Sensex Rises 119 Points, Ends At 18-Month High Of 29,045

Sensex rose over 100 points to close at its highest level in 18-month while broader Nifty managed to close above its crucial psychological level of 8,950 led by gains in heavyweights like ITC, Sun Pharma, Reliance Industries and Maruti Suzuki.

The Sensex ended 119 points higher at 29,045 and Nifty advanced 35 points to settle at 8,952.

For the most part of the day, Sensex flip flopped in negative and positive territory owing to losses in technology heavyweights such as TCS, Wipro, Infosys and Tech Mahindra. However, late buying in ITC, Sun Pharma, Maruti Suzuki, Reliance Industries and Larsen & Toubro offset losses made by IT stocks.

From the Nifty basket of shares, Sun Pharma, Bajaj Auto, Tata Steel, Aurobindo Pharma, Maruti Suzuki and Grasim Industries were among the gainers.

On the other hand, Tata Consultancy Services fell 4.85 per cent to close at Rs 1,328 after the company said its financial sector clients in the United States are holding back on discretionary spending.

Yes Bank declined 5.2 per cent to settle at Rs 1,328 after the private sector lender launched a qualified institutional placement (QIP) issue to raise $1 billion.

The floor price for the QIP is fixed at Rs 1,371.84 and the bank may at its discretion offer a discount of up to 5 per cent on the floor price, Yes Bank said in a statement.

ICICI Bank, Tata Motors, BPCL, ACC, HDFC Bank, Mahindra & Mahindra and Bank of Baroda were also among the laggards.

The broader markets ended higher with BSE small-cap index rising 0.8 per cent.

The overall market breadth was positive as 1,609 stocks ended higher while 1,148 closed lower on the BSE.

3:11 p.m.: Sensex up nearly 150 points, hits fresh 52-week high. Sun Pharma (+4%) leads gains in pharma stocks.

2:37 p.m.: Stock markets trade with a positive bias. Sensex rises 101 points to 29,027 and Nifty gains 29 points to 8,946.

2:34 p.m.: Buying visible in realty stocks. The BSE Realty index advances 2.8 per cent; DLF, HDIL, Indiabuls Real Estate, Unitech, NBCC and Omaxe were among the gainers.

12:58 p.m.: Stock markets were trading near day's highest levels. The Sensex was up 80 points at 29,006 and Nifty advanced 19 points to 8,937.

12:53 p.m.: Tata Steel was the top Nifty gainer, up 3.77 per cent at Rs 405. Bajaj Auto, Hero MotoCorp, Grasim Industries, Bharti Infratel, Sun Pharma, ONGC, Maruti Suzuki and Reliance Industries were also among the gainers.

12:35 p.m.: Broader markets were trading on a mixed note. The BSE Mid-cap index was down 0.15 per cent while the small-cap index was up 0.55 per cent.

12:32 p.m.: Market breadth was marginally positive as 1,519 stocks were advancing while 944 were declining on the Bombay Stock Exchange.

12:23 p.m.: Metal stocks were witnessing buying interest. The BSE Metals index was up 1 per cent; Tata Steel, SAIL, NALCO, Jindal Steel, Vedanta, Hindalco and JSW Steel were among the gainers.

12:09 p.m.: Select banking stocks witness selling pressure. The BSE Bankex slips 0.02 per cent; Yes Bank, Federal Bank, IndusInd Bank, HDFC Bank and ICICI Bank were among the laggards.

11:10 a.m: PSU banking banks again in limelight today, Nifty PSU Bank index up 1.2%. But investors need to be careful in PSU banking stocks, says Rajesh Baheti of Crosseas Capital Services. Book profit in PSU banking stocks, he adds. 

10:40 a.m.: Market update: Sensex (up 33 points) breaks into positive territory but selling pressure in IT stocks caps gains

10:15 a.m.: ONGC rises 3 per cent on Q1 profit beat. 

