 "Markets surge; Sensex up 450 pts, Nifty near 7,500")
Benchmark share indices were trading near their day's highs in late morning deals ahead of the oath taking ceremony of Narendra Modi as India's 15th Prime Minister. Gains were led by capital goods and financials.
At 11:45AM, the 30-share Sensex was up 454 points at 25,148 and the 50-share Nifty was up 129 points at 7,496.
Hectic activity was also seen in the broader markets; the BSE Mid-cap was up 1.3% and the BSE Small-cap surged 1.4%.
Meanwhile, foreign institutional investors which had turned net sellers in equities on Wednesday and Thursday, once again stepped up purchases after they bought equities worth Rs 417 crore on Friday.
A sharp rise in the Asian markets is evident as Ukraine's chocolate tycoon Petro Poroshenko came out victorious in the presidential election held on Sunday. He has been given an opportunity to resolve the long lasting conflict between the west and Russia and ensure political stability. China's Shanghai Composite was up by .2%. Nikkei 225 Average rose .64% and Straits Times climbed.1%, whereas Hang Seng dipped .11%
Capital goods, Oil & Gas, Power, Auto, Banking, metal, IT and Mining indices were the top sectoral gainers on the BSE.
With a stable and business-friendly government in power, the Modi-led BJP winning the elections, shares of capital goods have received a boost. L&T has zoomed 3.3% and BHEL is up by 2.29%.
Maruti Suzuki gained 4% amid upgrades by a foreign brokerage while M&M was up 3% and Tata Motors surged 3.5%.
Coal India jumped 4% on recent reports that prime minister-elect Shri Narendra Modi was exploring splitting up the company and opening up the sector for foreign investment.
In the oil and gas space, GAIL rose 2% and ONGC is up over 4%
Private banks such as ICICI, HDFC and Axis bank, up by 1.5% each. In addition, SBI has risen by .94%. Other financials including HDFC has gained 1.26%.
Despite an appreciating rupee, the IT exporters were gainers in today's session on the back of upbeat US home sales data signalling signs of an uptick in the world's largest economy. IT majors earn most of their revenues from exports to the US. TCS, Wipro and Infosys are marginally up .5%,each.
NTPC is trading at Rs 164, up by 2.6%. The country's largest power generation firm by capacity, NTPC, galloped 21.62% to Rs 160 in the previous week.
Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories are trading higher by up to 1.7% in early morning deals after the Andhra Pradesh High Court cleared the decks for the $4-billion deal to go through by lifting the stay.
Select pharma stocks show a decline, with Cipla and Dr. Reddy's lab down by .12% and .3%, respectively.
Among other shares, shares of Hindustan Motors were down 10% at Rs 12 after the company announced suspension of work at its Uttarpara unit.
Shares of SKS Microfinance were up over 4% at RS 283 after its Rs 400 crore qualified institutional placement (QIP) evoked a strong response and was oversubscribed several times.
At 11:45AM, the 30-share Sensex was up 454 points at 25,148 and the 50-share Nifty was up 129 points at 7,496.
Hectic activity was also seen in the broader markets; the BSE Mid-cap was up 1.3% and the BSE Small-cap surged 1.4%.
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The rupee recovered by 12 paise to trade at 11-month high of 58.40 against the US dollar as foreign capital inflows increased ahead of the oath taking ceremony of Narendra Modi; strong gains in equities also helped improve sentiment.
Meanwhile, foreign institutional investors which had turned net sellers in equities on Wednesday and Thursday, once again stepped up purchases after they bought equities worth Rs 417 crore on Friday.
A sharp rise in the Asian markets is evident as Ukraine's chocolate tycoon Petro Poroshenko came out victorious in the presidential election held on Sunday. He has been given an opportunity to resolve the long lasting conflict between the west and Russia and ensure political stability. China's Shanghai Composite was up by .2%. Nikkei 225 Average rose .64% and Straits Times climbed.1%, whereas Hang Seng dipped .11%
Capital goods, Oil & Gas, Power, Auto, Banking, metal, IT and Mining indices were the top sectoral gainers on the BSE.
With a stable and business-friendly government in power, the Modi-led BJP winning the elections, shares of capital goods have received a boost. L&T has zoomed 3.3% and BHEL is up by 2.29%.
Maruti Suzuki gained 4% amid upgrades by a foreign brokerage while M&M was up 3% and Tata Motors surged 3.5%.
Coal India jumped 4% on recent reports that prime minister-elect Shri Narendra Modi was exploring splitting up the company and opening up the sector for foreign investment.
In the oil and gas space, GAIL rose 2% and ONGC is up over 4%
Private banks such as ICICI, HDFC and Axis bank, up by 1.5% each. In addition, SBI has risen by .94%. Other financials including HDFC has gained 1.26%.
Despite an appreciating rupee, the IT exporters were gainers in today's session on the back of upbeat US home sales data signalling signs of an uptick in the world's largest economy. IT majors earn most of their revenues from exports to the US. TCS, Wipro and Infosys are marginally up .5%,each.
NTPC is trading at Rs 164, up by 2.6%. The country's largest power generation firm by capacity, NTPC, galloped 21.62% to Rs 160 in the previous week.
Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories are trading higher by up to 1.7% in early morning deals after the Andhra Pradesh High Court cleared the decks for the $4-billion deal to go through by lifting the stay.
Select pharma stocks show a decline, with Cipla and Dr. Reddy's lab down by .12% and .3%, respectively.
Among other shares, shares of Hindustan Motors were down 10% at Rs 12 after the company announced suspension of work at its Uttarpara unit.
Shares of SKS Microfinance were up over 4% at RS 283 after its Rs 400 crore qualified institutional placement (QIP) evoked a strong response and was oversubscribed several times.