Sensex Gains For Fourth Day, Nifty Settles Above 8,800

Sensex and Nifty gained for fourth consecutive session tracking gains in Asian markets as investors looked ahead to key central bank meetings in the United States and Japan this week for clues on global monetary policies.

Risk appetite also improved following gains in global oil prices after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal.

Positivity in Asian markets along with foreign institutional investors coming back to buying mode helped prop up the market, said Anand James, chief market strategist, Geojit BNP Paribas Financial Services.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.2 per cent ahead of the Fed meeting on September 20-21 and the Bank of Japan policy meeting on Wednesday.

The Federal Reserve could give a clear signal of an interest rate rise to come even if it follows market expectations for a pause this month.

The Sensex ended 35 points or 0.12 per cent higher at 28,634 and Nifty advanced 28.55 points or 0.33 per cent to settle at 8,808.

Metal stocks witnessed good buying interest in trades today. The metals sub-index on the BSE was the top sectoral gainer, the index closed 1.3 per cent higher. Oil & gas, IT and realty indices also advanced over 0.5 per cent each.

From the Nifty basket of shares, 36 ended higher while 15 closed lower.

Indusind Bank, Aurobindo Pharma, Tata Power, Ambuja Cementa, TCS, UltraTech Cement and ONGC were among the gainers.

On the other hand, Maruti Suzuki was the top Nifty loser, the stock closed 1.4 per cent lower at Rs 5,497. Bajaj Auto, Axis Bank, Hero MotoCorp, Kotak Mahindra Bank, Idea Cellular and Bharti Airtel were among the laggards as well.

Shares of Heritage Foods Ltd closed 9.6 per cent higher to close at Rs 898 on reports that Future Group was in talks to buy the company's retail division.

ICICI Bank ended 1.6 per cent higher as unit ICICI Prudential Life Insurance Co's IPO opened for subscription on Monday.

3:10 p.m.: Market breadth turns marginally positive as 1,470 stocks advance while 1,238 decline on the BSE.

2:46 p.m.: Stock markets trade on a firm note. Sensex advances 70 points to 28,670 and Nifty rises 38 points to 8,818.

2:36 p.m.: Banking stocks were witnessing buying interest. The BSE Bankex was up 0.5 per cent on the back of gains in ICICI Bank, IndusInd Bank, State Bank of India, Yes Bank, Federal Bank and Bank of Baroda.

2:20 p.m.: Maruti Suzuki continues to trade with a negative bias, down 1.2 per cent to Rs 5,501. Bajaj Auto, Axis Bank, HDFC, HDFC Bank, Bharti Airtel and Hero MotoCorp were also among the laggards in the Sensex.

2:10 p.m.: Sharp India was the top gainer from the small-cap space, up 20 per cent to Rs 68.40. Polyplex Corporation, Anuh Pharma, Mujal Auto Industries, Time Technoplast, IL&FS Transportation Network and Arshiya International were also among the gainers, up 12-15 per cent each.

2:01 p.m.: Broader markets trade firmly higher. The BSE Mid-cap and Small-cap indices advance 0.5 per cent each; United Breweries was the top gainer from this space, up 5 per cent to Rs 869. Tata Communications, MRF, Ashok Leyland, MRPL, Reliance Capital, NALCO, Crisil and Bajaj Holdings were among gainers.

1:47 p.m.: Shares of TVS Motor Company gained as much as 1.5 per cent today to a fresh 52-week high of Rs. 343, extending their rally to the second day. TVS Motor Company shares had rallied 5 per cent on Friday, amid very strong volumes. 

Including today's gains, TVS Motor shares have rallied 6.6 per cent in two days. (Read)

1:42 p.m.: Select FMCG stocks witness selling pressure. The Nifty FMCG index was down 0.46 per cent; ITC, Britannia Industries, Godrej Consumer Products, United Spirits and Hindustan Unilever were among laggards.

1:31 p.m.: The market breadth was positive as 1,416 stocks were advancing while 1,168 were declining.

1:21 p.m.: Shares of Brigade Enterprises jumped as much as 3.11 per cent to hit intraday high of Rs 180 today. Bangalore-based Brigade Enterprises on Saturday announced that one of its subsidiaries has entered into an agreement with Cornerstone Bay East Developers Private Limited to develop 47 acres of land in Bangalore. (Read)

12:32 p.m.: Bharti Infratel, Maruti Suzuki, Tata Power, Bajaj Auto and Axis Bank were among losers in the Nifty.

12:21 p.m.: TCS was the top Nifty gainer, up 2.3 per cent to Rs 2,415. ONGC, IndusInd Bank, ICICI Bank, Adani Ports, Tech Mahindra, Asian Paints and Mahindra & Mahindra were also among the gainers.

