Midcaps were back in the green along with FMCG, banks and infra indices on the Nifty.
11:05 am Market Check: Benchmark indices extended their gains from the morning session, with the Nifty trading above 9400 mark.
The Sensex was up 149.65 points at 30514.90, while the Nifty was up 38.75 points at 9424.90. The market breadth was back in the positive zone as 1,211 shares advanced against a decline of 970 shares, while 114 shares were unchanged.
Midcaps were back in the green along with FMCG, banks and infra indices on the Nifty.
The Sensex was up 149.65 points at 30514.90, while the Nifty was up 38.75 points at 9424.90. The market breadth was back in the positive zone as 1,211 shares advanced against a decline of 970 shares, while 114 shares were unchanged.
Midcaps were back in the green along with FMCG, banks and infra indices on the Nifty.
Tata Motors, Tata Motors DVR and HDFC were the top gainers on both the indices, while Dr Reddy’s Laboratories, HCL Tech, Asian Paints and Bharti Infratel lost the most.
10:50 am Buzzing Stock: Voltas rallied as much as 8.5 percent in morning trade on Wednesday, a day after the company reported 22.06 percent increase in consolidated net profit at Rs 200.47 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 164.23 crore in the January-March quarter a year ago, Voltas said in a BSE filing.
In separate news, the Air-conditioner maker, Voltas, and Turkey's Ardutch have agreed to set up a joint venture company in India with equity capital of USD 100 million.
10:30 am Job cuts: Tata Motors said it has reduced its managerial workforce by up to 1,500 people domestically as part of an organisational restructuring exercise.
"The reference (total managers) on which we started (the exercise) was in the vicinity of 13,000...we do see as far as the white collar population is concerned, an overall reduction in the vicinity of 10-12 percent (up to 1,500)," managing director and chief executive Guenter Butschek told reporters here.
He was speaking after announcing the company's earnings for the fiscal 2016-17.
The company joins a growing number of organisations adopting such strategies for a variety of reasons, ranging from cutting the flab to automation. These job cuts, which have led to concerns on 'jobless economic growth' in various quarters, have been across multiple sectors, including capital goods, banking & finance, and information technology.
10:05 am Market Check: Equity benchmark indices were trading steady after opening in the green zone, with the Nifty hovering around 9400-mark.
The Sensex was up 99.43 points at 30464.68, while the Nifty was up 18.80 points at 9404.95. The market breadth was negative as 856 shares advanced against a decline of 1,064 shares, while 88 shares were unchanged.
Midcaps, PSU banks as well as pharma were the top losers, while the auto index gained.
Tata Motors, Tata Motors DVR and HDFC gained the most, while Asian Paints, Dr Reddy’s Laboratories, HCL Tech and Bank of Baroda lost the most.
9:45 am IIFL on Tata Motors: In an interview to CNBC-TV18, Prayesh Jain, AVP-Research at IIFL shared his readings and outlook on the Q4 numbers of Tata Motors.
He said that the numbers are ahead of estimate. There are also tailwinds coming in from operating leverage with new models coming in so the volume growth should be higher.
He expects Jaguar Land Rover (JLR) margins in the range of 13.5-14 percent for FY18.
9:30 am Buzzing Stock: Shares of Cerebra Integrated Technologies gained 5 percent intraday Wednesday as it received permission from Karnataka State Pollution Control Board to start its E-Waste recycling plant in Bangalore.
Karnataka State Pollution Control Board has issued its consent to the company to start production for its E-Waste recycling plant setup on a 12 acre land at Narsapura Industrial Area, Old Madras Road.
9:15 am Market Opens: Benchmark indices opened on a positive note on Wednesday, with the Nifty reclaiming 9400-mark in the first tick.
The Sensex was up 71.86 points at 30437.11, while the Nifty was up 22.65 points at 9408.80. The market breadth was positive, but narrow, as 267 shares advanced against a decline of 145 shares, while 36 shares were unchanged.
Tata Motors gained around 4 percent on the back of stellar results, followed by Adani Ports and Tata Motors DVR. Meanwhile, Bharti Airtel, Lupin and Bharti Airtel lost the most.
The Indian rupee on Wednesday opened at 64.91 to the dollar, 2 paise weaker than its previous close of 64.89.
Pramit Brahmbhatt of Veracity said, "Pessimism which persists in the domestic equity market will be the reason for rupee to depreciate. The spot USD-INR pair will trade in a range of 64.80-65.20/dollar today."
Globally, major indexes in Asia opened higher on Wednesday as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting widely expected to extend production cuts for nine months to March 2018.
