Traders are keenly awaiting for the expiry of the Sept F&O series and roll over positions to the Oct series.
Markets finished the last day of the truncated week with marginal gains amid a rangebound trading session as investors remained on toes as today was the last day of the September F&O series.
Meanwhile, markets participants are keenly awaiting for the RBI monetary policy next week.
The Sensex ends 41 points up at 25,863.50; Nifty also climbed 23 points at 7,869.
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(updated at 3:30 PM)
Benchmark share indices recovered marginally as gains in IT majors helped offset losses in select index heavyweights and private banking majors
The markets will be shut tomorrow on account of BakriId.
At 1:42 PM, the Sensex was up 83 points at 25,906 and the Nifty gained 35 points at 7,880.
"Action will be seen in late trades ahead of the F&O expiry today. Further, traders are also cautious because of the long week-end.
The expiry of September F&O series is seen between 7,850-7,900 levels. Further, IT shares have gained post the Prime Minister's visit to the US," said Alex Mathew, Head of Research, Geojit BNP Paribas Financial Services.
In the broader market, the BSE MidCap and SmallCap indices were up 0.3-0.6% each. Market breadth was strong with 1,382 gainers and 1,061 losers on the BSE.
OIL
Global crude Oil prices edge up after taking a hit in the previous session in response to a mixed US stockpiles report.
RUPEE
The weakness in the rupee continued for the fourth straight seesion. The rupee was down 18 paise to 66.16 against the US dollar following sustained month-end demand for the American currency overseas amid foreign fund outflows.
SECTORS & STOCKS
BSE Capital Goods, Bankex and Metal indices were the top losers while IT, Healthcare and Consumer Durables were the top sectoral gainers.
Capital goods major was down 1.8%. ICRA has downgraded outstanding rating of L&T Halol Shamlaji Tollways Limited from ICRA BB ++ to ICRA D indicating junk category. L&T Halol Shamlaji Tollway is a 100% special purpose vehicle promoted by L&T Infrastructure Development Project.
In the oil and gas space Reliance Industries was down 1.5%. The Supreme Court on Tuesday dismissed the petition of the central government, seeking removal of arbitrator Peter Lever in its dispute with Reliance Industries Ltd in the Panna-Mukta-Tapti basin. ONGC eased 2.7%.
Maruti Suzuki was up 1.7% . The auto major announced that the sales of its vehicles equipped with auto gear shift (AGS) have crossed 50,000 units. AGS vehicles are popular across the country particularly in markets like Delhi NCR, Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad and Kochi.
Vedanta was down over 2% on reports that the metals and mining conglomerate, which has a sizable presence in India in oil and gas, aluminium, iron ore and zinc sectors, has slashed nearly 4,000 direct and indirect jobs in the country since January this year.
Lupin gained over 3% after rating firm Credit Suisse upgraded the stock to “ outperform” from “neutral”.
Bajaj Auto is up 1.5% after the it secured the certification from Europe for its quadricycle and will be now eligible to export its RE60 to those countries even though its India launch remains uncertain.
IT exporters gained after the visit of Prime Minister Narendra Modi to the US aided sentiment. TCS and Infosys are trading higher by 1-1.6% each.
Among other shares, Rural Electrification Corporation was up over 2% at Rs 272 on the Bombay Stock Exchange after the company entered into an agreement for extending financial assistance to Andhra Pradesh Power Generation Corporation Ltd and Transmission Corporation of Andhra Pradesh Ltd.
Balmer Lawrie was up over 2% at Rs 577 on the Bombay Stock Exchange after the company announced that it plans to invest Rs 400 crore in its logistics infrastructure business in the next 24-36 months.
Orient Green Power the allotment committee meeting of the Board of Directors held on September 23, 2015 approved the preferential allotment of shares.