Market Live News : Sensex gains 250 pts, Nifty eyes 10,600 | Share Market Tips

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MT Educare and Zee Learn rallied 5 percent each post open offer. Infibeam gained 4 percent after board approves issuance of convertible warrants up to Rs 40 crore to Network18.

10:07 am Market Update:

Benchmark indices extended gains, with the Sensex rising 253.23 points to 34,409.18, backed by banking & financials, metals and auto stocks. Index heavyweights Reliance Industries and ITC also traded higher more than 1 percent

The 50-share NSE Nifty gained 76.90 points at 10,577.80 while the Nifty Midcap rose 0.55 percent.

About 1,337 shares advanced against 833 declining shares on the BSE.

Here are the top headlines

9:50 am Oil Update: 

Oil prices extended gains from the previous session, pushed up by a weak dollar and by comments from Saudi Arabia that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production.

US West Texas Intermediate (WTI) crude futures were at USD 61.39 a barrel, up 77 cents, or 1.27 percent from their last settlement, adding to a 2.4 percent gain in the previous session.

Brent crude futures were at USD 64.94 per barrel, up 58 cents, or 0.90 percent, extending Wednesday's 2.6 percent rise.

9:40 am Rupee Trade: 

The rupee gained another 14 paise to trade at a two-week high of 63.95 against the US dollar in morning on dollar selling by exporters and banks amid firm equities.

The dollar's weakness against other currencies overseas also supported the rupee sentiment, a currency dealer said.

The moved between 63.98 per dollar and 63.93 per dollar at the interbank forex market in early trade.

The dollar fell further against the yen to hit a 15-month low in Asian trade while the euro gained after a firm German growth.

Yesterday, the rupee had gained 23 paise to close at 64.09 a dollar on sustained selling of the American currency by exporters and banks.

9:30 am QIP Launched: 

Idea Cellular will raise up to Rs 3,500 crore by issuing equity shares to eligible investors through qualified institutional placement (QIP) route.

"The Board of Directors today accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors," Idea said in a regulatory filing.

The floor price in respect of QIP, based on pricing formula, has been fixed at Rs 86.84 per share, it said in another filing.

The company may give a discount of up to 5 percent on the floor price in the QIP, it added.

On January 4, the Board had approved a proposal to raise up to Rs 6,750 crore. The company has already raised Rs 3,250 crore by allotment of shares to entities of promoter Aditya Birla Group (ABG).

9:21 am Earnings Reaction: 

Leading cloud computing player 8K Miles Software Services reported a 67 percent growth in net profit at Rs 44.80 crore for the three months to December, while it revenue grew 58 percent to Rs 224.46 crore. The stock was down 1 percent.

After leveraging its success in the US, the company is expanding across Europe and Asia in both public and private sectors, the company said.

"We are very bullish about our platforms as CloudEz and Automaton are seamlessly extensible to address local regulatory compliances globally. It's important now to drive innovation faster and provide new ways of delivering care for patients across the globe," Suresh Venkatachari, chairman and managing director of 8K Miles said.

9:15 am Market Check:

Benchmark indices as well as broader markets gained around half a percent each, following positive lead from global peers.

The 30-share BSE Sensex was up 145.73 points at 34,301.68 and the 50-share NSE Nifty gained 46.80 points at 10,547.70.

About three shares advanced for every share falling on the BSE.

PNB plunged 8 percent and Gitanjali Gems lost 18 percent on transaction fraud.

Axis Bank slipped nearly 2 percent.

Bharti Airtel, Vedanta, Tata Steel, ICICI Bank, Yes Bank and Infosys were early gainers.

MT Educare and Zee Learn rallied 5 percent each post open offer. Infibeam  gained 4 percent after board approves issuance of convertible warrants up to Rs 40 crore to Network18.

Welspun Enterprises, Shriram EPC, Cox & Kings and GTPL Hathway gained more than 3 percent while Repco Home Finance and Jet Airways fell over 2 percent post earnings.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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