Reuters Market Eye - The Sensex and the Nifty rose in early trade, led by gains in Tata Consultancy Services (TCS.NS) ahead of its Jan-March earnings and banking stocks on hopes the Reserve Bank of India would take measures to enhance liquidity.
TCS, India's top software exporter, is expected to post a net income of 28.21 billion rupees in Jan-March, as per Starmine data.
The Nifty index for bank stocks was up 0.44 percent, led by ICICI Bank (ICBK.NS), up 0.8 percent, and State Bank of India (SBI.NS), up 0.6 percent.
Traders expect the market to be rangebound, grappling with derivatives expiry this week and foreign tax issues.
A fall in Nifty on Friday, which traders are attributing to a trading error, is also weighing on the market. The National Stock Exchange, however, denied the speculation.
The country's main 30-share BSE index up 0.24 percent to 17,414 points, and the 50-share NSE index rose 0.23 percent to 5,302 points.
(Reporting by Abhishek Vishnoi)
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It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article