ICICI Bank's results helps Sensex end 330 points higher

3.30 p.m: Technically Nifty has closed above critical levels and asustenancearound these level is expected to change the mood bullish for technical analysts. A close over 5180 was sighted as a critical as it breached the falling slope of the downward channel on the weekly chart.

Nifty closed the day at 5199.25 up 111.95 above the 200 day moving average. Sensex on the other hand has closed at 17,193 up 330 points.

ICICI Bank posts its better than expected result announcement closed 5.87 percent higher at Rs 902.

SBI closed 3.4 percent higher at Rs 2,053, helped by government approval to infuse capital in the bank.

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Among the other banks that joined the bull run was Axis Bank, which closed 5.97 percent higher at Rs 1084.50.

Tata Global closed 10.5 percent higher at Rs 108.20 after the company announced a joint venture with Starbucks.

Reliance closed the day at Rs 817.50 up 2.86 percent, a day before the company’s buyback offer opens.

Coal India, however, did not participate in the rally as the company has been asked to roll-back its price hike at a time when its wage bill has been increased. The stock closed the day at Rs 327.90 down 2.3 percent.

Tata Global jumps 10.5% on Starbuck venture, Sensex gains 350 pts

2.30 p.m: ICICI Bank results has helped market move higher with Sensex rising by 256 points at 17112 while Nifty trades 80 points higher at 5168.

ICICI Bank trades 6 percent higher after announcing a better than expected results. The stock trades at Rs 904.50.

PNB on the other hand is down 2.75 percent at Rs 929 after posting another quarter of disappointing numbers.

Coal India on the other hand is down 3.3 percent after the company has been virtually forced to absorb the 6 percent wage hike. The stock trades at Rs 324.

Tata Global meanwhile has shot up by 10.5 percent to Rs 108.20 after the company announced a 50-50 jont venture with Starbuck.

ICICI Bank profit at Rs 1,728 crore, stock gains 5.2%

1.30 p.m: Markets are trading near the day’s high as ICICI Bank has surprised the market by a good set of numbers. The bank posted a net profit of Rs 1,728 crore against expectation of Rs 1,621 crore.

ICICI Bank has moved higher to Rs 896, a gain of 5.2 percent post announcement of its results.

PNB on the other hand has disappointed with its results. The company has posted a profit of Rs 1,150 crore compared to estimates of Rs 1,230 crore. The poor performance was on account of higher provisioning. The stock trades 3.3 percent lower at Rs 923.5.

Sensex meanwhile is trading 204 points higher at 17,068 while Nifty is at 5152 up 65 points.

Glenmark down 8% on poor results, Sensex up 200 pts

12.30 p.m: Markets trade near the day’s high with Sensex trading at 17,057 up 193 points while Nifty trades 60 points higher at 5147.

ICICI Bank trades 3 percent higher at Rs 878 just ahead of its results announcement.

SBI has moved higher and presently trades 3.3 percent higher at Rs 2050.

Bhel has moved higher after a sharp fall on Monday and presently trades at Rs 247.20, up 1.25 percent.

Glenmark has slipped further after it announced a 46 percent drop in its profit. The stock trades at Rs 287.25, down nearly 8 percent.

Tata Steel falls on fears of UK carbon tax impact

11.30 a.m: Metal counters are witnessing some selling pressure, especially Tata Steel. The stock trades 2 percent lower at Rs 433.40 as UK plans to intriduce a new carbon tax that could threaten the competitiveness of its Scunthorpe steel unit.

Meanwhile, markets continue to trade in a narrow range with Sensex trading at 17,024 up 160 points while Nifty has gained 49 points at 5136.

ICICI Bank trades 2.7 percent higher at Rs 875.45, ahead of its results announcement.

Crompton Greaves on the other hand has fallen by 3.74 percent to Rs 128.50 before its results announcement.

SBI gains 3% on govt capital infusion approval

10.30 a.m: Reliance has moved higher to Rs 812.75 a gain of 2.26 percent, a day before the buyback offer of the company opens. The stock has helped Sensex to move up by 172 points at 17,035 while Nifty trades at 5140 a gain of 53 points.

Among the other stocks that have moved are SBI, which trades at Rs 2045 a gain of 3 percent after the government approved capital infusion in the company.

L&T is down 1.6 percent at Rs 1284 while Coal India has moved lower by 2 percent at Rs 329.

Markets gain on global cues; Tata Global up 5-5% on Starbucks JV

9.30 a.m: A strong recovery in the US market, despite a weak opening has led Asian markets to trade higher. A strong set of manufacturing numbers by Japan has also helped in pulling the markets higher. Indian markets too have opened higher and currently the BSE Sensex trades at 17,025 up 160 points while NSE Nifty is up 50 points at 5138.

Coal India trades at the day’s low, down 1.5 percent at Rs 330 after the company agreed to increase wages of its workers by 6 percent. The company had earlier agreed not to increase prices of coal and will thus have to absorb the extra cost.

[caption id=“attachment_198434” align=“alignleft” width=“380” caption=“SBI trades 3.27 percent higher after government approved infusing Rs 7,900 crore in the company through a preferential offer. Reuters”]  [/caption]

Glenmark trades 4 percent lower at Rs 299 after the company posted a 46 percent drop in its profits.

SBI trades 3.27 percent higher after government approved infusing Rs 7,900 crore in the company through a preferential offer. The stock trades at Rs 2,050.

ICICI Bank trades at Rs 871.45 up 2.25 percent while PNB is up 2.3 percent at Rs 977.50. Both the banks are expected to announce their results.

Tata Global trades 5.5 percent higher at Rs 103.20 after the company announced a 50:50 joint venture with Starbucks.

Bhel’s slide , which fell by over 10 percent and was among the top losers on Monday, has been arrested. The stock trades at Rs 246.10, up 0.86 percent.