Sensex, Nifty edge higher; MOIL, Gujarat Mineral, Aster DM jump up to 12%

Indian equity benchmarks edged higher in Thursday's early deals, led by gains in metals and state-owned banks. The 30-share BSE Sensex pack rose 66 points or 0.10 per cent to trade at 66,539, while the broader NSE Nifty moved 19 points or 0.09 per cent up to trade at 19,830. Mid- and small-cap shares were positive as Nifty Midcap 100 climbed 0.26 per cent and small-cap gained 0.48 per cent. India VIX, fear index, fell 0.97% to 10.88-level.

Asian markets were mixed today, tracking an overnight rise in Wall Street equities. Investors now also await the US September retail inflation data, which will influence the upcoming Federal Reserve policy on November 1.

Back home, market participants would also focus on September quarter earnings. "The market will wait for the results of Infosys and HCL Tech, due today, for taking a view on the IT segment. The rally in banking stocks has more steam left," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign institutional investors (FIIs) sold Indian shares on a net basis during the previous session, offloading Rs 421.77 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,032.02 crore. FIIs remained net seller for 16th consecutive session.

13 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Metal and Nifty PSU Bank were outperforming the NSE platform by rising as much as 0.56 per cent and 0.57 per cent, respectively. However, Nifty IT and Nifty Realty slipped 0.57 per cent and 0.67 per cent, respectively.

On the stock-specific front, Hindalco was the top gainer in the Nifty pack as the stock jumped 1.78 per cent to trade at Rs 492.5. Coal India, Grasim Industries, BPCL and IndusInd Bank gained up to 1.71 per cent.

In contrast, Tata Consultancy Services (TCS), Dr Reddy's, Bharti Airtel, Tech Mahindra and Nestle India were among the top laggards.

The overall market breadth was positive as 1,839 shares were advancing while 833 were declining on BSE.

On the 30-share BSE index, TCS, Infosys, HDFC Bank, Airtel, Reliance Industries and Bajaj Finance were among the top gainers.

Also, Gujarat Mineral Development Corporation, Aster DM Healthcare, MOIL, Swan Energy and Authum Investment & Infrastructure surged up to 11.76 per cent. On the flipside, Laxmi Organic Industries, PB Fintech, Jaiprakash Associates, VA Tech Wabag and Macrotech Developers slipped up to 3.84 per cent.

On Wednesday, Sensex had surged 394 points or 0.60 per cent to close at 66,473, while Nifty had moved 122 points or 0.62 per cent to settle at 19,811.

Nifty outlook

"The persistent upside attempts that followed the up gapped opening yesterday appeared exhausted as the day progressed. This should ideally lead to corrections, but the multiple supports that have been formed during the ascent, as well as the bullish continuation patterns encourage us to persist with the prevailing target of 19,900 and even allow for an extension to 20,020, before weighing in the downside possibilities. While we expect a consolidation early in the day, inability to float above the 19,780-19,812 band may signal weakness, but a pull back all the way back to 19,656 is less expected," said Anand James, Chief Market Strategist at Geojit Financial Services.

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