 "Markets finish higher; HDFC twins zoom")
Markets finished higher with Sensex settling above the 28,000 mark comfortably led by a stupendous rally in the HDFC twins contributing the most to the gains.
Provisionally, the Sensex gained 166 points to end at 28,112 and the Nifty climbed 44 points to close at 8,489.
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(updated at 2:45 PM)
Markets continue to hold gains in the late trades with Sensex settling above the 28,000 mark comfortably led by a stupendous rally in the HDFC twins contributing the most to the gains.
Provisionally, the Sensex gained 166 points to end at 28,112 and the Nifty climbed 44 points to close at 8,489.
_______________________
(updated at 2:45 PM)
Markets continue to hold gains in the late trades with Sensex settling above the 28,000 mark comfortably led by a stupendous rally in the HDFC twins contributing the most to the gains.
At 2:40PM, the Sensex was up 88 points at 28,034 and the Nifty climbed 22 points at 8,467.
In the broader markets, the BSE Mid-cap index was marginally down while Small-cap index was trading flat with positive bias. Market breadth was firm with 1,534 losers and 1,365 gainers on the BSE.
Value based buying was evident across the bourses after RBI Governor Raghuram Rajan stated that there is a revival in growth of the economy and pick up in the investment. He also said that India's exposure to Greece is limited which lifted the sentiments.
However, metals are taking a beating in today’s trade on slowdown in the Chinese economy with Shanghai Composite closing 6% lower as Beijing's several stimulus measures failed to garner the investor’s confidence.
RUPEE
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The Indian rupee on Friday strengthened for the fourth consecutive day to quote at 63.43 as the US dollar weakened overnight because of slower growth in non-farm payrolls data. Meanwhile, strength in the local equities boosted the sentiments.
GLOBAL DEVELOPMENT
Meanwhile, all eyes would be in Greece on Sunday ahead of the voting on referendum, which could provide some clarity on whether the cash strapped nation would be a part of European Union or not. In related views, the International Monetary Fund (IMF) warned in the preliminary draft of its latest debt sustainability report that Greece would need an extension of its European Union loans and a large debt write-off if it grows more slowly than expected and economic reforms are not implemented.
STOCK TRENDS
On the sectoral front, BSE Bankex, Healthcare, Capital Goods and Consumer Durables are trading higher by 0.4% each. However, BSE Realty, Auto and Metal indices are trading lower up to 1.6%.
Engineering major L&T gained 0.4% after the company said it has won orders worth Rs 1,885 crore. BHEL was up nearly 2%.
Lupin climbed nearly 2% after announcing the acquisition of a 100% equity stake in ZAO “Biocom” in Russia. Sun Pharma, Cipla and Dr Reddy's Labs were up 1% each.
Tata Motors shed 1% on weak JLR sales during the month of June. JLR sales in June 2015 declined to 150 units compared to 375 units in June 2014, the company said in a release.
Bajaj Auto continue to rally after posting an 8% increase in total sales in June at 3,31,317 units against 3,05,465 units in the same month of 2014.
Bharti Airtel has raked in over $1.3 billion (Rs 8,243 crore approx) by divesting its tower assets in five African countries. The proceeds will be used to reduce debt. The stock is up 0.4%.
The IT stocks are trading under pressure with Infosys and TCS trading with marginal gains and Wipro losing over 1% after Cognizant Technology Solutions is likely to witness an incremental loss of $100 million in the second half of the calendar year 2015.