12:17 p.m.: Anil Manghnani of Modern Shares and Stock Broker said markets are likely to remain cautious and trade in a narrow range ahead of the Fed and Bank of Japan events. On the downside, 8,750 is a strong support level for Nifty while on the upside it faces resistance at 8,865, he added. 

12:14 p.m.: Buying visible across the sectors barring select real estate stocks. Metal, oil & gas and IT indices advance nearly 1 per cent each.

12:02 p.m.: After a cautious start, Indian markets gained some momentum amid buying in metal, energy and healthcare stocks. Sensex up around 100 points while Nifty holds firm above 8,800.

11:30 a.m.: ICICI Bank shares gained nearly 2 per cent on Monday as the IPO of its life insurance subsidiary ICICI Prudential Life Insurance Company opened for subscription today.

11:00 a.m.: Heritage Foods shares surged nearly 9 per cent to hit a fresh 52-week high of Rs 890 on NSE on Monday after reports suggested that Kishore Biyani-led Future Group is in advanced talk with the FMCG company to acquire its retail business.

10:35 a.m.: Sensex gains some momentum in early noon trade, up around 90 points. Nifty holds firm above 8,800. Strong gains seen in energy, metal and healthcare stocks. 

10.05 a.m.: Broader indices traded higher, the BSE Mid Cap and BSE Small Cap indices were up 0.55 per cent and 0.53 per cent respectively. 

9.50 a.m.: Buying in energy and metal stocks pushed frontline indices higher. The Sensex was up 37 points at 28,636 and the Nifty traded 21 points higher at 8,801. The energy and metal sub-index of NSE- Nifty Energy and Nifty Metal were up 0.62 and 0.85 per cent respectively.

ONGC was the top gainer in Nifty, up 1.7 per cent. NTPC, Gail India also gained nearly 1 per cent each. 

9.35 a.m.: Markets slipped in to red as Infosys, Maruti Suzuki fell over 1 per cent each to be the top two losers in the Nifty50 index. The Sensex was down 14 points, while the Nifty traded below the 8,800 mark. 

9.20 a.m.: Markets opened marginally higher. The Sensex rose over 60 points to 28,609 while the Nifty50 index gained nearly 30 points to 8,809. Buying was visible in banking, auto and energy stocks. 

ICICI Bank was the top gainer in the Nifty, up 1.7 per cent as the IPO of its insurance arm opened today. UltraTech Cement, Auro Pharma, Bank of Baroda and Gail India were the other prominent gainers in the index, up over 1 per cent each. 

Meanwhile, Infosys was the top loser in the Nifty, down 1.2 per cent at Rs 1,048. Axis Bank, Power Grid, Bosch and Maruti Suzuki were the other big losers in the index. 

9.00 a.m.: Rupee opens higher at 66.95 per dollar against previous close of 66.98. 

8.00 a.m.: Indian equity markets are likely to open flat on Monday, according to Nifty futures trading on Singapore Exchange (SGX). As of 7.45 a.m., the SGX Nifty was up 1 point at 8,809, indicating a lacklustre opening for equities. 

The Sensex and Nifty are hovering around 18-month highs, supported by ample liquidity. Investor sentiment has been positive amid sustained buying by foreign institutional investors, who have pumped in over $6 billion in cash markets year-to-date. 

On Friday, FIIs bought cash shares worth Rs 661 crore, though domestic investors were net sellers to the tune of Rs 213 crore. 

Among individual stocks, ICICI Bank will be in focus as its life insurance subsidiary's Rs 6,000-crore initial public offer (IPO) opens for subscription today. ICICI Prudential Life Insurance will be India's biggest IPO in six years. 

ICICI Banks owns 67.6 per cent stake in the company and through this IPO it will sell nearly 12 per cent stake to public. According to Nomura, there could be 4-5 per cent upside in ICICI Bank shares if ICICI Pru Life IPO gets subscribed at the upper end of the price band of Rs 300-334. 

Cadila shares are likely to witness buying today as it won a lawsuit against Shire (SHPGY) regarding Lialda patent. Lialda has annual sales of $700 million according IMS. Lialda is used for ulcerative colitis. 

Meanwhile, Asian shares traded higher today. South Korea's Kospi index was up 0.55 per cent, after being closed on Friday for a public holiday. Hang Seng and Shanghai Composite were also up 0.62 per cent and 0.56 per cent respectively after an extended weekend. Japanese markets are closed today for public holiday. 

Investors will be looking for cues from the US Federal Reserve, which begins its two-day meet tomorrow. A decision on interest rate will be announced on Wednesday. 

Indian markets are also likely to be impacted by the Bank of Japan's decision, which is expected on Wednesday morning. The Japanese central bank could aim to increase short-term yields so it could sell short term debt and buy long term debts, say analysts. 

On Friday US markets closed lower. The Dow Jones fell 89 points, while the Nasdaq and S&P indices closed 0.1 per cent and 0.38 per cent respectively.

(With inputs from Reuters)