Bharti Airtel was up 6 percent, Tata Teleservices up 9 percent and Tata Communications up 2 percent after Airtel decided to buy consumer telecom business of Tata Sons. Bharti Infratel was up 3 percent.
10:59 am TCS in focus: TCS gained over 1 percent as investors digested the company’s earnings numbers that it declared on Thursday.
The IT major’s second quarter (July-September) earnings beat analysts' expectations as consolidated profit rose 8.4 percent sequentially Rs 6,446 crore, backed by robust volume growth and operational performance.
Consolidated revenue during the quarter grew by 3.2 percent to Rs 30,541 crore on sequential basis, with volume growth of also 3.2 percent, driven by all industry verticals except retail and CMI.
The IT major’s second quarter (July-September) earnings beat analysts' expectations as consolidated profit rose 8.4 percent sequentially Rs 6,446 crore, backed by robust volume growth and operational performance.
Consolidated revenue during the quarter grew by 3.2 percent to Rs 30,541 crore on sequential basis, with volume growth of also 3.2 percent, driven by all industry verticals except retail and CMI.
Dollar revenue growth for the quarter was also 3.2 percent at USD 4,739 million compared with previous quarter, which was slightly ahead of estimates (of USD 4,731 million).
Constant currency revenue growth was 1.7 percent in Q2, driven by digital service offering.
Brokerages remain mixed on the results, but highlighted that there were some sectoral gains seen in the September quarter performance.
10:52 am Market Check: Benchmark indices extend rally in morning, with the Nifty inching towards its previous record high of 10,178.95 hit on September 19.
The 30-share BSE Sensex was up 237.20 points at 32,419.42 and the 50-share NSE Nifty rose 68.90 points to 10,165.30.
The market breadth was positive as about 1,383 shares advanced against 828 declining shares on the BSE.
Bharti Airtel (up 6.7 percent), Reliance Industries (up 0.95 percent) and TCS (up 1.34 percent) were most active shares on the National Stock Exchange.
Buying activity picked up momentum on positive economic data after industrial production grew to a 9-month high of 4.3 percent in August while retail inflation came in at 3.28
percent in September, unchanged from August.
10:38 am FII View: Ridham Desai of Morgan Stanley said the Indian market seems poised for a big macro trade, which may be triggered by any sign that the economy and earnings are registering broad-based change.
He further said India's return correlation with the world has fallen sharply, reflecting concerns about the domestic economy but, even so, one should not disregard the fact that the bulk of India's absolute performance is a reflection of a global equity market.
That remains the key source of risk, both upside and downside to the market call, he feels.
10:25 am IIP Analysis: IIP for August came in at 4.3 percent YoY (Edelweiss estimate: 3.0 percent), a rebound from paltry 0.4 percent average growth clocked in previous 2 months.
While mining and electricity jumped particularly sharply, manufacturing also picked up pace to 3.1 percent (-0.4 percent past 2 months’ average). Within manufacturing, the consumer goods space performed particularly well, perhaps a reflection of early festive season.
However, given that August is a restocking month post destocking in previous two months, 3-month average will be a better gauge, which shows growth of around 1 percent in manufacturing versus 3 percent clocked in May month.
Further, breadth is weak with 15 of 23 manufacturing industries contracting on trend basis. Thus, the rebound in IIP is largely a result of re-stocking and early festive season and may not necessarily be a true reflection of underlying activity, Edelweiss said.
Going ahead, IIP readings will be supported by low base, the research house feels. However, exports and government spending (given mounting fiscal challenges) trends will shape the underlying momentum, it said.
10:15 am Buzzing: Reliance Industries hit a fresh record high of Rs 891 in morning ahead of second quarter earnings later today.
10:10 am Rupee trade: The rupee strengthened 17 paise to 64.91 against the US dollar today, buoyed by a set of positive economic data.
Industrial production expanded to a 9-month high of 4.3 percent in August while retail inflation was stagnant at 3.28 per cent in September compared to the previous month.
A stronger opening in domestic stocks and the dollar's reduced strength against some currencies overseas kept the rupee on a firm ground, traders said. But continuous outflow of foreign money kept the upmove in check.
Yesterday, the rupee had appreciated by another 6 paise to end at a fresh one-week high of 65.08 on continued selling of the greenback.
Constant currency revenue growth was 1.7 percent in Q2, driven by digital service offering.
Brokerages remain mixed on the results, but highlighted that there were some sectoral gains seen in the September quarter performance.
10:52 am Market Check: Benchmark indices extend rally in morning, with the Nifty inching towards its previous record high of 10,178.95 hit on September 19.
The 30-share BSE Sensex was up 237.20 points at 32,419.42 and the 50-share NSE Nifty rose 68.90 points to 10,165.30.
The market breadth was positive as about 1,383 shares advanced against 828 declining shares on the BSE.
Bharti Airtel (up 6.7 percent), Reliance Industries (up 0.95 percent) and TCS (up 1.34 percent) were most active shares on the National Stock Exchange.
Buying activity picked up momentum on positive economic data after industrial production grew to a 9-month high of 4.3 percent in August while retail inflation came in at 3.28
percent in September, unchanged from August.
10:38 am FII View: Ridham Desai of Morgan Stanley said the Indian market seems poised for a big macro trade, which may be triggered by any sign that the economy and earnings are registering broad-based change.
He further said India's return correlation with the world has fallen sharply, reflecting concerns about the domestic economy but, even so, one should not disregard the fact that the bulk of India's absolute performance is a reflection of a global equity market.
That remains the key source of risk, both upside and downside to the market call, he feels.
10:25 am IIP Analysis: IIP for August came in at 4.3 percent YoY (Edelweiss estimate: 3.0 percent), a rebound from paltry 0.4 percent average growth clocked in previous 2 months.
While mining and electricity jumped particularly sharply, manufacturing also picked up pace to 3.1 percent (-0.4 percent past 2 months’ average). Within manufacturing, the consumer goods space performed particularly well, perhaps a reflection of early festive season.
However, given that August is a restocking month post destocking in previous two months, 3-month average will be a better gauge, which shows growth of around 1 percent in manufacturing versus 3 percent clocked in May month.
Further, breadth is weak with 15 of 23 manufacturing industries contracting on trend basis. Thus, the rebound in IIP is largely a result of re-stocking and early festive season and may not necessarily be a true reflection of underlying activity, Edelweiss said.
Going ahead, IIP readings will be supported by low base, the research house feels. However, exports and government spending (given mounting fiscal challenges) trends will shape the underlying momentum, it said.
10:15 am Buzzing: Reliance Industries hit a fresh record high of Rs 891 in morning ahead of second quarter earnings later today.
10:10 am Rupee trade: The rupee strengthened 17 paise to 64.91 against the US dollar today, buoyed by a set of positive economic data.
Industrial production expanded to a 9-month high of 4.3 percent in August while retail inflation was stagnant at 3.28 per cent in September compared to the previous month.
A stronger opening in domestic stocks and the dollar's reduced strength against some currencies overseas kept the rupee on a firm ground, traders said. But continuous outflow of foreign money kept the upmove in check.
Yesterday, the rupee had appreciated by another 6 paise to end at a fresh one-week high of 65.08 on continued selling of the greenback.
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