 "Sensex soars 400 points, Nifty above 8,050; L&T up 13%")
Markets have extended gains and trading at 2016 high led by strong buying among capital goods and banking shares.
By 15:05 pm, the S&P BSE Sensex rose 456 points at 26,337 and Nifty50 gained 124 points to trade at 8,059. Nifty is trading at fresh 2016 highs and has reclaimed 8,000 mark for the first time since 06 November, 2015.
Top gainers from the Sensex pack are L&T, SBI, ICICI Bank, BHEL and ONGC, all surging between 2%-12%.
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Updated at 13:15 pm
Markets continue to soar higher with Sensex settled above the 26,000 mark as participants indulge in buying valuable stocks at attractive valuations amid rise in crude oil prices. Also, stellar results posted by L&T indicated that Indian economy is picking up further boosting sentiments.
However, some choppiness is expected to be witnessed in late trades as traders roll over positions in the futures & options segment from the near-month May series to June series.
By 13:14 pm, the S&P BSE Sensex rose 247 points at 26,128 and Nifty50 gained 66 points to trade at 8,000. Nifty is trading at fresh 2016 highs and has reclaimed 8,000 mark for the first time since 06 November, 2015.
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months, boosted after US government figures showed a sharper-than-expected drawdown in crude stocks last week.
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L&T has zoomed by 11% after the company’s net profit for the quarter ended March rose to Rs 2,454 crore, up 19% from the Rs 2,070 crore during the corresponding quarter a year before.
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Bajaj Auto has surged 1% after reporting a 29% increase in net profit for the quarter ended March 31, 2016, riding on a 12% growth in motorcycle sales and benign raw material prices.
BHEL has gained 2%. It has commissioned the first 800 mw supercritical thermal unit in Raichur, Karnataka.
GAIL India reported a 38.7% rise in March quarter net profit on the back of higher volumes of gas transmission and bigger trading margins. The stock has gained by 0.3%.
ONGC has gained 1.5% ahead of Q4 numbers.
Tata Steel has received a number of serious offers for its businesses in Britain, Prime Minister David Cameron said on Wednesday as steel workers marched past Downing Street to put pressure on the government to get a deal. The stock has shed 1%.
The company reported a consolidated loss of Rs 3,214 crore in the March 2016 quarter against a loss of Rs 5,674 crore in the year-ago period, owing to lower net sales and exceptional items impairment charges taken on restructuring of Europe operations and employee separation compensation in India.
Tata Motors said on Wednesday that an authorised committee of the company has approved to raise upto Rs 300 crore via issue of non-convertible debentures (NCDs) to bankroll its expansion plans. The stock has risen by 0.5%.
Ujjivan Financial Services rose 12% after the company said it posted 134% jump in its fiscal year 2016 net profit to Rs 177 crore against Rs 76 crore a year ago.
Rattanindia Power jumped 14% after the company said it posted consolidated net profit ofRs 227 crore against net loss of Rs 2231 crore a year ago.