trade higher in morning, with the Nifty holding 9250 level, tracking positive global cues on French polls.

The 30-share BSE Sensex was up 140.51 points at 29,796.35 and the 50-share NSE Nifty gained 40 points at 9,257.95. The BSE Midcap and Smallcap indices gained more than half a percent on positive breadth.

About two shares advanced for every share falling on the BSE.

9:55 am QIP: Private sector DCB Bank has set the floor price at Rs 177.39 for its issue of shares to qualified institutions to raise Rs 400 crore.

The capital raising committee of the bank at a meeting held authorised to open the qualified institution placement (QIP) issue.

The bank may offer a discount of not more than 5 per cent on the floor price for the QIP, DCB Bank said in a regulatory filing.

A senior official of the bank earlier in January this year said that infusion of up to Rs 400 crore will help it add up to 2 percentage points to the core capital buffer and the tier-I will go up to 13 per cent after the infusion.

9:28 am FII View: "With May month approaching, we have been suggesting buying the dips as return on equity fundamentals in Asia Pacific Ex-Japan are the best in six years," Sakthi Siva of Credit Suisse said.

Significantly, the upgrade to 2017 consensus EPS estimates in April has accelerated further from 0.5 percent last week to 0.8 percent currently with Korea again leading the way with a 2.9 percent upgrade in April, she added.

9:15 am Market Check: Equity benchmarks extended gains on Tuesday as the Sensex opened higher by more than 150 points and the Nifty reclaimed its 9250 level, backed by Reliance Industries. Positive Asian cues also aided the rally.

The 30-share BSE Sensex was up 171.05 points at 29,826.89 and the 50-share NSE Nifty gained 48.85 points at 9266.80. Nifty Bank opened at record high.

Reliance Industries surged 2.46 percent after better-than-expected earnings in Q4. M&M, ICICI Bank, Dr Reddy's Labs, Cipla, Indiabulls Housing Finance, Ambuja Cements and Hindalco were other early gainers.

Bharti Airtel, Infosys, NTPC, HCL Tech and ITC were losers.

The Indian rupee opened marginally higher at 64.42 per dollar today against previous day's closing value of 64.44.

Bhaskar Panda of HDFC Bank said, "Global currency movement has had little effect on the USD-INR as the pair remains rangebound."

"I do not see any breakout now as I expect the pair to trade within a range of 64.35-64.60/dollar today," he added.

The dollar index is lower against a basket of major currencies, though the euro surged against the US dollar on relief over Emmanuel Macron's victory against Marine Le Pen.

Equities held in the green in Asia following the global relief rally after the first round of France's presidential election stoked a relief rally, with several regional markets jumping to multi-year highs.

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