The market has opened higher, tracking positive cues from Wall Street after the Federal Reserve kept rates unchanged. All eyes are on expiry of July derivative contracts today.
The Sensex gained 135.55 points at 27698.98 and the Nifty rose 40.75 points to 8415.80. About 713 shares have advanced, 119 shares declined, and 64 shares are unchanged on the BSE.
Cipla, HDFC, Axis Bank, BHEL, ONGC and Cairn India rallied 1-1.5 percent. However, ITC lost 0.6 percent ahead of earnings. GAIL, ICICI Bank, Tata Power and Ambuja Cements also declined. In key earnings today according to a CNBC-TV18 poll, ITC profit may rise 6 percent to around Rs 2,300 crore. Volumes are expected to decline 15-18 percent due to price hikes. And from the pharma space, muted numbers are expected from Dr Reddy's, the profits may rise 4 percent.
From the banking sector, this will be first quarter of Kotak-ING consolidated numbers. Analysts expect a muted profit growth. While the margins may come off since ING Vysya has lower margins.