Market Live: Sensex gains 100 pts, Midcap outperforms Nifty; RIL goes ex-bonus

Market Live: Sensex gains 100 pts, Midcap outperforms Nifty; RIL goes ex-bonus

9:45 am Rupee gains: The Indian rupee traded higher by 6 paise at 64.04 per dollar versus previous close of 64.10.

Mohan Shenoi of Kotak Mahindra Bank said the rupee has been trading in a very tight range for the past few weeks which is likely to continue.

USD-INR trading range for the day is 63.90-64.20, according to him.

The dollar lost some ground after edging up against the Japanese yen after getting a boost from trump’s surprise deal with the democrats on extending the debt limit.

9:42 am New LNG import terminal: Petronet LNG will build a liquefied natural gas (LNG) import terminal in Sri Lanka in collaboration with Japanese and Lankan companies.

The Sri Lankan government issued a letter of intent to the Indian government in this regard on September 1.

9:33 am Partnership: HCL Technologies has announced a partnership that includes purchase of select assets with Alpha Insight, a products and solutions company headquartered in London, with expertise in business flow monitoring and operational intelligence.

The IT firm said that the proposed asset purchase consideration shall be up to EUR 3.25 million, including payments subject to certain financial milestones.

9:25 am Buzzing: Shares of Wipro added 1 percent in the early trade as it has bagged a 5-year IT applications management contract.

The company has won a 5-year IT applications management contract from Outokumpu, which is global leader in stainless steel, headquartered in Finland.

The company will provide applications management services for Outokumpu’s SAP landscape along with legacy applications support to cover Outokumpu locations, globally.

9:15 am Market Check: Equity benchmarks rebounded in opening trade Thursday after sell-off in previous session, tracking positive global cues.

The 30-share BSE Sensex was up 110.97 points at 31,772.94 and the 50-share NSE Nifty rose 37.90 points to 9,954.10.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.8 percent each. About five shares advanced for every share falling on the BSE.

Reliance Industries gained nearly 1 percent to hit 52-week high of Rs 832.70 after the stock adjusted for bonus issue in the proportion of one bonus share for every one share held.

Indiabulls Housing Finance surged 2.5 percent again as CLSA raised target price

Eicher Motors, Aurobindo Pharma, Asian Paints, Adani Ports and Dr Reddy’s Labs gained 1 percent each.

Bharat Forge gained 3.4 percent as total class 8 truck orders in the North America rose 50 percent YoY.

Fortis Healthcare, Motherson Sumi, Shriram Transport, NBCC, Muthoot Finance, India Cements, GMR Infrastructure, CESC, HPCL, IOC and Petronet LNG gained up to 5 percent.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.