Sensex, Nifty Seen Up As Earnings Bring Cheer

Both the indices were gaining around 0.10 per cent in early trade.

For the mid-day report, click.

However, the BSE market breadth was bearish with 1,656 declines and 1,030 advances.

The Nifty rallied 23.95 points or 0.23 per cent to a new record high of 10,101.05, knocking off its previous intra-day high of 10,085.90 it touched yesterday fuelled by strong corporate earnings and positive global developments.

The Dow rose 0.3 percent to reach another record closing high, while the Nasdaq Composite dropped 0.4 percent and the S&P 500 edged down 0.1 percent.

The rupee opened at 64.10 per USA dollars against Monday's closing rate of 64.18.

The company hopes to raise Rs 1,400-1,500 crore through an initial public offering.

What kept the gains in check was findings of a private survey which showed that manufacturing sector contracted in July following the GST launch as new orders and output dropped for the first time since the downturn in December a year ago post demonetisation.

A spell of profit-booking kicked in for realty and power sectors as well despite positive Asian shares.

The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009. "Moderation in inflation to below RBI's target of 4 per cent heightened the expectation of rate cut during the next monetary policy", said Vinod Nair, Head of Research, Geojit Financial Services.

Besides, the key equity indices pared their Friday losses on the back of intense buying activities in banking, capital goods and metal stocks.

Major Sensex gainers on Tuesday were: Hero MotoCorp, up 2.05 per cent at Rs 3,729.10; Maruti Suzuki, up 1.96 per cent at Rs 7,859.10; Wipro, up 1.82 per cent at Rs 294.25; Mahindra and Mahindra, up 1.77 per cent at Rs 1,426.85; and Dr. Reddy's Lab, up 1.73 per cent at Rs 2,426.75. Bank of Baroda was the top Nifty loser, down 1.53 per cent. SBI, Canara Bank and PNB were the other banking losers, falling between 1 per cent and 2 per cent.

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