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Sensex ends 210 points higher; RIL gains over 2%

Provisionally, the 30-share Sensex ended up 210 points at 28,565 and the 50-share Nifty closed up 70 points at 8,635

SI Reporter Mumbai
Last Updated : Feb 11 2015 | 3:33 PM IST
Benchmark indices ended higher for the second straight session led primarily by the gains in private banks, select capital goods and oil stocks like L&T and RIL.

Provisionally, the 30-share Sensex ended up 210 points at 28,565 and the 50-share Nifty closed up 70 points at 8,635.

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(updated at 2:30 PM)

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Benchmark indices are trading firm and are set to close higher for the second consecutive session helped primarily by the gains in private banks, select capital goods, and oil shares.
 
 At 2:27PM, the 30-share Sensex was up 234 points at 28,590 and the 50-share Nifty was up 78 points at 8,643.
 
In the broader market, both the BSE Midcap and Smallcap indices, up 1.1% each have performed better than the front-liners. Market breadth in BSE is positive with 1,538 advances against 1,081 declines.     
 
On the global front, issues related to the Greece debt crisis are set to be discussed by the Euro Zone finance ministers who will meet later today for an extraordinary meeting in Brussels.
 
Back home, the Union Budget is keenly awaited for the launch of further reforms though market analysts expect the Modi government to accelerate the pace of economic reforms following the rout BJP has suffered in the Delhi Assembly elections.
 
Meanwhile, foreign portfolio investors continued to remain sellers in Indian shares with net sale of Rs 1261.19 crore on Tuesday, as per provisional data.
 
Buzzing Stocks
 
All the 12 sectoral indices of BSE are in green. BSE Capital Goods index, up 1.8%, is the top gainer followed by BSE Healthcare and Power indices, up 1.3% each and BSE Bankex up 1.2%.  
 
ICICI Bank has gained around 2%. ICICI Bank, has launched an e-wallet called ‘Pockets’ which is a mobile application, and can be used to send money, pay utility bills, book movie tickets, send gifts and share expenses. With Pockets, the bank plans to target the youth segment and first-time banking customers.  
 
Among financials, housing finance major, HDFC has gained around 1%. Axis Bank has gained 1.7% and HDFC Bank has gained 0.4%. However, SBI is down 0.5%.
 
Sun Pharma has gained over 1%. Sun Pharma has gained after its unit Taro reported strong Q3 results. Sun Pharma will release its quarterly results on February, 14 2015.  Other major pharma stocks like Dr Reddys Lab, up 0.7% and Cipla, down 0.8% are trading mixed.
 
 
L&T has gained over 2%. A consortium between L&T and Tata Power has been selected for a defence project worth Rs Rs 40,000-50-000 crore in which the Ministry of Defence (MoD) will fund two Indian consortia. The other selected consortium is between Rolta and Bharat Electronics Ltd (BEL). Tata Power is up 0.2%.
 
 
IT shares are trading mixed. TCS has gained over 1%. Earlier, TCS announced that it has achieved the exclusive Top Employer North America 2015 certification from the Top Employers Institute. Infosys has gained 0.2% while Wipro is down nearly 1%.
 
Metal stocks too are trading mixed. Sesa Sterlite is down 1.4% and Tata Steel is down 0.5% while Hindalco is up 0.3%.
 
ONGC has declined 2.7%.  The release of third-quarter results of ONGC has been re-scheduled to February 14, 2015 from February, 12 2015.  
 
Among other shares, NCC has surged 15% after reporting an over five-fold jump in its consolidated net profit at Rs 25.57 crore for the third quarter ended December 31, 2014 (Q3) on back of higher operational revenues.
 
Global Markets
 
Among Asian markets, Nikkei is closed today for a public holiday. Hong Kong shares finished lower on Wednesday, weighed down by banking stocks as investors worried about the health of China's economy. The Hang Seng index fell 0.9% while the Shanghai Composite index gained 0.5% on the People's Bank of China's pledge late on Tuesday to fight any downturn in the world's second-largest economy.
 
European markets have opened lower on Wednesday as traders remain cautious ahead of the Euro Zone Finance Ministers meet due later today. Greek Prime Minister Alexis Tsipras comfortably won a confidence vote on his plan to cancel a deeply unpopular bailout programme and challenge European leaders as both sides prepare for a showdown at meetings in Brussels this week. FTSE 100 and DAX indices are trading flat while CAC 40 index has shed 0.4%. 

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First Published: Feb 11 2015 | 3:32 PM IST

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