1:01 Sify Finance PM: Hold Mangalam Cement (Rs 243). Add at declines for long term.
For near term, keep a stop loss around Rs 220.
12:39 Sify Finance PM: The market, which shrugged off a mild setback and rallied sharply in mid morning trade, has given up some gains once again due to lack of support at higher levels.
The mood, despite some buying here and there, remains somewhat cautious with investors looking ahead to the U.S. Federal Reserve's monetary policy, due later in the day. It is widely expected that the Fed will give some clues about the likely timing of a rate hike.
Metal and consumer durables stocks are weak. Capital goods, bank, oil, automobile and realty stocks are off their highs. Healthacre stocks too have given up earlier gains.
Information technology stocks are faring well. Some stocks from FMCG sector are also trading notably higher. After a bright start, midcap and smallcap stocks have retreated to lower levels, with many of them slipping into negative territory.
The Sensex is now up 55.98 points or 0.2% at 26,548.49, well off the day's high of 26,682.64. The Nifty, which rose to 7990.65 earlier in the day, is now at 7979.20, up 16.30 points or 0.21% from its previous close.
12:15 Sify Finance PM: Sell REC with a stop loss of Rs 276: ICICIDirect
11:51 Sify Finance PM: Reliance Infrastructure (Rs 650) is likely to drift lower.
One can avoid fresh buying for now.
The stock could find some support near Rs 590.
11:16 Sify Finance PM: After a positive start and a subsequent fall from higher levels, the market has rallied smartly this morning, with stocks rallying on fresh buying support.
Although the undertone is cautious ahead of the U.S. Federal Reserve's monetary policy decision, due later in the day, stocks have surged higher, due largely on bargain hunting after recent sharp losses.
The Sensex is up 143.05 points or 0.54% at 26,635.56. The Nifty index of the National Stock Exchange is up 45.80 points or 0.57% at 7978.70.
11:05 Sify Finance PM: Buy Dr Reddy's Lab for the target prices of Rs 3040/3064/Higher with a stop loss of Rs 2987: ICICIDirect
10:45 Sify Finance PM: Tata Steel (Rs 494) is likely to see some downside in the near term.
One with a long term view can stay invested in the stock, and use sharp declines to increase exposure.
10:22 Sify Finance PM: Sell Nifty Futures with a stop loss of Rs 8050: ICICIDirect
10:00 Sify Finance PM: A setback to BJP in assembly bypolls in Rajasthan and UP could hurt investor sentiment to some extent.
However, the market is unlikely to see a sharp slide due to this.
The U.S. Federal Reserve's views on rate hikes will hold the centrestage and significantly impact global markets.
9:46 Sify Finance PM: The Indian stock market opened on a buoyant note this morning, tracking global cues. Bargain hunting after recent sharp losses is also contributing to the market's upmove.
A positive close on Wall Street and the resultant rise in several markets in the Asian region set lifted sentiment on the Indian bourses.
However, with the mood somewhat cautious ahead of the U.S. Federal Reserve's monetary policy statement, due later in the day, gains are just modest at present.
The BSE benchmark Sensex, which spurted to 26,655.65, is currently up 52.15 points or 0.2% at 26,544.66. The Nifty index of the National Stock Exchange is up 14.60 points or 0.18% at 7947.50, after advancing to 7983.95 earlier. The Nifty index of the National Stock Exchange.
9:31 Sify Finance PM: Support for Nifty is at 7850: Gaba
9:16 Sify Finance PM: The Indian stock market is likely to open with a positive gap this morning, as traders may go in for some bargain hunting after recent sharp losses.
A positive lead from the U.S. and Asian markets is likely to aid sentiment. However, the mood is likely to turn cautious at times, with investors looking ahead to the U.S. Federal Reserve's monetary policy statement.
ONGC will be in focus following its overseas subsidiary ONGC Videsh signing an agreement to expand oil and gas exploration in offshore Vietnam.
Aurobindo Pharma has announced that it has received final approval from the USFDA to manufacture and market Amoxicillin for Oral Suspension.