 "Markets end firm for second straight session")
Provisionally, the 30-share Sensex ended higher by 342 points at 27,662 and the 50-share Nifty gained 115 points at 8,377.
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Updated at 15:15
Markets have extended gains and are trading at day’s high as investor’s sentiment got boosted on hopes of a rate-cut by Reserve Bank of India given the sustained fall in both the benchmark measures of inflation cooling to a four-month low in April along with a deceleration in capital outflows and forecast of a timely monsoon.
At 15:15PM, the 30-share Sensex was up 392 points at 27,716 and the 50-share Nifty was up 117 points at 8,379.
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Updated at 14:45
Benchmark indices have extended gains and are trading near day’s high led by banks, oil and capital goods shares.
At 14:45PM, the 30-share Sensex was up 245 points at 27,569 and the 50-share Nifty was up 75 points at 8,338.
The top gainers on the Sensex are Dr Reddy’s Labs, Tata Power, Hindalco, GAIL and HDFC Bank, all gaining between 2-3%.
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Updated at 12;57
Benchmark indices are trading higher by nearly 0.5% each on gains in select banks, index heavyweights and pharmaceuticals in the second straight session of gains for the markets.
Investor sentiments remain boosted on hopes of a rate-cut by Reserve Bank of India given the sustained fall in both the benchmark measures of inflation along with a deceleration in capital outflows and forecast of a timely monsoon.
At 12:57PM, the 30-share Sensex was up 128 points at 27,452 and the 50-share Nifty was up 43 points at 8,306.
In the broader market, both the BSE Midcap and Smallcap indices, up nearly 0.5% and 0.6% each have performed better than the front-liners. Market breadth in BSE is positive with 1,432 advances against 994 declines.
Buzzing Stocks
Only two out of the 12 sectoral indices of BSE are trading lower. BSE Oil & Gas index up over 1.5% is the top gainer followed by BSE Healthcare and FMCG, up 1% and 0.7% each. BSE Auto and Realty indices, down 0.2% each are the only losing sectors.
Index heavyweight stocks like ITC, Infosys and RIL gaining between 0.7% and 1% each are contributing the most to the second straight session of gains for the markets.
Among pharma stocks, Dr Reddys Lab has gained nearly 3% and Sun Pharma is up 0.3% while Cipla has declined 0.3%. Dr Reddys Lab has announced the launch of Somazina, an innovator brand of Citicoline in the Indian market. The drug is indicated for improving cognitive function in patients who have suffered from stroke or cerebral infraction, or who have undergone a brain surgery or have suffered from head injuries.
Bharti Airtel has gained nearly 1% after the company said that it has received financing commitments of up to $2.5 billion from China Development Bank and Industrial and Commercial Bank of China.
Financials are trading mixed amid hopes of a rate-cut by RBI. HDFC Bank is up 1%, ICICI Bank is up 0.3% while mortgage lender HDFC is flat and SBI is down 0.3%.
Among metal stocks, Vedanta is trading higher by 1%, Hindalco is up 1.7% and Tata Steel is trading flat. According to media reports, Tata Steel is considering selling off its UK section of long products unit, UK Steel Works, to tide over the supply imbalance that is ailing the global steel industry.