1:30 pm Markets seem to holding the gains as the Sensex is up 150 points to 16,365 while the Nifty has gained 42 points to 4,950. The gains could be attributed to the improvement in the European markets, which have been under sustained pressure recently over the long-term prospects of Greece's euro-zone membership but were cushioned by improved growth data out of Germany.
Gains in the market could also be attributed due to buying from foreign funds, which bought for the third day in a row on Monday. The rupee appreciated to 53.88 to the dollar, after hitting intraday high of 54.15 after RBI reportedly sold $400- $500 million worth in spot.
The market breath has reversed and is now positive. On the NSE, 729 stocks advanced while 669 declined. Among the 30-share Sensex pack, 20 are in the green. L&T continues to be the top gainer with a jump of more than 4 percent after it reported better than expected numbers. Hero Moto, Infosys, ICICI were also up by 2 percent each.
Foreign institutional investors (FIIs) bought shares worth Rs 355.10 crore on Monday as per provisional figures from the stock exchanges. FIIs bought shares worth Rs 831.09 crore in three sessions from 10 to 14 May 2012, as per provisional figures from the stock exchanges, as per Capitalline.
While the markets have improved today, experts have a different opinion. Nilesh Shah of Envision Capital told CNBC TV 18 "the Nifty could find support in the 4,800-4,850 kind of a zone. Given the kind of global news flow and the kind of deteriorating macros that we see back home, I think in that context it looks very difficult or it will be very challenging for the market to hold on to those short-term supports".
Also he said that the pressure on mid-cap stocks would continue. "While the Nifty might continue to fall gradually, the fall in midcaps would be a significantly higher compared to the largecap space".
Shares of Larsen & Toubro spurted after the company reported net profit at Rs 1920 crore for the quarter ended March 31, 2012 as against Rs1686 crore in the same period last year, up 14% on year.For the first time in at least five years, L&T ended an accounting year with lower order inflows than the previous year. In an interview to CNBC-TV18, Lokesh Garg, associate director of Kotak Institutional Equities says, L&T's guidance on both revenues and order inflows sounds a little aggressive. "Our revenue growth guidance is close to about 15%. At a standalone level, we are looking at an EPS number of about Rs 74 for L&T next year," he adds.
Bharti Airtel shares falls over 2 percent after media reports say faces probe under Money Laundering Act.
BPCL hit 52-week high after its wholly owned subsidiary Bharat PetroResources (BPRL) announced extension of exploration success with new discovery area in offshore Mozambique.
Cummins stock fell 1 percent after net profit came in at Rs 144 cr, slightly lower than the poll of Rs 147 crore.
Divis Laboratories is up 2.5 percent on reports of a possible inclusion in the MSCI index."Traders cite widespread speculation that the MSCI will include the stock in its indexes. Results from MSCI's semi-annual index review are due out later on Tuesday," a Reuters report said.
Geometric surged over 8 percent on reports Rakesh Jhunjhunwala has bought close to 10 lakh shares of Geometric through two block deals on the BSE and NSE on Monday.
Oil futures traded in New York extended a decline from the previous session when it had closed at its lowest settlement price in almost five months amid mounting concern that recession in the eurozone and slowdown elsewhere in the world would hit fuel demand. Futures slid as much as 0.9%, dropping for the ninth time in 10 days.
Gold futures weakened in afternoon trading in Asia amid fears that government data due out today will confirm a recession in the eurozone even as Greece gets ready to make a crucial debt repayment later today.
Meanwhile, the government has notified the decision to remove the limit on sugar exports, issuing the notification more than a week after an inter-ministerial meeting, Chaired by Prime Minister Manmohan Singh, it was decided to eliminate ceiling on sugar exports by putting it under the Open General Licence (OGL). The move is likely to help industry export its surplus sugar and clear cane payment arrears to farmers that have mounted to over Rs 10,000 crore.
Updated Date: Dec 20, 2014 17:32:06 IST