Nifty hovers near 8,300; Sensex up 100 points

Markets continue to gain for the second straight session on anticipation that RBI may slash the key policy rate in the upcoming monetary policy review on June 2, 2015. Further, timely monsoon forecast and slowdown in foreign funds outflows has lifted the trading sentiments.

Meanwhile, foreign institutional investors sold shares worth a net 38 crore rupees on Friday as compared to a selling of Rs 74 crore rupees on Thursday.

At 11.40 AM, the Sensex is up 117 points at 27,441 levels and the Nifty has climbed 39 points to 8,302 mark. In the broader market, BSE Midcap and Smallcap indices are trading firm and are up 0.5% and 0.7% each.

At 11.40 AM, the Sensex is up 117 points at 27,441 levels and the Nifty has climbed 39 points to 8,302 mark. In the broader market, BSE Midcap and Smallcap indices are trading firm and are up 0.5% and 0.7% each.

On the sectoral front, BSE Oil & Gas, Consumer Durables, Healthcare indices are trading higher up to 1.5%. However, BSE Auto index is the sole loser and is down 0.2%.

Bharti Airtel has gained over 1% on BSE after the company said that it has received financing commitments of up to $2.5 billion from China Development Bank and Industrial and Commercial Bank of China.

Tata Power, Tata Steel, Bajaj Auto and ITC are trading higher up to 1% ahead of the quarterly earnings due later during the week . However, Coal India and SBI are trading 0.2% lower on caution ahead of the quarterly results due later during the week.

The oil marketing companies such as Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) are trading higher by 2%-3% each on the back of fuel price hike. These three companies announced a Rs 3.13-a-litre increase in the retail price of petrol and Rs 2.71-a-litre rise in diesel prices with effect from Friday midnight to align the de-regulated domestic prices with the international rates. Also, index bellweather RIL has gained half a percent at Rs 879.

Zuari Global has gained 1.41% as the group looks set to have a majority stake of over 53% in Mangalore Chemicals and Fertilisers Ltd (MCFL), following reports that its open offer to buy 36.56% share in the Vijay Mallya-led UB group firm for nearly Rs.400 crore has been successful.

Jain Irrigation shares has soared 14% after its fourth quarter net profit beats street estimates. Consolidated net profit for the quarter rises 31% to Rs 99 crore from Rs 75 crore for the same quarter last year.

Tata Coffee rises over 7% after the net profit of Tata Coffee rose 224% to Rs 44 crore in the quarter ended March 2015 as against Rs 13 crore during the previous quarter ended March 2014.

Corporation Bank inches up 0.5% after reporting a rise of 8% in net profit at Rs 45.06 crore for the fourth quarter ended March.