MARKETS: SmallCaps outperform; Indian Overseas Bank up 10%, Tata Power 3%

by Admin



Markets at 10 AM


LIVE market updates: Benchmark indices are ruling over quarter per cent higher, lifted by gains in financial, realty, and pharma stocks. The BSE Sensex is at 58,778, up 113 points while the Nifty50 is at 17,544.










In the broader markets, the BSE SmallCap index is outperforming both, large-cap and mid-cap, indices. The index is up over 1 per cent.




Sectorally, select IT and auto stocks, including Coforge, Infosys, Tech M, Maruti Suzuki, Hero MotoCorp, and M&M, are trading with a negative bias.




Meanwhile, volatility index, India VIX, eased about 5 per cent.




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Opening Bell


LIVE market updates: Indian equities started higher on Wednesday, supported by firm global cues and buying in heavyweights such as Bharti Airtel, SBI, Axis Bank, and TCS.




The benchmark S&P BSE Sensex advanced 47 points, or 0.08 per cent, to quote at 58,711 in opening deals. The NSE Nifty50, on the other hand, added 30 points to hold 17,550-mark.




The broader markets, too, rose in tandem with the headline indices and gained up to 0.6 per cent.



Among key movers in early trades, Bharti Airtel’s shares moved up by 0.5 per cent after Moody’s Investors Service revised the company’s and its subsidiary Bharti Airtel Int’l (Netherlands) BV’s ratings outlook to positive from stable.




Those of Latent View Analytics, meanwhile, rise another 3 per cent after a solid debut on Tuesday.



Zee Entertainment also added 1.4 per cent after Punit Goenka, MD and CEO of Zee Entertainment Enterprises said yesterday that the merger talks between Zee Entertainment Enterprises and Sony Pictures are in final stages of stitching up.




Sectorally, all except the Nifty Metal index were trading in the positive zone, led by the Nifty PSU Bank index (up over 1 per cent).


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Pre-open session

LIVE market updates: Pre-open session indicates decent opening gains for benchmark indices. The S&P BSE Sensex was at 58,836 levels, up 171 points at 9:07 AM while the Nifty50 eked out 46-point gain and was at 17,550.


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LIVE market updates: The markets may look to extend the pull-back rally in trades on Wednesday backed by some positive news flow for select index heavyweights.


At 08:10 AM, the SGX Nifty November futures quoted at 17,570 as against the spot close of 17,503 on Tuesday.


Technically, the current pull-back is likely to face strong resistance around 17,800-17,850 levels. On the downside, the Nifty may test 17,050-odd levels.


Global markets


The Wall Street ended mixed and the dollar slipped from a 16-month high on Tuesday as investors positioned for a likely rate hike in 2022 after Powell’s nomination for a second term. The Dow Jones gained 0.6 per cent, and the S&P 500 added 0.2 per cent. Nasdaq, however, retreated 0.5 per cent.



Meanwhile, the markets in Asia this morning were marginally positive. Hang Seng, Kospi and Taiwan were up 0.1 per cent each. Shanghai Composite and Straits Times had gained 0.2 per cent and 0.3 per cent, respectively. Nikkei, however, was down 0.6 per cent.






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