RTTNews - The Indian market is trading sharply higher near the day's high in early trading on Thursday after impressive quarterly earnings from many bluechip companies buoyed investor sentiment. Reports about likely upgrades in earnings across sectors for the rest of the year and favorable Asian cues also helped lift stocks across the board. Investors await the inflation report due later in the day.
The BSE Sensex is now trading near the day's high of 15,158, up 314 points or 2.12% and the S&P CNX Nifty is trading at 4,497, up 2.22%. Second-line stocks are also trading sharply higher.
On the NSE, Biocon is rising nearly 4% after its consolidated net profit grew to Rs 57.55 crore for the three months ended June compared to Rs 15 crore in the year-ago period.
Sun Pharmaceutical Industries is tumbling 3.45% on reports that a law firm, Izard Nobel LLP, has initiated a lawsuit seeking class action status against its U.S. subsidiary Caraco Pharma on behalf of its investors.
IFCI is down 1% after its net profit fell 33% year-over-year for the three months ended June. Reliance Communications is adding nearly 4% after it signed a 10-year infrastructure-sharing deal with Etisalat DB.
Hindustan Zinc is gaining more than 3% even as lower metal prices pulled down its June-quarter net profit by 15 percent. Apollo Tyres is up 1.45% on reports that it plans to invest about Rs 1,000 crore for setting up an IT park and a five star hotel in Kerala,
Aventis Pharma is trading almost unchanged amid a 13% rise in its quarterly net profit. Siemens is up 2.75% on bagging two orders worth Rs 109 crore from Power Grid Corporation of India.
Divis Laboratories is adding 2.13% after it fixed August 1 as the record date for a bonus issue. Bharti Airtel is up a modest 0.24% after it beast analyst estimates with a 30% rise in its quarterly net profit.
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