The market rallied more than half a percent in pre-opening trade, tracking positive global cues on easing trade war tensions.

10:20 am Technical Outlook: Aditya Agarwala of Yes Securities said a sustained trade above 10,175 on Nifty can trigger more short covering taking it to levels of 10,300. A breakout and close beyond 10,300 can extend the up move to levels of 10,450.

Moreover, failure to cross 10,175 can resume the corrections dragging it lower to levels of 9,920-9,690. Technical oscillator RSI has formed a positive divergence suggesting extended short covering rallies in the coming trading sessions before Index resumes its downward trajectory.

10:10 am Market Update: Benchmark indices continued to trade higher, but were off early highs due to correction in HDFC twins, Infosys and ITC.

The 30-share BSE Sensex was up 111.84 points at 33,178.25 and the 50-share NSE Nifty rose 34.30 points to 10,165.

About four shares advanced for every share falling on the BSE.

The Nifty Midcap index was also off day’s high, rising 0.8 percent.

10:05 am NSE Approval for Merger: Share price of IDFC Bank and Capital First gained 3 percent on NSE approval for scheme of amalgamation.

IDFC Bank has received prior approval of National Stock Exchange of India (NSE) to the proposed amalgamation of Capital First, Capital First Home Finance and Capital First Securities with IDFC Bank, as per release.

NSE has given its prior approval for the amalgamation with respect to the amalgamated company’s trading membership in the currency derivative segment of NSE.

The merger is still subject to approvals from the Reserve Bank of India, Stock Exchanges, Securities and Exchange Board of India (SEBI), the National Company Law Tribunal (NCLT) and respective shareholders and creditors of all the companies involved.

10:01 am Listing: Bandhan Bank share price jumped 30 percent on debut, following positive market conditions and good investors response to the issue.

The stock price has opened at Rs 487.33 on the National Stock Exchange, against issue price of Rs 375 per share.

9:50 am Listing Pre-opening: Bandhan Bank shares surged 33 percent in pre-opening trade to Rs 499 on the National Stock Exchange, against issue price of Rs 375 per share.

9:40 am Market Update: The market extended gains on positive global cues, with the Sensex rising more than 200 points and the Nifty is inching towards 10,200.

All sectoral indices are trading in the green, with the Nifty Metal and PSU Bank rising 1.5 percent.

The Nifty Midcap also participated in the rally, rising a percent on strong market breadth.

The 30-share BSE Sensex was up 204.95 points or 0.62 percent at 33,271.36, and the 50-share NSE Nifty gained 61.20 points or 0.60 percent at 10,191.90.

9:31 am Karnataka Elections: The Election Commission is likely to announce the polling schedule for 224-member Karnataka assembly today, official sources said.

The last state elections were held in the first week of May in 2008.

The polls are being seen politically crucial for the ruling Congress as well as the BJP as it is the only big state where the former is in power after losing a string of assembly elections to the saffron party in the last few years.

The BJP is making a concerted bid to unseat the Congress.

Beside, the Congress and the BJP, the JD(S) led by former prime minister H D Deve Gowda is the third player in the fray.

9:25 am Buzzing: Shares of Punj Lloyd surged more than 15 percent on winning contract worth Rs 505 crore.

source: moneycontrol.com