Lupin, Tata Power, SBI, BPCL, Bajaj Auto, Aurobindo Pharma and Sun Pharma were early gainers while Bharti Airtel lost 0.8 percent after yesterday's 5 percent rally.
11:45 am Stake sale: Donear Industries share price rallied more than 7 percent intraday after its group company bought polyester-viscose fabric maker from Grasim.
Grasim Industries informed exchanges that it has entered into a definitive agreement for divesting its total investment in Grasim Bhiwani Textiles (GBTL) to Rajendra Synthetics Private Limited, Mumbai (part of Donear Group).
GBTL is primarily engaged in the business of manufacturing and marketing of polyester-viscose fabric.
"Given the size of Grasim's total operations, GBTL's divestment will have negligible impact on company's financials," Grasim said in its filing.
Grasim Industries informed exchanges that it has entered into a definitive agreement for divesting its total investment in Grasim Bhiwani Textiles (GBTL) to Rajendra Synthetics Private Limited, Mumbai (part of Donear Group).
GBTL is primarily engaged in the business of manufacturing and marketing of polyester-viscose fabric.
"Given the size of Grasim's total operations, GBTL's divestment will have negligible impact on company's financials," Grasim said in its filing.
11:15 am Buzzing: State Bank of India shares gained more than 1 percent intraday after the central board of directors approved dilution of bank's stake in its life insurance subsidiary.
The country's largest lender is going to dilute stake in life insurance business through an initial public offer.
Once it lists on exchanges, SBI Life Insurance would become the second insurer after ICICI Prudential Life to go public.
"The executive committee of the central board of the bank at a meeting held on Monday, accorded the final approval for divestment of SBI's stake in SBI Life through an IPO," SBI said in an exchange filing.
10.49 am Market Check: Equity benchmarks continued to trade near record highs but the Nifty Bank was under pressure due to correction in private banks.
The 30-share BSE Sensex rose 90.56 points to 31,806.20 and the 50-share NSE Nifty was up 31.10 points at 9,802.15.
The market breadth continued to be positive as about six shares advanced for every five shares falling on the BSE.
State Bank of India gained a percent but private banks - ICICI Bank, HDFC Bank and Axis Bank were moderately under pressure on profit booking.
10:25 am Earnings estimates: Private sector lender IndusInd Bank is all set to announce its earnings for the quarter ended June 2017. According to analysts polled by CNBC-TV18, profit is likely to increase 25.3 percent to Rs 828.7 crore compared with year-ago period.
Net interest income, the difference between interest earned and interest expended, may grow 27.4 percent to Rs 1,728.2 crore from Rs 1,667.5 crore in corresponding quarter of last fiscal.
Loan growth is expected at 25 percent during the quarter against 28 percent in Q4FY17.
Analysts say if net interest margin comes above 3.8 percent (which was 4 percent in Q4FY17), gross non-performing assets below 1 percent (0.93 percent) and credit cost below 20bps (23bps) then that will be considered positive.
10:00 am Buzzing: Cadila Healthcare shares gained over a percent in morning trade Tuesday on tentative approval from the US health regulator for Lurasidone Hydrochloride tablets.
Lurasidone is a generic version of Latuda that is used to treat schizophrenia.
9.43 am Market Update: Equity benchmarks continued to trade at record highs, with the Nifty hitting 9800 level for the first time today, especially ahead of earnings.
The 30-share BSE Sensex was up 78.55 points at 31,794.19 and the 50-share NSE Nifty rose 29.40 points to 9,800.45.
About 1,129 shares advanced against 633 declining shares on the BSE.
9:41 am Earnings expectations: Gautam Duggad of Motilal Oswal said positive macro factors notwithstanding, the quarter would be faced with several sector-specific headwinds and GST-related de-stocking in some B2C sectors.
Hence, he expects Q1FY18 to be a lacklustre quarter from earnings growth perspective.
9:29 am Buzzing: Torrent Pharmaceuticals fell over 3.5 percent intraday as investors turned cautious after CNBC-TV18 report of US Food and Drug Administration (FDA) issuing five observations for its Dahej plant.
The Dahej plant of the company was inspected by the US drug regulator between June 26 and 30. The unit is a relatively new one for the US business of the company, the channel reported.
The five observations listed by the FDA are as follows:
1. Failure to review any unexplained discrepancy on batch distribution
2. Responsibilities, procedures applicable to quality unit not fully followed
3. Acceptance criteria for sampling & testing by quality control not adequate
4. Equipment, utensils not cleaned & maintained at proper levels
5. Written procedures not established for cleaning & maintenance of equipment
9:15 am Market Check: Equity benchmarks extended yesterday's gains in the opening on Tuesday, hitting fresh record highs.
The 30-share BSE Sensex was up 86.39 points at 31,802.03 and the 50-share NSE Nifty rose 25.55 points to 9,796.60. About three shares advanced for every share falling on the BSE.
Lupin, Tata Power, SBI, BPCL, Bajaj Auto, Aurobindo Pharma and Sun Pharma were early gainers while Bharti Airtel lost 0.8 percent after yesterday's 5 percent rally.
NSE Midcap 100 and BSE Smallcap gained 0.4 percent each.
Sugar stocks like Rana Sugar, Bajaj Hindusthan, Balrampur Chini surged 3-8 percent. Donear Industries was up 5 percent.
CDSL rallied 4 percent, taking total gains to 150 percent from issue price. Brigade Enterprises, Jet Airways and Divis Labs gained over a percent but Torrent Pharma and SpiceJet were under pressure.
Most Asian indexes made gains despite the Dow Jones industrial average ending its Monday session slightly down.
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