INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Benchmark indices opened in the green, led by gains in financials and IT stocks, ahead of July expiry of futures and options
contracts.
Market-wide rollovers stood at 68 per cent till Wednesday
The current near month Nifty open interest of almost
10.3 million shares is relatively low compared to last month OI of 13.3 million shares
"OI in Nifty is low and stocks may keep expiry range bound," ICICIDirect said in a report.
On the global front, Asian shares rose but struck
Walll Street in overnight trade was mixed
Japan's Nikkei touched nearly three-month highs before trimming gains to be up 0.33 per cent
Australian shares neared a 12-year peak, driven by expectations the ECB and the Federal Reserve will soon lower borrowing costs.
Domestic
markets would keep a close watch on stocks such as Nifty firms Tata Motors, Bajaj Finance and Bajaj Finserv, and non-Nifty firms Ambuja
Cements, Biocon, Bank of Baroda, PVR and Gurh Finance which will announce their June quarter results today
At around 9:50 am, the 30-pack Sensex traded 298 points or 0.79 per cent higher at 38,146
NSE Nifty traded at 11,354, up 83 points or 0.73 per cent.
Watch: Opening BellIn the Nifty pack, 39 stocks gained, 10 declined while one
In the Sensex pack, meanwhile, 24 stocks rose and six fell
IndusInd Bank gained 2 per cent as it plans to raise up to Rs 20,000 crore by issuing bonds on a private placement basis.
Bajaj Finance,
Vedanta, Hero MotoCorp, Tata Steel and Infosys were other gainers rising upto 2 per cent.
Tata Motors was the top loser, shedding 3 per
cent, ahead of its June quarter results later in the day
ONGC, and HCL Tech were other losers shedding upto half a per cent.
BSE Midcap and BSE Smallcap made merry, rising 0.72 per cent and 0.43
per cent respectively.
On the sectoral front, barring Oil - Gas all the sectors gained
Telecom was the biggest gainer, up 2 per cent, led by Bharti Infratel which reported strong net profit growth in the fiscal first quarter,
driven by a net rise in co-locations on its telecom sites
Meanwhile, a quarter-point US Fed interest rate cut in July is almost a done deal, economists said in a Reuters poll
Over 95 per cent of 111 economists now predict a 25 basis points rate cut at the July 30-31 meeting
Only two expected a 50 basis points reduction
