Bhushan Steel rallied 19 percent and Tata Steel gained 1.5 percent. Adani Power and Tata Power were marginally lower.

10:23 am Market Outlook: Radhika Gupta is the Chief Executive Officer of Edelweiss Asset Management Limited said 2017 was the least volatile year in the last decade, as depicted by the Volatility Index. This, coupled with premium valuations led to the market becoming more sensitive to any negative news.

What we are experiencing now is a phase of heightened volatility and not a bear market. Such markets present a good case for a “buy on dips” kind of strategy.

The Indian market has been trading at a premium for a long time and we will have to wait for the earning revival going forward. Looking at the last two-quarter earnings, we expect the momentum to continue in the coming quarters as well.

10:10 am Buzzing: Amtek Auto shares were locked at 5 percent upper circuit at Rs 23.80 on Thursday after Liberty House, the global industrial and metals group, has chosen as preferred H1 bidder for buying company’s assets.

There were pending buy orders of 319,003 shares, with no sellers available on the BSE, at 10:10 hours IST.

With this development, Liberty House is poised to make its maiden manufacturing presence in India. The company is part of the USD 10 billion GFG Alliance and is owned by Sanjeev Gupta, a British industrialist of Indian origin.

At 9:58 AM, the BSE Sensex was trading at 33,139, up 106 points, while the Nifty50 index was trading at 10,179, up 24 points.

The gains were broad-based as the BSE Midcap Index gained 0.52% and the BSE Smallcap Index climbed 0.88%.

Volatility index India VIX slipped 4.69% to 14.9625

ICICI Bank (+2%), Bharti Airtel (+1.9%), Infosys (+1.8%), HDFC (+1. %) and Reliance Ind (+1.3%)were the top gainers on Nifty50.

BPCL (-1.3%), Infratel (-1.3%), Yes Bank (-0.66%), Coal India (-0.41%) and ONGC (-0.41%) were the top losers in today’s trade.

Out of 1,996 stocks traded on the NSE, 1,187 advanced, 387 declined and 422 remained unchanged today.

A total of five stocks registered a fresh 52-week high in trade today, while 58 stocks touched a new 52-week low.

9:40 am Buzzing: Shares of Bhushan Steel and Tata Steel rose 19 percent and 2 percent, respectively as Tata Steel emerged as the highest bidder to acquire Bhushan Steel.

In a regulatory filing Bhushan Steel said that the compliant resolution plans were presented to the committee of creditors (CoC) and the resolution plan submitted by Tata Steel has been identified as the highest evaluated compliant resolution plan.

There will be further discussions with Tata Steel on their resolution plan before it will be considered for final approval by the CoC, it added.

Tata Steel had emerged as the highest bidder with a bid of Rs 35,000 crore, with JSW Steel finishing second with a bid of Rs 29,700 crore.

source: moneycontrol.com