At 9.20 am, the BSE Sensex was trading at 60,244, up 324 points or 0.54 per cent amid buying in select index heavyweights such as HDFC, Infosys and Reliance Securities. The NSE barometer Nifty50 traded at 17,952, up 79 points or 0.44 per cent.
“The more Nifty50 fails to surpass 18,100-18,200, the harder it becomes for the bulls to maintain their grip on the market. It would be too early to comment on it but we can clearly see a bearish formation of ‘Head and Shoulder’ in process on the daily chart. The neckline support is around 17,700-17,600, which if broken, could result in difficult days for the market in the short run,” said Sameet Chavan of Angel One.
A set of stocks were buzzing in trade today. They included Godrej Properties, IRCTC, Mindtree, Mphasis, SRF, Tata Power and Zomato, as these scrips got included in the MSCI India index. Two stocks IPCA Labs and REC have been excluded from the index.
Sensex stock Tata Steel gained 1.5 per cent to Rs 1,311 after the Tata Group firm said its consolidated net profit jumped manifold to Rs 12,547.70 crore in the July-September quarter of 2021-22 helped by higher income.
Sun Pharma advanced 1.15 per cent to Rs 803. Tech Mahindra, HDFC and Kotak Mahindra Bank rose up to 0.9 per cent. Bajaj Auto was the lone index loser, falling 0.22 per cent to Rs 3,742.
Vodafone Idea climbed 3.85 per cent to Rs 10.26 ahead of its quarterly results later in the day. The telecom operator is likely to post losses in excess of Rs 7,000 crore on a double-digit year-on-year fall in sales. The average revenue per user (ARPU) may see some improvement sequentially, even as a reduction in subscriber base may continue. All eyes will be on the telecom operator’s commentary on fundraising plans.
ONGC, Grasim Industries, Coal India, Hindalco Industries, Motherson Sumi Systems, Apollo Hospitals, Hero MotoCorp, Ashok Leyland, Abbott India, Alkem Laboratories, PI Industries, Bharat Forge, Max Healthcare and 3M India are some other companies that will announce their September quarter results today.
Also, the market would be eyeing the market debut of Fino Payments Bank. The lender has not seen any activity in the grey market of late. It sold its shares in the price range of Rs 560-577 apiece to raise Rs 1,200.29 crore via IPO.
