 "Markets edge higher led by banks; ICICI Bank, SBI up 4%")
Markets extended gains in late noon trades with select banks leading the gains, amid firm global cues, after the RBI kept key policy rates unchanged but maintained an 'accomodative' stance going forward.
At 2:35pm, the S&P BSE Sensex was up 234 points at 27,012 and the Nifty50 was up 70 points at 8,271 after hitting an intra-day high of 8,252. In the broader markets, the BSE Midcap and Smallcap indices were up 0.5%-1% each. Market breadth was positive with 1451 gainers and 1016 losers on the BSE.
The Reserve Bank of India at its bi-monthly policy review earlier today kept the repo or the repurchase rate unchanged at 6.50% on the back of higher food inflation and amid expectations of a rate action by the US Federal Reserve. The central bank has also kept the Cash Reserve Ratio (CRR) unchanged at 4%.
GLOBAL MARKETS
Global shares firmed up after Federal Reserve Chair Janet Yellen did not signal any timing of a possible hike in US interest rate.
Asian shares ended higher with Hong Kong’s Hang Seng gaining the most to settle over 1% higher. Among others in the region, Japan’s Nikkei, China's Shanghi Composite and Singapore’s Straits Times ended up 0.1%-0.6% each.
European shares also edged higher as the US Federal Reserve is unlikely to raise rates soon. The CAC-40, DAX and FTSE 100 were trading 0.6%-1.5% each.
STOCKS
Financials were among the top gainers with ICICI Bank up over 4% after the private banking major decided to raise Rs 25,000 crore in tranches via private placement of bonds, debentures and securities, including bonds and non-convertible debentures (NCDs).
Among others, SBI was also up 4%, HDFC Bank gained 0.5% while Axis Bank was trading flat after gains in the previous session.
FMCG major ITC and Hindustan Unilever were up 2% each on hopes that above normal monsoon would boost rural volumes.
Other gainers include, L&T, TCS, Sun Pharma and Lupin among others.
Among others, Bodal Chemicals has moved up by 5% to its record high of Rs 99.30 on the BSE after the company announced that it has received sanction from both the bankers i.e. Union Bank of India (UBI) and Bank of India (BOI), for release of promoters and promoter group shares holding which were pledged with UBI and BOI as collateral security.
Meanwhile, rate sensitive stocks are trading largely in green post RBI stance. In the banking segment, State Bank of India (SBI), Bank of India, Yes Bank, Bank of Baroda, Canara Bank, Federal Bank and Bank of India were up between 1% and 3%.
In the auto pack, M&M, Hero Motocorp, Maruti Suzuki and Bajaj Auto have climbed between 0.2%-1% while Tata Motors has shed 0.1%
Sun Pharma has gained over 1% after Dilip Shanghvi, the promoter of Sun Pharmaceutical Industries, is set to expand his oil & natural gas business.
Mining and metal stocks have climbed across the bourses amid a global rally in base metal prices after the US dollar fell to a three-week low against a basket of global currencies. JSW Steel, NMDC, Hindalco, Vedanta, Tata Steel, Coal India and Hindustan Zinc ha
At 2:35pm, the S&P BSE Sensex was up 234 points at 27,012 and the Nifty50 was up 70 points at 8,271 after hitting an intra-day high of 8,252. In the broader markets, the BSE Midcap and Smallcap indices were up 0.5%-1% each. Market breadth was positive with 1451 gainers and 1016 losers on the BSE.
The Reserve Bank of India at its bi-monthly policy review earlier today kept the repo or the repurchase rate unchanged at 6.50% on the back of higher food inflation and amid expectations of a rate action by the US Federal Reserve. The central bank has also kept the Cash Reserve Ratio (CRR) unchanged at 4%.
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The Reserve Bank continued to maintain an accommodative stance and said if all goes well and there is a fall in food inflation, the RBI will be willing to lower rates further.
GLOBAL MARKETS
Global shares firmed up after Federal Reserve Chair Janet Yellen did not signal any timing of a possible hike in US interest rate.
Asian shares ended higher with Hong Kong’s Hang Seng gaining the most to settle over 1% higher. Among others in the region, Japan’s Nikkei, China's Shanghi Composite and Singapore’s Straits Times ended up 0.1%-0.6% each.
European shares also edged higher as the US Federal Reserve is unlikely to raise rates soon. The CAC-40, DAX and FTSE 100 were trading 0.6%-1.5% each.
STOCKS
Financials were among the top gainers with ICICI Bank up over 4% after the private banking major decided to raise Rs 25,000 crore in tranches via private placement of bonds, debentures and securities, including bonds and non-convertible debentures (NCDs).
Among others, SBI was also up 4%, HDFC Bank gained 0.5% while Axis Bank was trading flat after gains in the previous session.
FMCG major ITC and Hindustan Unilever were up 2% each on hopes that above normal monsoon would boost rural volumes.
Other gainers include, L&T, TCS, Sun Pharma and Lupin among others.
Among others, Bodal Chemicals has moved up by 5% to its record high of Rs 99.30 on the BSE after the company announced that it has received sanction from both the bankers i.e. Union Bank of India (UBI) and Bank of India (BOI), for release of promoters and promoter group shares holding which were pledged with UBI and BOI as collateral security.
Meanwhile, rate sensitive stocks are trading largely in green post RBI stance. In the banking segment, State Bank of India (SBI), Bank of India, Yes Bank, Bank of Baroda, Canara Bank, Federal Bank and Bank of India were up between 1% and 3%.
In the auto pack, M&M, Hero Motocorp, Maruti Suzuki and Bajaj Auto have climbed between 0.2%-1% while Tata Motors has shed 0.1%
Sun Pharma has gained over 1% after Dilip Shanghvi, the promoter of Sun Pharmaceutical Industries, is set to expand his oil & natural gas business.
Mining and metal stocks have climbed across the bourses amid a global rally in base metal prices after the US dollar fell to a three-week low against a basket of global currencies. JSW Steel, NMDC, Hindalco, Vedanta, Tata Steel, Coal India and Hindustan Zinc ha