Tata Steel, BHEL, ITC, Tata Motors, Axis Bank, Bharti Infratel, IOC and HCL Tech are the top gainers on the indices.
10:55 am Polaris Consulting to delist? US-based Virtusa is seeking to delist Polaris Consulting & Services from the Indian stock exchanges, sources privy to the information told CNBC-TV18. Virtusa has already appointed bankers for this, to finalise the delisting road map.
Before delisting, Virtusa, which holds around 75 percent stake in Polaris, plans to acquire 15 percent additional stake in the consulting firm. However, it will go ahead with the delisting only after first assessing the market conditions.
The global IT services major intends to rebrand Polaris under the umbrella 'Virtusa', post listing.
10:40 am Tepid listing: Shares of S Chand & Co listed at Rs 689 on Tuesday, a 3 percent gain on the issue price of Rs 670.
Before delisting, Virtusa, which holds around 75 percent stake in Polaris, plans to acquire 15 percent additional stake in the consulting firm. However, it will go ahead with the delisting only after first assessing the market conditions.
The global IT services major intends to rebrand Polaris under the umbrella 'Virtusa', post listing.
10:40 am Tepid listing: Shares of S Chand & Co listed at Rs 689 on Tuesday, a 3 percent gain on the issue price of Rs 670.
The listing was tepid as compared to the demand it had seen from investors. It was oversubscribed 59.28 times, and had raised Rs 219 crore from anchor investors.
10:30 am Buzzing stocks: Share price of Mangalam Drugs and NOCIL gained 3-4 percent intraday Tuesday on strong Q4 numbers.
Mangalam Drugs has posted 20 percent jump in its Q4 (Jan-March) net profit at Rs 6.6 crore against Rs 5.5 crore, in the same quarter last fiscal.
Total Income of the company was up 18.9 percent at Rs 87.6 crore versus Rs 73.7 crore.
10:05 am Markets Update: Markets were trading flat after it opened on positive note. The Sensex was up 21.08 points at 29947.23, and the Nifty was up 1.10 points at 9315.15. About 1241 shares have advanced, 811 shares declined, and 98 shares are unchanged.
Tata Steel, BHEL, ITC, Tata Motors, Axis Bank, Bharti Infratel, IOC and HCL Tech are the top gainers on the indices, while top losers includes ICICI Bank, Cipla, Hero Motocorp, Bharti Airtel, Sun Pharma, Indiabulls Housing, Aurobindo Pharma, Bank of Baroda and Ambuja Cements.
9:50 am Buzzing Stock: Shares of Tata Sponge Iron rose as much as 2.4 percent intraday Tuesday as it has received government approval to increase the production capacity.
The company has received environment clearance from Ministry of Environment, Forest & Climate Change, Government of India, for enhancement of DRI production by 35000 TPA i.e. from 3,90,000 TPA to 4,25,000 TPA in the existing facility located at Bileipada, district Keonjhat, Odisha.
For the quarter ended March 2017, the company had posted net profit of Rs 21.20 crore against Rs 13.08 crore in the same quarter last fiscal.
9:30 am Rupee Update: The rupee on Tuesday opened at 64.42 against the dollar, 12 paise lower than its previous close, on strong demand for the greenback from nationalised banks and importers.
On Monday, the rupee had closed 7 paise higher from its Friday close, after having seen higher gains earlier in the session. However, towards the end of trade, demand for the dollar returned and many nationalised banks were seen buying dollars.
"USD-INR pair has been trading in a range-bound manner, affected by global developments. Expect 64.20-64.40/dollar range to prevail," said Bhaskar Panda of HDFC Bank. "On 10-year benchmark front, expect the yield to hover between 6.92-6.95 percent today," he added.
9:15 am Market Opens: Benchmark indices opened in the green on Tuesday, with indices posting marginal gains and holding on to key milestones.
The 30-share Sensex was up 35.66 points at 29961.81, while the Nifty was up 11.50 points at 9325.55. The market breadth was healthy as 593 shares advanced against a decline of 179 shares, while 31 shares were unchanged.
Asian Paints, Hero MotoCorp, HDFC and Indian Oil were top gainers on both the indices, while Adani Ports, Bharti twins and Ambuja Cements lost the most.
On the global front, the S&P 500 ended flat on Monday after briefly touching a record high, while Wall Street's "fear gauge" dropped to its lowest in over two decades following centrist Emmanuel Macron's victory in the French presidential election.
The CBOE Volatility index dropped 7.6 percent to 9.77, its lowest since 1993 as investors took comfort from Macron's victory, as well as from strong quarterly reports in recent weeks.
A declining VIX typically indicates a bullish outlook for stocks, but the extreme lows the index has touched are sounding caution for some stock investors.
