Sensex flat ahead of F&O expiry, Sterlite gains on Q2 results
Another flat start for Indian markets today with the expiry of October F&O series slated today
Another flat start for Indian markets today with the expiry of October F&O series slated today. The Sensex opened 21 points higher at 18731,while NSE Nifty was quoting at 5,695, up 3 points over the previous close. The Asian indices are choppy though mostly in the green.
"We saw indicators are showing bearish divergence, and flesh scalping in global market, that would keep the Nifty Future under pressure. So traders are advised to cut trading position early, if any trend reversal is seen on the either side," RK Global Research told CNBC-TV18
US indices ended slightly lower. The Federal Reserve's latest policy statement has no indications of any major change to interest rates or the central bank's plan to stimulate the economy through large bond-buying programmes.
RIL, Wipro, Bajaj Auto, Maruti, Tata Steel, M&M, BHEL, ONGC, Hindalco Inds, M&M, Bharti Airtel are among gainers in Sensex and Nifty.
Infosys, TCS, Coal India, Sun Pharma, HDFC Bank, ITC, Tata Motors, Hero MotoCorp are among losers in Sensex and Nifty.
RIL is up around 0.62 percent after the Government approved RIL's plans to raise gas production from KG D6 and agreed that CAG cannot pursue performance audit of the block.
Sterlite Industries (India) rose 2.34 percent at Rs 100.7 after consolidated net profit jumped 75 percent to Rs 1743 crore on 9 percent growth in net sales to Rs 11029 crore in the second quarter of fiscal year 2012.
Cairn India is up half a percent as investors speculate on the quantum of dividend the company may declare next week.
Firstsource is up 3.4 percent as Business Standard reported that Sanjiv Goenka (RPG group) leads race to acquire the company.
Kingfisher Airlines is down 2 percent as Delhi engineers refused three month's salary offer and asked to pay March-June salary on or before October 26.
United Spirits and UB Holdings were down 1.5 percent as the United Spirits-Diageo deal is stuck over issues related to management control.
PSU stocks could be buzzing today as Prime Minister Manmohan Singh has urged the PSUs to invest surplus cash and set the pace for India's growth in the process, regardless of how the rest of the world is doing.
Markets will also be reacting to the Sebi demand to the government to frame a strong central legislation to tackle the menace of companies collecting large amount of money from the public without requisite regulatory approvals.
There will be some buzz in the pharma stocks after the Department of Pharmaceuticals sought opinion from the Law Ministry on the Supreme Court.
Key Results Today: Asian Paints, Ajanta Pharma, Bajaj Electricals Ltd, Adani Enterprises, Akzo Nobel India Limited,IPCA Lab,HEG Ltd, Kotak Mahindra Bank, Delta Corp,Orbit Exports,Oriental Bank,KPIT Cummins,Mahindra & Mahindra,Trent, Thinksoft India Ltd, Nava Bharat Vent,Novartis India.
In the international market, gold was trading lower at $1,832 per ounce, while silver remained flat at $27.38 per ounce
The BSE index was trading 174.54 points or 0.36 percent higher at 48,852.09, while NSE Nifty advanced 69.05 points or 0.47 percent to 14,686.90
The BSE index jumped 266.09 points or 0.55 percent in initial deals and NSE Nifty advanced 81.45 points or 0.56 percent