 "Nifty ends above 8,250 led by financials")
Benchmark indices ended firm led by a smart rally in the Index heavyweights on hopes of rate cut.
The unlikely rate hike by the Federal Reserve coupled with calmer conditions in the bond market boosted the market sentiments.
The unlikely rate hike by the Federal Reserve coupled with calmer conditions in the bond market boosted the market sentiments.
Provisionally, the 30-share Sensex gained 99 points to end at 27,305 and the 50-share Nifty climbed 31 points to close at 8,256.
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Benchmark indices continue to trade firm as investors applaud the UN report stating Indian economy is likely to clock 8.1 percent growth in the current financial year, supported by strong consumer spending amid low inflation, infrastructure projects and government's reform measures.
Meanwhile, the unlikely rate hike by the Federal Reserve coupled with calmer conditions in the bond market boosted the market sentiments.
At 2.45 PM, the 30-share Sensex has gained 86 points at 27,292 and the 50-share Nifty has climbed 86 points at 8,249.
Market breadth on the BSE is positive with 1,452 advances against 1,109 declines.
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RUPEE
The rupee is trading strong by five paise at 63.60 against the dollar tracking firm local equities amid sustained dollar selling by exporters.
KEY STOCKS
On The sectoral front, barring BSE Metal, Power indices all other indices are trading firm with BSE FMCG, Auto, Consumer Duarbles, Capital Goods indices trading higher up to 1.5%.
Rate sensitive stocks are gaining in today’s session as sustained fall in consumer inflation prices has given boost to hopes of a rate-cut by Reserve Bank of India. Mortgage lender, HDFC and Axis Bank have gained 1.4% each, SBI, Axis Bank, M&M, Tata Motors, Bajaj Auto, Maruti Suzuki and HDFC twins are trading higher up to 2.5%.
Shares of Tata Steel, Indian multinational steel-making company headquartered in Mumbai, have lost up to nearly 2% as the company anticipates to take a non-cash write-down of the goodwill and assets in the consolidated financial results in the fourth quarter for the year ended March 31,2015 of nearly Rs 6,500 crores, mostly associated to the loss-making long products business in UK.
Shares of Bharti Airtel, India’s largest telecom services provider, has gained up to nearly 2% after it decided to commence 4G services trials for its existing customers located in Chennai, according to media reports.
Consumer Durables is leading the chart at more than 1%, following the gains by PC Jewellers on the back of strong quarterly results.
Vedanta Resources reported a significantly wider full-year net loss due to a hefty writedown of its oil and gas business due to tumbling oil prices. Reacting to the news, Vedanta has lost 2%.
Oil exploration major RIL is down 0.4% on decline in crude oil prices. However, GIL which gained yesterday on signing MoU with Dhamra LNG Terminal (DLTPL) has dipped today on profit taking and is down nearly 1%.
The Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, on Wednesday approved the disinvestment department’s plan to sell stakes in Indian Oil and NTPC as part of the Centre’s Rs 41,000-crore divestment target for public sector undertakings. NTPC is down over 2%.
Ranbaxy Laboratories is accused in a lawsuit of conspiring with a web of lawyers and consultants to manipulate the US Food and Drug Administration (FDA) and block competition in the generic drug business. Sun Pharma which has acquired Ranbaxy is trading with marginal gains.
BROADER MARKETS
In the broader market, both the BSE Midcap and Smallcap indices, up nearly 0.2% and 0.6% each.
Suzlon Energy has moved higher by 8% to Rs 26.10, extending its previous day’s gains of about 1% on the NSE, after the wind turbine maker said that has bagged an order to set up a 90 mw wind project from ReNew Power, for an undisclosed amount.
Shares of Strides Arcolab were trading higher by 4% to Rs 1,069 on the NSE after a pharmaceutical company said that it has received approval from the US health regulator for Lamivudine and Zidovudine tablets.
Shares of Multi Commodity Exchange of India (MCX) have moved higher by 9% to Rs 1,144 on the NSE after reporting a 12.6% year-on-year (yoy) growth in standalone net profit at Rs 49.30 crore for the quarter ended March 31, 2015 (Q4).
Jubilant FoodWorks has rallied 9% to Rs 1,714 on the BSE after reporting 6.6% growth in same-store growth (SSG) for the quarter ended March 31, 2015 (Q4). The company, which operates Domino's Pizza and Dunkin Donuts chains, had recorded 3.4% negative SSG growth in the year-ago quarter.
Shares of Sequent Scientific were trading higher by 4% at Rs 562 on the BSE in early morning trade after the Reserve Bank of India (RBI) said that foreign investors can now invest up to 32.46% of the paid up capital of the pharmaceutical company.