At 11:13 a.m., the
Nifty was at 5,214, up 25.75 points, or 0.50 percent. It has touched a
high of 5,223.05 and a low of 5,188.90 in trade so far.
The Sensex was at 17,211.14, up 80.47 points, or 0.47 percent. It has touched a high of 17,242.15 and a low of 17,134.85 in trade so far.
"On the hourly charts, indicators RSI (14) and MACD (12/26/9) are gradually regaining momentum after showing positive divergence with prices indicating a short-term trend reversal.
A breach of yesterday's high of 5,216 will confirm the same and invite a relief rally towards the next resistance levels of 5,245 and then 5,270.
On the lower side, immediate support is seen at 5,160 and then at the March low of 5,135. Only a breach below the latter would negate the expected recovery and extend the weakness towards the 5,050 levels," according to a report from Aditya Birla Money.
The BSE Midcap Index was up 0.65 percent and the Smallcap Index gained 0.53 percent.
Among sectoral indices, the BSE Bankex was up 1.14 percent, the BSE Power Index advanced 0.89 per cent, the BSE Capital Goods Index gained 0.73 percent and the BSE Auto Index was up 0.68 percent. The BSE Oil & Gas Index slipped 0.27 percent.
ICICI Bank (2.69%), Axis Bank (2.29%), Jaiprakash Associates (2.02%), Siemens (1.91%) and M&M (1.80%) are among the top Nifty gainers.
ICICI Bank and Axis Bank are under focus ahead of their fourth quarterly earnings announcements.
"We expect the bank to report a moderate net interest income growth of 13.3% YoY to Rs 2,844 crore. Non-interest income growth is expected to be healthy at 23.8% YoY to Rs 2,032 crore.
Net profit is expected to increase only by 18.3% YoY to Rs 1,719 crore on account of higher provisioning expenses (expected to increase by 24.1% YoY) and a higher tax outgo (expected to increase by 34.1% YoY)," according to an Angel Broking report.
"We expect Axis Bank to report healthy NII growth of 32.4% YoY to Rs 2,252 crore. NIM, on a sequential basis, is likely to remain flat with a downward bias. Non-interest income is expected to increase by relatively moderate 9.4% YoY to Rs 1,586 crore," the Angel Broking report added.
Ranbaxy Laboratories (1.70%), Coal India (1.57%), Tata Steel (0.76%), State Bank of India (0.70%) and Reliance Industries (0.69%) are among the losers.
Hexaware Technologies reported a consolidated net profit of Rs 88.36 crore for the quarter ended March 31, 2012, compared to Rs 53.83 crore in the year ago period. Total income increased to Rs 450.28 crore in the quarter compared to Rs 328.30 crore in the corresponding quarter last fiscal.
The market breadth was positive on the NSE with 832 gainers against 531 losers.
Foreign institutional investors continued to remain bearish on Indian equities. They sold shares worth Rs 376.08 crore on Thursday, as per provisional data from the stock exchanges.
The Bank of Japan kept interest rates unchanged at its policy meet. BoJ eased monetary policy by increasing asset purchase programme by 5 trillion yen ($62 billion) to about 70 trillion yen.
The US markets closed higher on the back of positive earnings reports and encouraging home sales data. The Dow Jones ended up 0.87 percent, the Nasdaq Composite closed 0.69 percent higher and the S&P 500 rose 0.67 per cent.
Source : Economics times
The Sensex was at 17,211.14, up 80.47 points, or 0.47 percent. It has touched a high of 17,242.15 and a low of 17,134.85 in trade so far.
"On the hourly charts, indicators RSI (14) and MACD (12/26/9) are gradually regaining momentum after showing positive divergence with prices indicating a short-term trend reversal.
A breach of yesterday's high of 5,216 will confirm the same and invite a relief rally towards the next resistance levels of 5,245 and then 5,270.
On the lower side, immediate support is seen at 5,160 and then at the March low of 5,135. Only a breach below the latter would negate the expected recovery and extend the weakness towards the 5,050 levels," according to a report from Aditya Birla Money.
The BSE Midcap Index was up 0.65 percent and the Smallcap Index gained 0.53 percent.
Among sectoral indices, the BSE Bankex was up 1.14 percent, the BSE Power Index advanced 0.89 per cent, the BSE Capital Goods Index gained 0.73 percent and the BSE Auto Index was up 0.68 percent. The BSE Oil & Gas Index slipped 0.27 percent.
ICICI Bank (2.69%), Axis Bank (2.29%), Jaiprakash Associates (2.02%), Siemens (1.91%) and M&M (1.80%) are among the top Nifty gainers.
ICICI Bank and Axis Bank are under focus ahead of their fourth quarterly earnings announcements.
"We expect the bank to report a moderate net interest income growth of 13.3% YoY to Rs 2,844 crore. Non-interest income growth is expected to be healthy at 23.8% YoY to Rs 2,032 crore.
Net profit is expected to increase only by 18.3% YoY to Rs 1,719 crore on account of higher provisioning expenses (expected to increase by 24.1% YoY) and a higher tax outgo (expected to increase by 34.1% YoY)," according to an Angel Broking report.
"We expect Axis Bank to report healthy NII growth of 32.4% YoY to Rs 2,252 crore. NIM, on a sequential basis, is likely to remain flat with a downward bias. Non-interest income is expected to increase by relatively moderate 9.4% YoY to Rs 1,586 crore," the Angel Broking report added.
Ranbaxy Laboratories (1.70%), Coal India (1.57%), Tata Steel (0.76%), State Bank of India (0.70%) and Reliance Industries (0.69%) are among the losers.
Hexaware Technologies reported a consolidated net profit of Rs 88.36 crore for the quarter ended March 31, 2012, compared to Rs 53.83 crore in the year ago period. Total income increased to Rs 450.28 crore in the quarter compared to Rs 328.30 crore in the corresponding quarter last fiscal.
The market breadth was positive on the NSE with 832 gainers against 531 losers.
Foreign institutional investors continued to remain bearish on Indian equities. They sold shares worth Rs 376.08 crore on Thursday, as per provisional data from the stock exchanges.
The Bank of Japan kept interest rates unchanged at its policy meet. BoJ eased monetary policy by increasing asset purchase programme by 5 trillion yen ($62 billion) to about 70 trillion yen.
The US markets closed higher on the back of positive earnings reports and encouraging home sales data. The Dow Jones ended up 0.87 percent, the Nasdaq Composite closed 0.69 percent higher and the S&P 500 rose 0.67 per cent.
Source : Economics times
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