Asian equities were mostly muted after soaring in the previous trading session with investors focused on key regional events unfolding in the day, including a presidential election in South Korea and the release of the Australian federal budget.
Gold inched up early on Tuesday as Asian stocks eased, but was sitting near a seven-week low hit in the previous session as Emmanuel Macron's victory in French elections dampened the safe-haven appeal of the metal.
Meanwhile, following a successful IPO issue, S Chand and Company will be listing itself on the exchanges later in the day.
The IPO saw solid investor demand after it was oversubscribed 59.28 times at the close of its bidding hours.
The textbook publisher’s issue received bids for 45,56,00,794 shares against the total issue size of 76,85,284 shares, data available with the NSE showed.
10:30 am Buzzing stocks: Share price of Mangalam Drugs and NOCIL gained 3-4 percent intraday Tuesday on strong Q4 numbers.
Mangalam Drugs has posted 20 percent jump in its Q4 (Jan-March) net profit at Rs 6.6 crore against Rs 5.5 crore, in the same quarter last fiscal.
Total Income of the company was up 18.9 percent at Rs 87.6 crore versus Rs 73.7 crore.
10:05 am Markets Update: Markets were trading flat after it opened on positive note. The Sensex was up 21.08 points at 29947.23, and the Nifty was up 1.10 points at 9315.15. About 1241 shares have advanced, 811 shares declined, and 98 shares are unchanged.
Tata Steel, BHEL, ITC, Tata Motors, Axis Bank, Bharti Infratel, IOC and HCL Tech are the top gainers on the indices, while top losers includes ICICI Bank, Cipla, Hero Motocorp, Bharti Airtel, Sun Pharma, Indiabulls Housing, Aurobindo Pharma, Bank of Baroda and Ambuja Cements.
9:50 am Buzzing Stock: Shares of Tata Sponge Iron rose as much as 2.4 percent intraday Tuesday as it has received government approval to increase the production capacity.
The company has received environment clearance from Ministry of Environment, Forest & Climate Change, Government of India, for enhancement of DRI production by 35000 TPA i.e. from 3,90,000 TPA to 4,25,000 TPA in the existing facility located at Bileipada, district Keonjhat, Odisha.
For the quarter ended March 2017, the company had posted net profit of Rs 21.20 crore against Rs 13.08 crore in the same quarter last fiscal.
9:30 am Rupee Update: The rupee on Tuesday opened at 64.42 against the dollar, 12 paise lower than its previous close, on strong demand for the greenback from nationalised banks and importers.
On Monday, the rupee had closed 7 paise higher from its Friday close, after having seen higher gains earlier in the session. However, towards the end of trade, demand for the dollar returned and many nationalised banks were seen buying dollars.
"USD-INR pair has been trading in a range-bound manner, affected by global developments. Expect 64.20-64.40/dollar range to prevail," said Bhaskar Panda of HDFC Bank. "On 10-year benchmark front, expect the yield to hover between 6.92-6.95 percent today," he added.
9:15 am Market Opens: Benchmark indices opened in the green on Tuesday, with indices posting marginal gains and holding on to key milestones.
The 30-share Sensex was up 35.66 points at 29961.81, while the Nifty was up 11.50 points at 9325.55. The market breadth was healthy as 593 shares advanced against a decline of 179 shares, while 31 shares were unchanged.
Asian Paints, Hero MotoCorp, HDFC and Indian Oil were top gainers on both the indices, while Adani Ports, Bharti twins and Ambuja Cements lost the most.
On the global front, the S&P 500 ended flat on Monday after briefly touching a record high, while Wall Street's "fear gauge" dropped to its lowest in over two decades following centrist Emmanuel Macron's victory in the French presidential election.
The CBOE Volatility index dropped 7.6 percent to 9.77, its lowest since 1993 as investors took comfort from Macron's victory, as well as from strong quarterly reports in recent weeks.
A declining VIX typically indicates a bullish outlook for stocks, but the extreme lows the index has touched are sounding caution for some stock investors.
Asian equities were mostly muted after soaring in the previous trading session with investors focused on key regional events unfolding in the day, including a presidential election in South Korea and the release of the Australian federal budget.
Gold inched up early on Tuesday as Asian stocks eased, but was sitting near a seven-week low hit in the previous session as Emmanuel Macron's victory in French elections dampened the safe-haven appeal of the metal.
Meanwhile, following a successful IPO issue, S Chand and Company will be listing itself on the exchanges later in the day.
The IPO saw solid investor demand after it was oversubscribed 59.28 times at the close of its bidding hours.
The textbook publisher’s issue received bids for 45,56,00,794 shares against the total issue size of 76,85,284 shares, data available with the NSE showed.
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