ITC, HUL, and Indiabulls Housing gained the most on both the indices, while SBI, Lupin, and Tata Power lost the most.
11:02 am Market Check: After erasing a huge chunk of the morning gains, benchmark indices traded steady, largely supported by ITC’s rally.
The Sensex was up 139.28 points at 30604.20, while the Nifty was up 28.20 points at 9456.10. The market breadth was narrow as 1,111 shares advanced against a decline of 1,166 shares, while 141 shares were unchanged.
ITC, Hindustan Unilever, and Indiabulls Housing gained the most on both the indices, while SBI, Lupin, and Tata Power lost the most.
The Sensex was up 139.28 points at 30604.20, while the Nifty was up 28.20 points at 9456.10. The market breadth was narrow as 1,111 shares advanced against a decline of 1,166 shares, while 141 shares were unchanged.
ITC, Hindustan Unilever, and Indiabulls Housing gained the most on both the indices, while SBI, Lupin, and Tata Power lost the most.
Midcaps continued to underperform the index, while pharma stocks were lower as well.
10:45 am Gold update: Gold prices edged lower on Monday as Asian stocks gained, although political worries surrounding U.S. President Donald Trump are expected to keep supporting appetite for the metal as a so-called safe-haven asset.
Trump was hit on Friday by embarrassing leaks that a senior adviser was a "person of interest" in a probe of possible collusion with Russia during last year's election campaign and that Trump had boasted to Russian officials of firing the man heading the investigation.
10:20 am Market Outlook: In an interview to CNBC-TV18, Manish Ostwal, Senior Research Analyst at Nirmal Bang Securities spoke about State Bank of India's Q4 numbers and the performance of the subsidiaries.
"At the current market price of Rs 308 the stock is fairly priced, relatively better standalone performance and speedier execution of associate banks but we need to see the performance of the merged entity going ahead and any lapses on that especially on the recognition side of the NPA assets - that could be the downside risk to the stock and right now the risk-reward is not that attractive to buy the stock," said Ostwal.
10:00 am Market Check: Equity benchmarks soon gave up their gains from the opening tick, with the Sensex looking to snap 30,600.
The Sensex was up 139.54 points at 30604.46, while the Nifty was up 31.50 points at 9459.40. The market breadth was narrow as 1,131 shares advanced against a decline of 840 shares, while 109 shares were unchanged.
ITC, Adani Ports and Kotak Mahindra Bank were the top gainers, while State Bank of India, Sun Pharma and Tata Power lost the most.
Midcaps erased all their gains from the opening session, following heavy selling pressure. A fall was also seen in other sectors such as pharma and PSU banks.
9:50 am Buzzing Stock: Shares of Suzlon Energy touched 52-week high of Rs 22.25, rose more than 8 percent intraday on Monday as it registered a turnaround in its March quarter numbers.
The company has reported a net profit of Rs 579 crore in the Q4FY17 against loss of Rs 333.9 crore, in the same quarter last year.
9:30 am EPFO investment in ETFs: Union minister Bandaru Dattatreya said the EPFO will take a final call on raising investment limit in exchange traded funds (ETFs) to 15 percent from 10 percent at a meeting scheduled on May 27 in Pune.
"On May 27, Employees Provident Fund Organisations (EPFO) Central Board of Trustees (CBT) meeting is scheduled in Pune. Now one of the major agenda item is ETF investments," Dattatreya, the Minister of State for Labour and Employment, told reporters here.
9:15 am Market Opens: The market began the week on a positive note, with benchmark indices tracking trends from the global bourses and saw a gap-up opening.
The 30-share Sensex was up 204.32 points at 30669.24, while the Nifty was higher by 51.15 points at 9479.05. The market breadth was healthy as 430 shares advanced against a decline of 106 shares, while 37 shares were unchanged.
Midcaps gained nearly a percent, while FMCG index on the Nifty gained over a percent. Gains in auto, bank and infra were also seen on the index.
ITC, Tata Steel and Hindalco gained the most on both indices, while Wipro, Sun Pharma and State Bank of India lost the most.
The Indian rupee gained in the early trade on Monday. It has opened higher by 12 paise at 64.52 per dollar versus 64.64 Friday.
Pramit Brahmbhatt of Veracity said, "In the absence of any directional cue, the USD-INR pair will trade in a range of 64.50-64.80/dollar. However, technical bias would remain positive for the dollar."
On the global front, Asian equities traded mostly higher on Monday, following the continued recovery on Wall Street last week and as investors digest yet another missile test out of North Korea at the weekend.
The hermit state said the missile test on Sunday involved an intermediate-range ballistic missile, according to Reuters. North Korean state media said leader Kim Jong Un had "approved the deployment" of the missile, Reuters said.
Markets are also likely watching the outcome of US President Donald Trump's first foreign trip which began in Saudi Arabia during the weekend. An arms deal worth USD 350 billion was inked on Saturday between the two countries.
