 "Markets maintain gains led by banks; SBI up 8%")
Benchmark share continued to maintain a firm trend with bank shares gaining the most after the demonetisation move by the government.
At 2:40pm, the S&P BSE Sensex was up 372 points at 27,625 and the Nifty50 was up 129 points at 8,561.
SBI was the top gainer up over 8% followed by private banking majors. Other Sensex gainers include Tata group companies such as Tata Steel and Tata Motors which rose 2%-9% each.
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Benchmark share indices continue to trade firm aided by strong opening of European cues along with buying demand among metal and financial shares.
At 13:40 pm, the S&P BSE Sensex was up 401 points at 27,653 and the Nifty50 rose 143 points at 8,573. The broader markets are outperforming the benchmark indices with BSE Midcap and Smallcap indices up over 2% each.
On the macro front, the figures for direct tax collections up to October 2016 show that net collections are at Rs 3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year.
Sachin Shah, Fund Manager, Emkay Investment Managers says, "Investors have witnessed unprecedented large event - Indian currency demonetization & the unanticipated victory of Mr Trump. Both these events will have quite a bit of implications, probably we will have more clarity in the next few days, we therefore think to let things settle down & hopefully by than we will have more answers than questions. Of course, the eradication of black money menace from the Indian economy is a big positive in the long-term and the Indian economy will be on a very strong footing once the short-term teething problems are done with."
In overseas stock markets, European and Asian stocks edged higher to join a global rebound on speculation Donald Trump will pursue business-friendly policies. Japan's Nikkei 225 surged 6.72%. CAC, DAX and FTSE are up over 2%.
US stocks rallied led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump. Trump was declared as the 45th President of the United States yesterday.
Back home, SBI, Tata Steel, Cipla, Axis Bank and ICICI Bank are up between 4%-9%. On the losing side, Hero MotoCorp, Asian Paints, Lupin, Infosys and Maruti Suzuki are down 1%-2%.
Domestic passenger vehicle sales rose 4.48 per cent to 2,80,677 units in October from 2,68,630 units in the same month last year.
STOCK TRENDS
Shares of metal companies are in focus, with the Nifty Metal index surging an over 5% in early morning trade on the NSE. The surge comes after Donald Trump got elected as the 45th President of the United States, and said in his victory speech that he would embark on a project to rebuild infrastructure in the US. He also plans to double US economic growth.
Nifty Metal index, the largest gainer among sectoral indices, was up 5% at 2,835. The metal index surge 5.3% in intra-day trade at 2,844, its highest level since November 2014.
Tata Steel, Hindalco Industries, Vedanta, Hindustan Zinc, NMDC, Jindal Steel & Power, Welspun Corp, Steel Authority of India (SAIL) and Moil from the Nifty Metal index were trading higher by more than 5% each.
Banking shares extended gains for the second straight day on the bourses after the Government of India declared on Tuesday that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
The public sector undertaking (PSU) banks, the largest gainer with the Nifty PSU Bank index was up 4.4%, as compared to 1.8% rise in the Nifty Bank and 1.3% gain in the Nifty50 index at 09:41 am.
State Bank of India (SBI), Indian Overseas Bank (IOB), Vijaya Bank, Uco Bank, United Bank of India, Syndicate Bank, Punjab & Sindh Bank, Union Bank of India and Allahabad Bank from the PSU banks were up between 5%-7%.
Motherson Sumi Systems (MSSL) has moved higher by 9% to Rs 335 on BSE after the company reported 25% year on year (YoY) growth in consolidated net profit at Rs 361 crore for the quarter ended September 30, 2016 (Q2FY17).
At 2:40pm, the S&P BSE Sensex was up 372 points at 27,625 and the Nifty50 was up 129 points at 8,561.
SBI was the top gainer up over 8% followed by private banking majors. Other Sensex gainers include Tata group companies such as Tata Steel and Tata Motors which rose 2%-9% each.
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Also Read
(Updated at 1:40pm)
Benchmark share indices continue to trade firm aided by strong opening of European cues along with buying demand among metal and financial shares.
At 13:40 pm, the S&P BSE Sensex was up 401 points at 27,653 and the Nifty50 rose 143 points at 8,573. The broader markets are outperforming the benchmark indices with BSE Midcap and Smallcap indices up over 2% each.
On the macro front, the figures for direct tax collections up to October 2016 show that net collections are at Rs 3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year.
Sachin Shah, Fund Manager, Emkay Investment Managers says, "Investors have witnessed unprecedented large event - Indian currency demonetization & the unanticipated victory of Mr Trump. Both these events will have quite a bit of implications, probably we will have more clarity in the next few days, we therefore think to let things settle down & hopefully by than we will have more answers than questions. Of course, the eradication of black money menace from the Indian economy is a big positive in the long-term and the Indian economy will be on a very strong footing once the short-term teething problems are done with."
In overseas stock markets, European and Asian stocks edged higher to join a global rebound on speculation Donald Trump will pursue business-friendly policies. Japan's Nikkei 225 surged 6.72%. CAC, DAX and FTSE are up over 2%.
US stocks rallied led by a surge in financial, health-care and industrial stocks, as investors bet on the infrastructure spending policy promised by President-elect Donald Trump. Trump was declared as the 45th President of the United States yesterday.
Back home, SBI, Tata Steel, Cipla, Axis Bank and ICICI Bank are up between 4%-9%. On the losing side, Hero MotoCorp, Asian Paints, Lupin, Infosys and Maruti Suzuki are down 1%-2%.
Domestic passenger vehicle sales rose 4.48 per cent to 2,80,677 units in October from 2,68,630 units in the same month last year.
STOCK TRENDS
Shares of metal companies are in focus, with the Nifty Metal index surging an over 5% in early morning trade on the NSE. The surge comes after Donald Trump got elected as the 45th President of the United States, and said in his victory speech that he would embark on a project to rebuild infrastructure in the US. He also plans to double US economic growth.
Nifty Metal index, the largest gainer among sectoral indices, was up 5% at 2,835. The metal index surge 5.3% in intra-day trade at 2,844, its highest level since November 2014.
Tata Steel, Hindalco Industries, Vedanta, Hindustan Zinc, NMDC, Jindal Steel & Power, Welspun Corp, Steel Authority of India (SAIL) and Moil from the Nifty Metal index were trading higher by more than 5% each.
Banking shares extended gains for the second straight day on the bourses after the Government of India declared on Tuesday that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.
The public sector undertaking (PSU) banks, the largest gainer with the Nifty PSU Bank index was up 4.4%, as compared to 1.8% rise in the Nifty Bank and 1.3% gain in the Nifty50 index at 09:41 am.
State Bank of India (SBI), Indian Overseas Bank (IOB), Vijaya Bank, Uco Bank, United Bank of India, Syndicate Bank, Punjab & Sindh Bank, Union Bank of India and Allahabad Bank from the PSU banks were up between 5%-7%.
Motherson Sumi Systems (MSSL) has moved higher by 9% to Rs 335 on BSE after the company reported 25% year on year (YoY) growth in consolidated net profit at Rs 361 crore for the quarter ended September 30, 2016 (Q2FY17).