The S&P BSE Sensex was trading in a thin range on Thursday, tracking lack of directional cues from Asian markets.
The 50-share Nifty index was testing its crucial psychological level of 8,600.The losses seen in the benchmark indices were led by heavyweight constituents such as Bajaj Auto, ICICI Bank, L&T and Hindustan Unilever.Stock-specific action was visible, as slew of companies reported their June quarter numbers during the trading session.Bajaj Auto was down nearly 4 per cent in trades on less-than-expected June quarter numbers. Indian Bank, TTK Prestige, DHFL and Lakshmi Vilas Bank were some of the stocks that reacted to the quarterly numbers released today.

Tyre stocks soared up to post upbeat Q1 numbers by CEAT. The tyre maker reported a steep surge in Q1 profits, margins post the market hours of Wednesday. The overall market breadth was positive as six out of every 10 BSE stocks were trading in the green.
Sun TV rallied over 7 per cent after the Madras High Court issued an interim order allowing the company to participate in FM radio auction process.Stocks of Bajaj Auto fell about 4 per cent in intraday trade after the company announced its Q1 results.
Among tyre stocks CEAT added nearly 8 per cent, MRF gianed 4 per cent, while JK Tyre spiked nearly 5 per cent in intraday trade.
Cairn India surged over 10 per cent on the 30-pack index and over 12 per cent in NSE in intraday trade after CLSA in a note said that Cairn Energy Plc which is set to vote against Vedanta Ltd’s $2.3 billion buyout offer for Cairn India’s minority shareholders, may reject the said proposal.

Earlier in the day, Arundhati Bhattacharya, chairman, State Bank of India, rang the opening bell on the Bombay Stock Exchange (BSE). ​The SBI chief in an exclusive interview to ET Now said that she doesn’t expect RBI to cut rates immediately. “Rate cut by RBI is not a pre-condition for economic revival,” she said. “Issue of lowering borrowing rates for banks continues to persist,” she added.

Asian markets were trading with a positive bias. China’s Shanghai Composite was up over 1 per cent. Hong Kong’s Heng Seng gained 0.60 per cent; Japan’s Nikkei rose 0.40. Meanwhile, Korea’s Kospi inched down marginally.

Source: http://economictimes.indiatimes.com/markets/stocks/news/sensex-choppy-nifty-tests-8600-sun-tv-spikes-after-madras-hc-allows-group-to-participate-in-fm-radio-auction/articleshow/48185024.cms