Sensex Rises Nearly 100 Points; Infosys Among Top Movers

3:02 p.m.: Stock markets rise amid choppy trading. Sensex advances 82 points to 28,072 and Nifty trades above 8,650 on the back of strong gains in Infosys, Aurobindo Pharma, HDFC Bank and Reliance Industries.

2:52 p.m.: Nifty 8,600 call option was the most active options contract on the National stock Exchange. As many as 1.22 million shares were added to the open interest of 5.56 million shares. The premium on contract fell 53 per cent to Rs 10.85.

2:43 p.m.: Bank of America Merrill Lynch has maintained buy on Yes Bank for target price of Rs 1,590. It says Yes Bank's asset quality mix is better compared to others in the banking sector and it expects rebound in growth.

2:32 p.m.: Indian Oil Corporation (IOCL) shares surged nearly 5 per cent on Wednesday, following the refiner's decision to consider issuing bonus issue to shareholders.

Indian Oil in a statement to the Bombay Stock Exchange said its board will meet on August 29 to consider issue of bonus shares. India's biggest oil marketing company is scheduled to report its June quarter numbers on the same day.

2:04 p.m.: Aurobindo Pharma remains the top Nifty gainer, up 5.6 per cent to Rs 778. Maruti Suzuki, Cipla, Infosys, NTPC, Tata Power, BPCL and Sun Pharma were also among the gainers, up 1.25-2.55 per cent.

1:54 p.m.: Stock markets continue to trade in a tight range. Sensex advances 4 points to 27,994 and Nifty declines 2 points to 8,630.

1:16 p.m.: Oil & gas stocks were witnessing buying interest. The BSE Oil & Gas advances 1.4 per cent; Indian Oil, Bharat Petroleum, HPCL, ONGC and Reliance Industries were among the gainers.

1:10 p.m.: IT stocks were witnessing buying interest. The BSE IT index was up 0.6 per cent; Infosys, Cyient, Mindtree, Tech Mahindra, Eclerx and HCL Technologies were among the gainers.

12:49 p.m.: Market breadth remains positive as 1,400 stocks advance while 1,073 decline on the BSE.

12:43 p.m.: From the Nifty basket of shares, 35 were declining while 16 were advancing. Idea Cellular was the top loser from this space, down 3 per cent to Rs 97.90. Lupin, Tata Motors DVR, Ambuja Cements, Tata Motors, Hindustan Unilever, Tata Steel, Coal India and BHEL were also among the laggards.

12:34 p.m.: Stock markets edge lower in noon deals. Sensex slips 20 points to 27,970 and Nifty declines 6 points to 8,626.

12:30 p.m.: Pharma stocks witness buying interest. The BSE Healthcare index jumps nearly 1 per cent on the back of gains in Sun Pharma, Aurobindo Pharma, Cipla, Torrent Pharma and Divis Labs.

12:20 p.m.: Sequent Scientific was the top gainer from the small-cap space, up 20 per cent to Rs 146. BF Investment, Kalyani Investment Company, Usher Agro, Majesco, Hikal Ltd, BF Utilities and Time Technoplast were also among the gainers, up 8-15 per cent each.

12:14 p.m.: Broader markets outperform benchmark indices. The BSE Mid-Cap and Small-Cap indices rise 0.6 per cent each. Torrent Pharma was the top gainer from the mid-cap space, stock gains 7 per cent to Rs 1,690. Britannia Industries, Cummins India, Divis Labs, HPCL, Tata Global Beverages, Bajaj Finserv and Canara Bank were also among the gainers, up 1.4-3.25 per cent each.

11:45 p.m.: Engineers India shares surged over 6 per cent on Wednesday after the engineering and consultancy services provider reported a 50 per cent jump in its net profit for the April-June quarter.

11:26 a.m.: Idea Cellular shares fell as much as 4 per cent on Wednesday after the telecom operator clarified to the exchanges that buzz of merger talks with Vodafone is not true. Idea Cellular shares had gained 7 per cent yesterday.

10:20 a.m.: Maruti Suzuki up 2.5% at Rs 4,957 after CLSA upgrades the stock to "buy" from outperform (Read)

10:10 a.m.: Cipla (1.4% at Rs 562.70) preferred pick among the pharma pack, says Pankaj Sharma of Equirus Securities. The brokerage has a target of Rs 605 on Cipla

10:05 a.m.: Continue to have "buy" ratings on Ashoka Buildcon, JSW Energy, says Pankaj Sharma of Equirus Securities (Watch)

09.40 a.m. Markets are trading on a soft note, with the Sensex up just 40 points and the Nifty trading below the key 8,650 mark. Aurobindo Pharma shares have extended gains and are now trading 5 per cent higher on the back of Q1 profit beat.

09.20 a.m. Markets got off to a strong start, with the BSE Sensex rising over 100 points and the Nifty edging past the key 8,650 levels. However, the rally was immediately sold into and both indices traded off the day's high.

Aurobindo Pharma was the top Nifty gainer, rising nearly 4 per cent on Q1 profit beat. Maruti Suzuki, Infosys, Zee Entertainment, Tech Mahindra and ONGC were other Nifty stocks that traded with 1-1.5 per cent gains.

Idea Cellular was the top Nifty loser, down nearly 4 per cent. Drugmaker Lupin traded 1.3 per cent down.

Among broader market stocks, Welspun India shares continued to be under selling pressure. The stock slumped 10 per cent today, after crashing 36 per cent in the last two sessions.

08.30 a.m. Indian stock markets are likely to open lower on Wednesday, tracking weakness in Asian equities. The Nifty futures on Singapore Exchange traded 26 points or 0.30 per cent lower at 8,628 as of 08.30 a.m., indicating a weak start for Sensex and Nifty.

Local markets have been consolidating for nearly six weeks now, trading in a range of 8,300 to 8,700. Analysts say markets are unlikely to break out of the range in the absence of local or global triggers as most of the positives seem to be factored in current prices.

Sustained buying by foreign institutional investors has been a big factor behind the sharp rally in markets since February lows. However, foreign flows have been muted over the last two sessions. On Tuesday, FIIs sold cash shares worth Rs 19 lakh, while domestic institutional investors sold cash shares worth Rs 452 crore.

Meanwhile, Morgan Stanley continues to be bullish on India, saying Sensex target for June 2017 offers double-digit dollar upside. Cyclicals may outpace defensives in local markets, it added.

Aurobindo Pharma will be in focus today. The Hyderabad-based drugmaker, which posted its Q1 result aftermarket hours yesterday, reported a net profit of Rs 585 crore, meeting Street estimates. However, its sales at Rs 3,725 crore were below estimates.

State-run EIL also beat estimates, with a net profit of Rs 80.3 crore in Q1.

Infinite Computers, Man Infra Construction, Nava Bharat Ventures, SP Apparels, Sarda Energy & Minerals and Vardhman Textiles are some of the companies that will report June quarter numbers today.

Asian stocks consolidated recent gains on Wednesday, helped by Wall Street's rise overnight, even as oil prices slid after a surprise build in US crude stocks. Japan's Nikkei rose 0.5 per cent. Elsewhere in the region, Hong Kong slid as investors sold financials, while mainland China markets also inched lower.

Global central bankers gather in Jackson Hole, Wyoming, later this week with investors focused on a speech by Fed Chair Janet Yellen on Friday, hoping for more clues on policy.

(With inputs from Reuters)