 "Nifty hits 6200, Sensex gains 500 points")
Markets conitued to race upwards in afternoon trades and are trading near their day's high led by gains in index heavyweights. Surge in metal and financial stocks too supported the uptrend. Market sentiment is also boosted by robust China GDP numbers for the September quarter.
China's economy grew 7.8% in the third quarter, its fastest pace this year and in line with expectations, as firmer foreign and domestic demand lifted factory production and retail sales.
At 2:31PM, the 30-share BSE Sensex was up 426 points at 20,842 while broader Nifty index was up 129 points at 6,6175.
The rupee pared initial gains after it appreciated against the US dollar on expectations that the US Fed may postpone tapering of the stimulus programme. The partially convertible INR is currently trading at 61.27-a-dollar compared to previous day's close of Rs 61.22.
Most Asian indices were trading higher after US lawmakers came to an agreement to raise the debt ceiling and avoided a potential default coupled with encouraging Jul-Sep growth from china. China’s gross domestic product expanded 7.8 percent last quarter, official data showed today, halting a two-quarter slowdown.
All sectoral indices on the BSE were in the green led by Metal which gained 3.5% followed by Bankex, Capital Goods, Realty, Oil and Gas indices.
Among the index heavyweights, Reliance Ind was up 2.2%, Infosys was up 1%. Sesa Sterlite shares are up more than 7.5% and is currently the top Sensex gainer
In the financial segment, HDFC Bank, ICICI Bank, HDFC and SBI were up 2-3% each.
Metal shares were up on expectation of demand revival after encouraging Jul-Sep GDP growth from China. Sesa Sterlite, Tata Steel, Hindalco, Jindal Steel were up 1.5-7% each.
Other Sensex gainers include, ITC and L&T.
UBS initiates coverage of Sesa Sterlite Ltd with a "buy" rating and a target price of Rs 220, citing upcoming earnings drivers.
These include its stake purchase in cash-rich subsidiary Hindustan Zinc Ltd , dividends from unit Cairn India Ltd and the potential removal of a mining bank in the state of Goa.
Bank shares up with IndusInd up more than 5 percent while Axis rises 4.5 percent
Among other shares, Just Dial has rallied over 8% to Rs 955 after the company said its board will discuss the new business opportunities available to the company.
China's economy grew 7.8% in the third quarter, its fastest pace this year and in line with expectations, as firmer foreign and domestic demand lifted factory production and retail sales.
At 2:31PM, the 30-share BSE Sensex was up 426 points at 20,842 while broader Nifty index was up 129 points at 6,6175.
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"Nifty is hovering near is important resistance zone of 6170-6200 levels. Closing above this level is important for the markets to make a dash towards new high," says Navneet Daga of KR Choksey Securities.
The rupee pared initial gains after it appreciated against the US dollar on expectations that the US Fed may postpone tapering of the stimulus programme. The partially convertible INR is currently trading at 61.27-a-dollar compared to previous day's close of Rs 61.22.
Most Asian indices were trading higher after US lawmakers came to an agreement to raise the debt ceiling and avoided a potential default coupled with encouraging Jul-Sep growth from china. China’s gross domestic product expanded 7.8 percent last quarter, official data showed today, halting a two-quarter slowdown.
All sectoral indices on the BSE were in the green led by Metal which gained 3.5% followed by Bankex, Capital Goods, Realty, Oil and Gas indices.
Among the index heavyweights, Reliance Ind was up 2.2%, Infosys was up 1%. Sesa Sterlite shares are up more than 7.5% and is currently the top Sensex gainer
In the financial segment, HDFC Bank, ICICI Bank, HDFC and SBI were up 2-3% each.
Metal shares were up on expectation of demand revival after encouraging Jul-Sep GDP growth from China. Sesa Sterlite, Tata Steel, Hindalco, Jindal Steel were up 1.5-7% each.
Other Sensex gainers include, ITC and L&T.
UBS initiates coverage of Sesa Sterlite Ltd with a "buy" rating and a target price of Rs 220, citing upcoming earnings drivers.
These include its stake purchase in cash-rich subsidiary Hindustan Zinc Ltd , dividends from unit Cairn India Ltd and the potential removal of a mining bank in the state of Goa.
Bank shares up with IndusInd up more than 5 percent while Axis rises 4.5 percent
Among other shares, Just Dial has rallied over 8% to Rs 955 after the company said its board will discuss the new business opportunities available to the company.