Markets are awaiting the release of minutes from the Fed's for its last meeting on Wednesday in the US for details on the probability of a rate hike in June. More information from the Fed on how it intends to unwind its balance sheet is also expected.
Meanwhile, Wall Street edged higher on Tuesday as investors digested President Donald Trump's budget plan, but a drop in consumer discretionary stocks offset a boost from the financial sector.
While Tuesday's economic data was weak, investors appeared relieved that President Donald Trump's first full budget plan was largely as expected.
"There were no large surprises. The market is pleased with that," said Wade Balliet, Chief Investment Strategist at Bank of the West.
10:50 am Buzzing Stock: Voltas rallied as much as 8.5 percent in morning trade on Wednesday, a day after the company reported 22.06 percent increase in consolidated net profit at Rs 200.47 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 164.23 crore in the January-March quarter a year ago, Voltas said in a BSE filing.
In separate news, the Air-conditioner maker, Voltas, and Turkey's Ardutch have agreed to set up a joint venture company in India with equity capital of USD 100 million.
10:30 am Job cuts: Tata Motors said it has reduced its managerial workforce by up to 1,500 people domestically as part of an organisational restructuring exercise.
"The reference (total managers) on which we started (the exercise) was in the vicinity of 13,000...we do see as far as the white collar population is concerned, an overall reduction in the vicinity of 10-12 percent (up to 1,500)," managing director and chief executive Guenter Butschek told reporters here.
He was speaking after announcing the company's earnings for the fiscal 2016-17.
The company joins a growing number of organisations adopting such strategies for a variety of reasons, ranging from cutting the flab to automation. These job cuts, which have led to concerns on 'jobless economic growth' in various quarters, have been across multiple sectors, including capital goods, banking & finance, and information technology.
10:05 am Market Check: Equity benchmark indices were trading steady after opening in the green zone, with the Nifty hovering around 9400-mark.
The Sensex was up 99.43 points at 30464.68, while the Nifty was up 18.80 points at 9404.95. The market breadth was negative as 856 shares advanced against a decline of 1,064 shares, while 88 shares were unchanged.
Midcaps, PSU banks as well as pharma were the top losers, while the auto index gained.
Tata Motors, Tata Motors DVR and HDFC gained the most, while Asian Paints, Dr Reddy’s Laboratories, HCL Tech and Bank of Baroda lost the most.
9:45 am IIFL on Tata Motors: In an interview to CNBC-TV18, Prayesh Jain, AVP-Research at IIFL shared his readings and outlook on the Q4 numbers of Tata Motors.
He said that the numbers are ahead of estimate. There are also tailwinds coming in from operating leverage with new models coming in so the volume growth should be higher.
He expects Jaguar Land Rover (JLR) margins in the range of 13.5-14 percent for FY18.
9:30 am Buzzing Stock: Shares of Cerebra Integrated Technologies gained 5 percent intraday Wednesday as it received permission from Karnataka State Pollution Control Board to start its E-Waste recycling plant in Bangalore.
Karnataka State Pollution Control Board has issued its consent to the company to start production for its E-Waste recycling plant setup on a 12 acre land at Narsapura Industrial Area, Old Madras Road.
9:15 am Market Opens: Benchmark indices opened on a positive note on Wednesday, with the Nifty reclaiming 9400-mark in the first tick.
The Sensex was up 71.86 points at 30437.11, while the Nifty was up 22.65 points at 9408.80. The market breadth was positive, but narrow, as 267 shares advanced against a decline of 145 shares, while 36 shares were unchanged.
Tata Motors gained around 4 percent on the back of stellar results, followed by Adani Ports and Tata Motors DVR. Meanwhile, Bharti Airtel, Lupin and Bharti Airtel lost the most.
The Indian rupee on Wednesday opened at 64.91 to the dollar, 2 paise weaker than its previous close of 64.89.
Pramit Brahmbhatt of Veracity said, "Pessimism which persists in the domestic equity market will be the reason for rupee to depreciate. The spot USD-INR pair will trade in a range of 64.80-65.20/dollar today."
Globally, major indexes in Asia opened higher on Wednesday as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting widely expected to extend production cuts for nine months to March 2018.
Markets are awaiting the release of minutes from the Fed's for its last meeting on Wednesday in the US for details on the probability of a rate hike in June. More information from the Fed on how it intends to unwind its balance sheet is also expected.
Meanwhile, Wall Street edged higher on Tuesday as investors digested President Donald Trump's budget plan, but a drop in consumer discretionary stocks offset a boost from the financial sector.
While Tuesday's economic data was weak, investors appeared relieved that President Donald Trump's first full budget plan was largely as expected.
"There were no large surprises. The market is pleased with that," said Wade Balliet, Chief Investment Strategist at Bank of the West.
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