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Nifty above 10,800 mark; Sun TV, Canara Bank stocks gain

Benchmark equity indices are trading higher and ahead of WPI inflation data. Today’s gain was led by HDFC twins, ITC, Kotak Mahindra Bank and L&T.

Benchmark equity indices started Monday’s session on a cautious note with a positive bias. Buying seen in oil and gas, pharma and realty shares however, losses in metal and IT stocks capped the upside.

The Karnataka election results will be announced on May 15.

At 10:07 AM, the BSE Sensex was trading at 35,597, up 64 points, while the Nifty50 index was trading at 10,822, up 16 points.

Shares of Canara Bank rebound sharply from opening lows despite it posted a loss of Rs4,860cr in March quarter due to spike in provisions and NPAs.

Shares of Ahluwalia Contracts India rose 6.6%, as company secured new orders worth Rs390cr.

The BSE Midcap is trading down 0.02%, while the BSE Smallcap indices gained 0.18%.

Shares of Sun TV zoomed over 11% after Q4FY18 numbers. The stock is the biggest gainer since February 7 and the volume was 1.3 times its three-month daily average. It was the top gainer on the BSE 500 index.

Shares of Mphasis slipped 1% after huge block deal. Around 1.55cr shares changed hands on NSE.

Volatility index India VIX gained 1.28% to 14.1575

Lupin (+2.6%), Dr.Reddy’s (+2.5%), Sun Pharma (+2.4%), NTPC (+1.8%) and IOC (+1.7%) were the top gainers on Nifty50.

Titan (-1.9%), Coal India (-1.4%), ICICI Bank (-1%), Indiabulls HF (-0.94%) and Bharti Airtel (-0.91%) were the top losers in today’s trade.

Out of 2,043 stocks traded on the NSE, 776 advanced, 815 declined and 452 remained unchanged today.

A total of eight stocks registered a fresh 52-week high in trade today, while 107 stocks touched a new 52-week low on the NSE.

The rupee strengthened by 9 paise to 67.24 against the dollar on fresh selling of the US currency by exporters and banks.

Asian markets opened mixed after seeing a strong rally last week. The weakness in US Dollar and the fall in oil prices could see more gains on currencies with financial stocks doing well.

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