Market Live: Nifty looks to break May series jinx, starts series at 10,700; RIL crosses Rs 1K mark

Axis Bank took a hit of 3 percent in the first few minutes, after the bank reported dismal set of numbers for the March quarter as provisions trebled

10:22 am Buzzing Stock: Shares of Thermax gained 3.4 percent intraday Friday on the back of order win worth Rs 279 crore.

Thermax Group has received an order worth Rs 279 crore from a leading public sector fertiliser company to set up captive cogeneration plant at Trombay.

The project is for a GTG (Gas Turbine Generator) - cum - HRSG (Heat Recovery Steam Generator) based cogen plant of 50MW capacity on an EPC basis.

10:05 am Market Check: The indices have further advanced their gains as the Sensex has risen 300 points, while the Nifty has hit 10,700-mark. The market breadth strongly favours the advances.

Axis Bank, SBI, are the top gainers, while TCS, Wipro are the top losers.

9:50 am Axis Bank recovers: 

Shares of Axis Bank witnessed extreme movements in morning trade as the scrip recovered from 3 percent lows to be trading over 5.5 percent higher. Experts were anticipating a lower opening on the back of its dismal performance in the March quarter.

The stock touched an intraday high of Rs 522.00 and an intraday low of Rs 479.00.

Among key possibilities for the rise could be attractive valuations along with reportage of a kitchen-sink quarter as well.

Also Read: 

Axis Bank Q4 result disappoints: Experts suggest 4 ways to approach the stock

9:40 am Market Check: 

The market has extended its gains from the opening minutes, with the Sensex rising over 250 points, while the Nifty has managed to clock 10,700 as well.

The market breadth strongly favoured the advances. Midcaps are trading strong, seeing gains of half a percent, but were underperforming the benchmarks.

All sectoral indices, barring IT, are trading in the green. Shares of Reliance Industries has crossed Rs 1,000 mark ahead of Q4 earnings. Meanwhile, Bharti Airtel and Wipro are the  laggards in the morning trade, being the top losers on Sensex and Nifty.

9:25 am Rupee Update: 

The Indian rupee opened lower by 8 paise at 66.83 per dollar on Friday versus previous close 66.75.

After remaining under pressure in the past few sessions, yesterday, the rupee consolidated against the US dollar. Weakness in the rupee had been triggered on back of sharp rise in global crude oil prices and fund outflow by FIIs in the equity and debt segment. Yesterday, they sold another USD 100 million, now getting the cumulative figure for this month to almost USD 2billion, said Motilal Oswal.

9:15 am Market Opens: 

Equities have begun the day on a good note, with the Sensex rising over 100 points, while the Nifty managed to open above 10,650-mark.

The Sensex is up 143.63 points at 34857.23, while the Nifty is up 56.20 points at 10674.00. The market breadth is positive as 333 shares advanced, against a decline of 171 shares declined, while 54 shares were unchanged.

Among stocks, Axis Bank took a hit of 3 percent in the first few minutes, after the bank reported dismal set of numbers for the March quarter as provisions trebled. Meanwhile, IDBI Bank is also trading lower by 4 percent after its ex-CMD has been booked in a fraud case.

Meanwhile, global markets were trading higher on the back of positive handover from US.

Asian shares edged higher on Friday, after US equities were buoyed by solid quarterly earnings and a rebound in technology stocks, while the euro languished near three-month lows after the European Central Bank kept interest rates unchanged.

US stocks advanced on Thursday with each of Wall Street’s major indexes ending the session up 1 percent or higher, boosted by solid earnings results and a rebound in technology stocks as U.S. bond yields pulled back.

HAVE A NICE DAY!!!!!!

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