 "Sensex reclaims 26,500; ICICI Bank, Bharti Airtel up 2%")
Benchmark indices have rebounded after a sharp correction which trimmed most of the intra-day gains led by ICICI Bank along with select auto and metal shares.
At 2:30 PM, the 30-share Sensex is up 125 points at 26,555 and the 50-share Nifty is up 41 points at 7,920.
In the broader market, BSE Mid Cap index has gained around 0.8% while BSE Small Cap index is up around 0.2%
Meanwhile, the renewed push to reforms which includes measures like proposal to bring in an ordinance to address issues related to coal supply to companies of central and state governments, as well as private companies in the cement, steel and power businesses and to cap the subsidy on domestic gas cylinders, by the NDA government has kept the sentiments boosted.
The Rupee is trading at 61.28 against US Dollar appreciating from its close at 61.36 on Monday. Hopes of more reforms have strengthened the Rupee.
Global markets
Asian markets trends remain mixed as the as the third-quarter Chinese growth data failed to boost sentiments. Chinese GDP grew at 7.3% in the third quarter which is higher than the market expectations of 7.2% however lower than the 7.5% figure of the preceding quarter. Japan’s Nikkei has declined the most with around 2% loss . Shanghai index has lost around 0.7% while Hang Seng is flat.
European shares have opened higher as hopes of a monetary stimulus program to be undertaken by European Central Bank are gaining ground though investors remain cautious about the impact of Chinese growth data. CAC 40 has gained around 1%, DAX around 0.7% while FTSE is up around 0.5%
Sectors and stocks
Ahead of festive buying BSE Consumer Durables index is up around 1.7% while BSE Power and Realty indices have gained more than 2% and BSE Bankex, Capital Goods and Metal indices have gained between 1-2% each. BSE Healthcare and Oil& Gas indices are the only losers.
In recent news, HDFC Bank has posted a 20% rise in quarterly net profit at Rs 2,380 crore compared to Rs 1,982 crore in the preceding fiscal, though the numbers are below market estimates of around Rs 2,425 crore. Its shares ae currently trading flat.
ICICI has gained around 2.5% on the back of strong performance by its peer HDFC Bank . Axis Bank and SBI have gained more than 1%. Steps like diesel price deregulation and cap on subsidised domestic gas cylinders are likely to improve the fiscal situation and reduce government borrowing thereby adding to the profitability of banks.
GAIL has gained more than 5% following the hike in gas prices.
Bharti Airtel has gained more than 2% after rival Idea Cellular’s earnings came better than market estimates. Bharti Airtel and Idea both operate on GSM technology and have similar kinds of subscribers.
Among metal stocks which have surged on the back of strong factory data from China, Sesa Sterlite has gained more than 4%.
Country's largest two wheeler maker Hero MotoCorp has gained around 2% on plans to invest over Rs 5,000 crore across the globe, including manufacturing plants at Colombia and Bangladesh and new facilities at Gujarat and Andhra Pradesh.
NTPC has gained around 2%. Macquarie capital securities has upgraded NTPC to 'outperform' citing the positive impact on the company of the proposed coal reforms.
BHEL has gained more than 4% while L&T is up around 1%.
Other major gainer is Tata Motors which is up more than 1%.
Among IT stocks, Wipro has surged more than 2% while Infosys is losing around 1%.
Among losers, Reliance is losing around 0.6% as the proposed hike in gas prices is below company’s requirements.
ONGC is down more than 2% on profit booking while Coal India is down around 1.3%, shedding gains made after the cancellation of coal blocks as the company is already outstretched and is unable to take up any new blocks.
Among other stocks, Financial Technologies plunges 20% on reports that the government has directed the company be merged with group company National Spot Exchange
Zee Media has slipped around 4% on the BSE after the company posted net loss of Rs 12.8 crore in the July-September quarter of 2015 fiscal, as compared to the net profit of Rs 4.27 crore in the previous corresponding quarter.
Stone India has surged around 14% after the company said it received first export order from China.
Shares of two-wheeler maker TVS Motor Company is trading higher by 5% extending its 9% rally in past two days after the company said the foreign institutional investors (FIIs) stake in the company touches nine year high during September 2014 quarter.
Exide Industries has slipped around 5% after the Bank of America -Merrill Lynch downgaded the company's stock to 'neutral' citing erosion of pricing power and growing strength of main rival Amara Raja Batteries Ltd.
