Adani Ports, Dr Reddy’s Laboratories, Vedanta and Hindalco gained the most, while Asian Paints and Axis Bank were the top losers.
10:01 am Market Check: Equity benchmark indices extended their gains from the opening tick, with the Nifty inching towards reclaiming the historic 10,000-mark.
The Sensex was up 68.05 points at 32296.32, while the Nifty was up 23.05 points at 9987.60. The market breadth was healthy as 1279 shares advanced against a decline of 622 shares, while 72 shares were unchanged.
Tata Steel, Mahindra and Mahindra, Vedanta and Tata Steel gained the most on both the indices, while Asian Paints, Axis Bank and Bharti Infratel were the top losers.
The Sensex was up 68.05 points at 32296.32, while the Nifty was up 23.05 points at 9987.60. The market breadth was healthy as 1279 shares advanced against a decline of 622 shares, while 72 shares were unchanged.
Tata Steel, Mahindra and Mahindra, Vedanta and Tata Steel gained the most on both the indices, while Asian Paints, Axis Bank and Bharti Infratel were the top losers.
9:45 am Investors react to NFL offer for sale: Shares of National Fertilizers declined 7 percent in the early trade on Wednesday as the government announced a stake sale through an offer for sale (OFS).
Government of India will sell up to 7,35,86,760 equity shares of the company, representing 15 percent of the total paid up equity share capital of the company in next two days.
The floor price for the offer shall be Rs 72.80 per equity share.
Having said that, the share price has advanced more than 110 percent in the last one year.
9:30 am Buzzing Stock: Shares of Axis Bank fell over 2 percent intraday on Wednesday as investors reacted to the lender's the June quarter performance.
The country’s third-largest private sector lender’s profit contracted 16 percent year-on-year to Rs 1,306 crore for the quarter ended June 2017, which was slightly ahead of estimates but grew by 7 percent QoQ.
The profitability was impacted by slow growth in net interest income, lower operating income and higher provisions but other income and lower tax cost limited degrowth.
Brokerages highlighted the asset quality issues that were posted by the bank in the June quarter. They added that slippages outside its watchlist was a cause for concern. Having said that, there are expectations of profitability increase going forward.
9:15 am Market Opens: A day after the Nifty hit the historic figure of 10,000, benchmark indices on Wednesday opened marginally in the green.
The Sensex was up 28.89 points at 32257.16, while the Nifty was up 18.35 points at 9982.90. The market breadth was positive as 318 shares advanced against a decline of 110 shares, while 32 shares were unchanged.
Midcap stocks were trading strong, while metal stocks surged on the back of global commodity rally.
Adani Ports, Dr Reddy’s Laboratories, Vedanta and Hindalco gained the most, while Asian Paints and Axis Bank were the top losers.
Globally, Asian stocks edged up early after Wall Street indexes notched record highs, while the dollar was steady as investors awaited the Federal Reserve's policy decision later in the day for more clues on its tightening plans.
The Fed concludes a two-day meeting later on Wednesday, and is widely expected to keep interest rates unchanged.
With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the central bank will begin paring its massive bond holdings and next raise rates. A statement is expected at 1800 GMT.
In the US, the S&P 500 climbed to an all-time high on Tuesday on a heavy day of corporate results highlighted by well-received reports from McDonald's and Caterpillar and gains for bank shares.
The Nasdaq also managed to set a record high despite declines in Google parent Alphabet after its results. Alphabet shares ended down 2.9 percent.
Shares of McDonald's rose 4.8 percent after the fast-food chain reported strong global sales. Caterpillar shares surged 5.9 percent after the heavy equipment maker raised its full-year outlook for the second time this year.
Those stocks spurred the Dow industrials, leaving the index close to record territory.
Back home in the currency market, the he Indian rupee opened at 64.42 to the dollar dollar, down from its previous close of 64.38 on Tuesday.
Pramit Brahmbhatt of Veracity said, "We have a neutral stance on the USD-INR pair in absence of any directional cues and expect it to trade in a range of 64.20-64.40 today."
Dhawal Dalal of Edelweiss AMC said, "We expect bond prices to consolidate ahead of the FoMC meeting outcome and keep an eye on the China front. We expect the 10-year benchmark bond yield to trade in the 6.40-6.45 percent range this week."
The dollar languished near a 13-month low against a basket of currencies, with traders skeptical that this week's US Federal Reserve meeting would do much to alter the greenback's recent weak trend.
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