Market Live: Sensex rises 100 pts, Nifty reclaims 10,350 at open; TeamLease up 7%

10:29 am Pharma plant approval: Cipla’s Pune Unit-I and II has received approval from the UK regulator to export veterinary products and human medicinal products. The stock gained 1 percent.

10:21 am Market Check: Equity benchmarks were off their opening highs in morning, weighed by metals, pharma and banks stocks. Profit booking could be actual reason as the market rallied since last Thursday.

The 30-share BSE Sensex was up 17 points at 33,495.35 and the 502-share NSE Nifty fell 9.70 points to 10,317.20.

Reliance Industries, Bajaj Finance, IOC, Vedanta, Bharti Infratel, Axis Bank, Yes Bank, Tech Mahindra and HPCL were under pressure.

10:05 am Rupee Trade: The rupee climbed 7 paise to 64.81 against the US currency today, spurred by positive equities. Banks and exporters chose to kept an arm’s length from the dollar.

Stock markets continued to show strength that bolstered rupee sentiment, currency traders said. However, the dollar’s clout overseas weighed heavy on the domestic unit.

Yesterday, the rupee had gained 22 paise to end at a two-week high of 64.89 against the dollar, cashing in on positive sentiment after Moody’s upgrade of India’s credit rating.

Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak

9:46 am Fundraising: State-owned lender Bank of Baroda said it proposes to raise up to Rs 6,000 crore through rights issue or private placement.

The finance committee of the bank’s board has approved the proposal, the lender said in a regulatory filing.

“…the Finance Committee of the Board approved the proposal of raising additional equity capital aggregating up to Rs 6,000 crore by way of rights issue or qualified institutions placements (QIP)…,” the bank informed stock exchanges.

9:40 am UK approval for pharma plant: FDC gained 2 percent as its Goa Unit-III received approval from the UK regulator to export uncoated tablets, reports CNBC-TV18 quoting Cogencis.

News Live: PSBs plan to raise over Rs 13K cr after bank recap plan, Moody’s upgrade

9:37 am Buzzing: Shares of NCC touched 52-week high of Rs 114.80, gaining 6.5 percent in the early trade as it has won a contract for mine development and operation of Talaipalli coal block.

The consortium formed between NCC and BGR Infra has been awarded a project relating to mine development and operation of Talaipalli coal block by NTPC India.

A special purpose vehicle (SPV) to be formed between NCC and BGR Mining & Infra with a sharing ratio of 51:49 will execute the project.

The value of the project is estimated to be Rs 25,071 crore to be executed over 25 years.

The annual revenue at related capacity is expected at Rs 1,000 crore at current prices.

9:26 am Technical Outlook: “After a steady move seen in the past 4 days, there are a lot of outstanding short position in Nifty and the index calls and we can expect another round of short covering as we are moving towards the expiry week,” Shitij Gandhi, SMC Global Securities said.

As per the current derivatives data, Nifty can move towards 10,450-10,500 in coming sessions amid further short covering by call writers.

The derivative data indicates bullish scenario to continue with Nifty having multiple strong supports at lower levels around 10,250, 10,200 & 10,100 spot levels.

“We can see short covering on every dip as Put writers are once again seen active in Tuesday’s sessions. We have seen Put writing in 10,300, 10,200 puts and unwinding in calls,” he said.

The overall data has turned positive and the market can now witness more upside in coming sessions, he added.

9:20 am Buzzing: TeamLease Services share price rallied 7 percent after T Rowe Price International and its International Discovery Fund bought close to 5 percent stake (85,736 and 7,50,808 shares at Rs 1,885 per share) through block deals on Tuesday.

Gaja Capital India Fund I sold 1,53,374 shares at Rs 1,885 per share and GPE (India) sold 6,56,975 shares at Rs 1,885.04 per share.

9:15 am Market Check: Equity benchmarks started off trade on a positive note, with the Nifty reclaiming 10,350 level, tracking positive lead from Asian peers.

The 30-share BSE Sensex was up 95.75 points at 33,574.10 and the 50-share NSE Nifty gained 29.80 points at 10,356.70.

About 803 shares advanced against 291 declining shares on the BSE.

Yes Bank, NTPC, Ambuja Cements, Zee Entertainment, Reliance Industries, Tata Motors and Bosch were early gainers.

Bata, Liberty Shoes, Relaxo Footwears, Superhouse and Mirza International gained 1-5 percent as sources told CNBC-TV18 that cabinet may consider package for leather sector today.

Future Retail, TeamLease Services, NCC, BGR Energy Systems and DHFL rallied 2-7 percent.

Asia markets traded higher, taking overnight cues from Wall Street where stocks rose to record highs.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.