Nifty holds 8,750 ahead of F&O expiry; oil & gas shares gain

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Benchmark indices have trimmed early gains as investors have turned cautious ahead of the September F&O series due today.

By 10:55 am, the S&P BSE Sensex was up 78 points at 28,370 and the Nifty50 was higher 27 points at 8,772. Among broader markets, BSE Midcap and Smallcap indices are up over 0.3%-0.6%.

Top gainers from the Sensex pack are GAIL, ONGC, RIL, M&M and Hero MotoCorp, all surging between 1%-2%. On the losing side, Axis Bank, Bharti Airtel, HUL, ICICI Bank and ITC are down nearly 1% each.

ICICI Prudential Life Insurance has listed at Rs 330, 1.2% below its issue price of Rs 334 per share, on the National Stock Exchange (NSE).

Hindustan Copper has dipped 4% to Rs 63 on the National Stock Exchange (NSE), after the government's stake sale in state-run miner opened for bidding today.

Shares of Multi Commodity Exchange of India (MCX) has hit fresh 52-week high of Rs 1,400, up 12% on the BSE in early morning deal after the Securities and Exchange Board of India (Sebi) has allowed commodity exchanges to introduce trading in options.  

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Updated at 9:30 am

Markets have started the session on a higher note mirroring firm global cues after the Organization of the Petroleum Exporting Countries (OPEC) took an important step toward a cap on crude-oil output, which helped in lifting oil prices.

Meanwhile, investors are keenly awaiting for the expiry of the September F&O series and roll over positions to the October series due today.

By 9:40 am, the S&P BSE Sensex was up 144 points at 28,437 and the Nifty50 was higher 45 points at 8,790. Among broader markets, BSE Midcap and Smallcap indices are up over 0.6-1%.

On Wednesday, the benchmark Sensex staged a mild recovery to end with gains of over 69 points, snapping its three-session losing run, supported by rebound in realty, banking and automobile stocks amid positive European cues.

"Yesterday’s short covering has lifted prices to near term resistances, and the upswing’s momentum would be tested today. Favoured view expects a turn lower, but also recommends a watchful eye on 8,820 above which sharp spikes could be seen" added Geojit BNP Paribas in a technical note.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 73.83 crore yesterday as per provisional data released by the stock exchanges.

The Securities and Exchange Board of India (Sebi) has allowed commodity exchanges to introduce trading in options. The regulator on Wednesday said in a circular sent to exchanges that would require its approval, which will be subject to guidelines that would be announced later.

GLOBAL MARKET

Oil prices extended gains in Asia on Thursday, boosting stock markets, after OPEC members agreed to curb output in a surprise deal, though investors were wary of chasing markets higher as the US presidential election nears.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8% by mid-morning, thanks to a bounce in energy shares, but other markets such as Hong Kong were starting to cede some of their initial gains. Japan's Nikkei climbed 1.4%, after losing 1.3% the previous day.

Wall Street ended higher on Wednesday after an OPEC agreement to limit crude output fuelled a rally in oil and more than offset nervousness about a tight race for the US presidency.

STOCK TRENDS & CORPORATE NEWS

Top gainers from the Sensex pack are ONGC, RIL, Bajaj Auto, GAIL and Hero MotoCorp, all surging between 1%-3%.

ICICI Prudential Life Insurance, which recently concluded its Rs 6,057-crore IPO, will make its stock market debut on Thursday, becoming the first insurer to list. The company's public issue was oversubscribed 10 times. Shares of ICICI Bank are up around 1%.

Shares of Multi Commodity Exchange of India (MCX) has hit fresh 52-week high of Rs 1,400, up 12% on the BSE in early morning deal after the Securities and Exchange Board of India (Sebi) has allowed commodity exchanges to introduce trading in options. The stock hit its highest level since February 4, 2013.

Balaji Telefilms Ltd (BTL) on Wednesday announced a streamlining exercise for its group structure to combine similar business interests, improve allocation of capital, enhance operational efficiencies and optimise cash flow. The stock has dipped around 2%.

Tech Mahindra, the fifth largest IT services provider, unveiled a new strategy for its network services business, this not only reiterated the firms bet on the telecom vertical but also hints towards growth getting back into the telecom sector.

Flour mills and major wheat consuming companies such as Britannia have started exploring options to import wheat, after the government reduced the import duty on the cereal grain from 25 per cent to 10 per cent.

Debt-laden Jaiprakash Associates Ltd (JAL) on Wednesday said it has received shareholders’ approval to allow conversion of its debt to equity in the company. The stock has risen over 3.5%.

With Reuters inputs


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