Nifty hits fresh record high of 9,280 at open; RIL up 2% on earnings

Benchmark indices surged at open with Nifty50 hitting a record high of 9280, surpassing April 5 record high of 9,274 following strong cues from Wall Street and Asian markets. A win for the pro-EU presidential candidate in the first round of French elections triggered a relief rally globally. Polls show Emmanuel Macron defeating anti-euro nationalist Marine Le Pen by as much as 30 percentage points in the second round of the French presidential election in two weeks. Back home, March-quarter earnings of index heavyweight Reliance Industries (RIL) came in better than Street expectation adding to the sentiment. At 9:17 am, the S&P BSE Sensex was trading at 29,815 up 159 points, while the broader Nifty50 was ruling at 9,263 up 45 points.In the broader market, BSE Midcap gained 0.7% while BSE Smallcap was up 0.6%. Commodity Trading Tips

"The upswings expected yesterday did not gather enough momentum to topple 9,280 region, and with that move most of the oversold situation has also been neutralized leaving little steam for extended rise. This should mean up moves early in the day could see severly tested by 9,280 and a consolidation could again be in order. Alternatively, direct rise above 9,280 could set the trajectory towards 9,500," Geojit Financial Services said in a note. The Street will also look out for the 23 companies which will report their earnings today. These include IT major Wipro and a number of banking institutions, like IDFC Bank, M&M Financial, LIC Housing Finance and ICICI Prudential Life, among others. On Monday, foreign portfolio investors (FPIs) sold shares worth a net Rs 279.55 crore, while Domestic institutional investors (DIIs) bought shares worth a net Rs 984.17 crore, provisional data available with BSE showed.  Nifty Trading Tips



Robust RIL earnings
 
Reliance Industries (RIL) gained nearly 2% after it reported record annual profits for the last financial year (2016-17), riding high on refining and petrochemicals businesses. For the March quarter, its consolidated net profit rose 12.3% to Rs 8,046 crore, against Rs 7,167 crore for the same period a year ago. The company’s turnover in the March quarter rose 45.2% year-on-year to Rs 92,889 crore, largely meeting Street expectations for net profit. The company also plans to spend a further $2.8 billion on its Jio telecoms business in the current quarter, it said on Monday, taking its investment in the venture to more than $30 billion, Reuters reported.  Future & Option Trading Tips