Shares of BGR Energy Systems have climbed over 4% after the power company bagged orders worth Rs 250 crore in the electrical sub-stations segment of its electrical projects division.
At 2:30 PM, the 30-share Sensex is up 125 points at 26,555 and the 50-share Nifty is up 41 points at 7,920.
In the broader market, BSE Mid Cap index has gained around 0.8% while BSE Small Cap index is up around 0.2%
Also Read
The market breadth is positive with 1,459 advances against 1,197 declines
Meanwhile, the renewed push to reforms which includes measures like proposal to bring in an ordinance to address issues related to coal supply to companies of central and state governments, as well as private companies in the cement, steel and power businesses and to cap the subsidy on domestic gas cylinders, by the NDA government has kept the sentiments boosted.
The Rupee is trading at 61.28 against US Dollar appreciating from its close at 61.36 on Monday. Hopes of more reforms have strengthened the Rupee.
Global markets
Asian markets trends remain mixed as the as the third-quarter Chinese growth data failed to boost sentiments. Chinese GDP grew at 7.3% in the third quarter which is higher than the market expectations of 7.2% however lower than the 7.5% figure of the preceding quarter. Japan’s Nikkei has declined the most with around 2% loss . Shanghai index has lost around 0.7% while Hang Seng is flat.
European shares have opened higher as hopes of a monetary stimulus program to be undertaken by European Central Bank are gaining ground though investors remain cautious about the impact of Chinese growth data. CAC 40 has gained around 1%, DAX around 0.7% while FTSE is up around 0.5%
Sectors and stocks
Ahead of festive buying BSE Consumer Durables index is up around 1.7% while BSE Power and Realty indices have gained more than 2% and BSE Bankex, Capital Goods and Metal indices have gained between 1-2% each. BSE Healthcare and Oil& Gas indices are the only losers.
In recent news, HDFC Bank has posted a 20% rise in quarterly net profit at Rs 2,380 crore compared to Rs 1,982 crore in the preceding fiscal, though the numbers are below market estimates of around Rs 2,425 crore. Its shares ae currently trading flat.
ICICI has gained around 2.5% on the back of strong performance by its peer HDFC Bank . Axis Bank and SBI have gained more than 1%. Steps like diesel price deregulation and cap on subsidised domestic gas cylinders are likely to improve the fiscal situation and reduce government borrowing thereby adding to the profitability of banks.
GAIL has gained more than 5% following the hike in gas prices.
Bharti Airtel has gained more than 2% after rival Idea Cellular’s earnings came better than market estimates. Bharti Airtel and Idea both operate on GSM technology and have similar kinds of subscribers.
Among metal stocks which have surged on the back of strong factory data from China, Sesa Sterlite has gained more than 4%.
Country's largest two wheeler maker Hero MotoCorp has gained around 2% on plans to invest over Rs 5,000 crore across the globe, including manufacturing plants at Colombia and Bangladesh and new facilities at Gujarat and Andhra Pradesh.
NTPC has gained around 2%. Macquarie capital securities has upgraded NTPC to 'outperform' citing the positive impact on the company of the proposed coal reforms.
BHEL has gained more than 4% while L&T is up around 1%.
Other major gainer is Tata Motors which is up more than 1%.
Among IT stocks, Wipro has surged more than 2% while Infosys is losing around 1%.
Among losers, Reliance is losing around 0.6% as the proposed hike in gas prices is below company’s requirements.
ONGC is down more than 2% on profit booking while Coal India is down around 1.3%, shedding gains made after the cancellation of coal blocks as the company is already outstretched and is unable to take up any new blocks.
Among other stocks, Financial Technologies plunges 20% on reports that the government has directed the company be merged with group company National Spot Exchange
Zee Media has slipped around 4% on the BSE after the company posted net loss of Rs 12.8 crore in the July-September quarter of 2015 fiscal, as compared to the net profit of Rs 4.27 crore in the previous corresponding quarter.
Stone India has surged around 14% after the company said it received first export order from China.
Shares of two-wheeler maker TVS Motor Company is trading higher by 5% extending its 9% rally in past two days after the company said the foreign institutional investors (FIIs) stake in the company touches nine year high during September 2014 quarter.
Exide Industries has slipped around 5% after the Bank of America -Merrill Lynch downgaded the company's stock to 'neutral' citing erosion of pricing power and growing strength of main rival Amara Raja Batteries Ltd.
Shares of BGR Energy Systems have climbed over 4% after the power company bagged orders worth Rs 250 crore in the electrical sub-stations segment of its electrical projects division.