The Nikkei 225 was 0.34 percent higher. Australia's ASX 200 added 0.66 percent, driven largely by its energy and materials sub-indexes which were up 1.85 percent and 1.43 percent respectively.
South Korea's benchmark Kospi index shrugged off news of the North Korean missile test, gaining 0.36 percent.
The Hang Seng Index traded 0.37 percent higher, but markets on the mainland were in the red. The Shanghai Composite was down 0.18 percent and the Shenzhen Composite dipped 0.166 percent.
10:45 am Gold update: Gold prices edged lower on Monday as Asian stocks gained, although political worries surrounding U.S. President Donald Trump are expected to keep supporting appetite for the metal as a so-called safe-haven asset.
Trump was hit on Friday by embarrassing leaks that a senior adviser was a "person of interest" in a probe of possible collusion with Russia during last year's election campaign and that Trump had boasted to Russian officials of firing the man heading the investigation.
10:20 am Market Outlook: In an interview to CNBC-TV18, Manish Ostwal, Senior Research Analyst at Nirmal Bang Securities spoke about State Bank of India's Q4 numbers and the performance of the subsidiaries.
"At the current market price of Rs 308 the stock is fairly priced, relatively better standalone performance and speedier execution of associate banks but we need to see the performance of the merged entity going ahead and any lapses on that especially on the recognition side of the NPA assets - that could be the downside risk to the stock and right now the risk-reward is not that attractive to buy the stock," said Ostwal.
10:00 am Market Check: Equity benchmarks soon gave up their gains from the opening tick, with the Sensex looking to snap 30,600.
The Sensex was up 139.54 points at 30604.46, while the Nifty was up 31.50 points at 9459.40. The market breadth was narrow as 1,131 shares advanced against a decline of 840 shares, while 109 shares were unchanged.
ITC, Adani Ports and Kotak Mahindra Bank were the top gainers, while State Bank of India, Sun Pharma and Tata Power lost the most.
Midcaps erased all their gains from the opening session, following heavy selling pressure. A fall was also seen in other sectors such as pharma and PSU banks.
9:50 am Buzzing Stock: Shares of Suzlon Energy touched 52-week high of Rs 22.25, rose more than 8 percent intraday on Monday as it registered a turnaround in its March quarter numbers.
The company has reported a net profit of Rs 579 crore in the Q4FY17 against loss of Rs 333.9 crore, in the same quarter last year.
9:30 am EPFO investment in ETFs: Union minister Bandaru Dattatreya said the EPFO will take a final call on raising investment limit in exchange traded funds (ETFs) to 15 percent from 10 percent at a meeting scheduled on May 27 in Pune.
"On May 27, Employees Provident Fund Organisations (EPFO) Central Board of Trustees (CBT) meeting is scheduled in Pune. Now one of the major agenda item is ETF investments," Dattatreya, the Minister of State for Labour and Employment, told reporters here.
9:15 am Market Opens: The market began the week on a positive note, with benchmark indices tracking trends from the global bourses and saw a gap-up opening.
The 30-share Sensex was up 204.32 points at 30669.24, while the Nifty was higher by 51.15 points at 9479.05. The market breadth was healthy as 430 shares advanced against a decline of 106 shares, while 37 shares were unchanged.
Midcaps gained nearly a percent, while FMCG index on the Nifty gained over a percent. Gains in auto, bank and infra were also seen on the index.
ITC, Tata Steel and Hindalco gained the most on both indices, while Wipro, Sun Pharma and State Bank of India lost the most.
The Indian rupee gained in the early trade on Monday. It has opened higher by 12 paise at 64.52 per dollar versus 64.64 Friday.
Pramit Brahmbhatt of Veracity said, "In the absence of any directional cue, the USD-INR pair will trade in a range of 64.50-64.80/dollar. However, technical bias would remain positive for the dollar."
On the global front, Asian equities traded mostly higher on Monday, following the continued recovery on Wall Street last week and as investors digest yet another missile test out of North Korea at the weekend.
The hermit state said the missile test on Sunday involved an intermediate-range ballistic missile, according to Reuters. North Korean state media said leader Kim Jong Un had "approved the deployment" of the missile, Reuters said.
Markets are also likely watching the outcome of US President Donald Trump's first foreign trip which began in Saudi Arabia during the weekend. An arms deal worth USD 350 billion was inked on Saturday between the two countries.
The Nikkei 225 was 0.34 percent higher. Australia's ASX 200 added 0.66 percent, driven largely by its energy and materials sub-indexes which were up 1.85 percent and 1.43 percent respectively.
South Korea's benchmark Kospi index shrugged off news of the North Korean missile test, gaining 0.36 percent.
The Hang Seng Index traded 0.37 percent higher, but markets on the mainland were in the red. The Shanghai Composite was down 0.18 percent and the Shenzhen Composite dipped 0.166 percent.
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