9.55 a.m.: Markets turned absolutely flat as losses in IT stocks were offset by gains in metal and energy share. The Sensex was down 8 points at 28,918 and the Nifty was at 8,908 mark, down 9.75 points. 

Tata Steel was the top gainer in the Nifty50 index, up 2.95 per cent at Rs 401.45 while TCS was the top loser in the index with 4.93 per cent fall. 

9.45 a.m.: SpiceJet shares were up 2.3 per cent at Rs 66.80 extending yesterday's 16 per cent gain post its strong Q1 results. However, global brokerage CLSA has maintained a "sell" call on the stock with a target price of Rs 35. SpiceJet's best quarter is behind us with Q1FY17 and future earnings trend should look different, the brokerage said. 

9.40 a.m.: Gains in metal and energy shares were offset by selloff in IT stocks. The Sensex was down 19 points at 28,907 while the Nifty50 index traded 14 points lower at 8,904. The Nifty Metal, NSE's sub-index for metal stocks was up 1.52 per cent whereas Nifty IT, NSE's sub-index for IT stocks was down 3 per cent. 

9.35 a.m.: ONGC was the top gainer in the Nifty50 index, up 3.25 per cent as its Q1 earnings announced yesterday post market hours were in-line with Street estimates. 

9.30 a.m.: GAIL shares were up 1.64 per cent at Rs 402.45, it made a high of Rs 407.70 in the opening trade. Gaurav Bissa, derivatives analyst at LKP Securities says GAIL can touch levels of Rs 424 if it sustains above Rs 395. 

09.18 a.m. Markets have opened lower as expected, with the Sensex falling over 50 points and the Nifty slipping below the key 8,900 levels. Losses were led by TCS, which slumped over 6 per cent on cautious commentary.

TCS was the top Nifty loser. Other frontline IT stocks, including Nifty stocks such as HCL Tech, Tech Mahindra and Infosys, also traded with deep cuts, losing 1.8 to 3 per cent.

9.00 a.m.: Rupee opens lower at 66.44 per dollar against Wednesday's close of 66.37. 

8.40 a.m.: The BSE Sensex and the broader Nifty are likely to open lower on Thursday, tracking lacklustre trading across Asia. The Nifty futures trading on the Singapore Exchange were down 13.50 points or 0.15 per cent at 8,945.50 as of 08.40 a.m., indicating a dull start for domestic equities.

The Nifty is trading at around 18-month highs amid sustained buying by foreign institutional investors. FIIs on Wednesday bought cash shares worth Rs 854 crore, though domestic institutional investors were net sellers to the tune of Rs 769 crore.

Analysts expect the Nifty to surge above 9,000 to record highs soon, given the abundance of liquidity, strong domestic fundamentals and growing risk appetite in global investors.

"We're bullish on markets and now eyeing new record high in Nifty in coming days so use pause or consolidation in index to add fresh longs... As anticipated, we've started seeing recovery in pharma and infra space of late and expect them to gain momentum ahead," said Jayant Manglik of Religare Securities.

Tata Consultancy Services, India's biggest outsourcer, said there's "abundant caution" in customers' outlook and sequential loss of momentum in BFSI vertical in the US, which is its biggest market. TCS' commentary comes on the back of profit warning issued by mid-tier IT firm Mindtree and is likely to weigh on its shares.

State-run explorer ONGC, which beat profit estimates in Q1, will be in focus. ONGC reported a net profit of Rs 4,232 crore on sales of Rs 13,618 crore. JSPL, SAIL and Eros International Media will report their Q1 numbers today.

Meanwhile, Asian shares traded mostly lower on Thursday as investors awaited Chinese trade data and a policy meeting by the European Central Bank, where it may announce an extension of its asset buying campaign.

There was little in the way of a lead from Wall Street. The Dow ended Wednesday down 0.06 percent, while the S&P 500 lost 0.02 percent and the Nasdaq added 0.15 percent to eke out a record high finish. Apple shares rose 0.6 percent, after the biggest company by market value unveiled its new iPhone.

(With agency inputs)