 "Nifty hits 8,300 led by private lenders; Sensex reclaims 27,000")
Benchmark indices continue to maintain the upbeat trend supported by strong global cues along with buying in financials and auto shares leading the gains.
World stocks have risen as worries over the impact of the Britain's decision to leave the European Union known as Brexit receded.
At 14:15 pm, the S&P BSE Sensex gained 326 points to trade at 27,065 and the Nifty50 climbed 102 points to quote at 8,306. Broader markets are performing well in line with the benchmark indices- BSE Midcap and Smallcap indices are up 1% each.
Participants are now keenly watching the rollovers to the next series ahead of the expiry of June F&O series due today, auto sales volume data for June and India Manufacturing PMI for June due on Friday, respectively.
World Bank Group President Jim Yong Kim called on Prime Minister Narendra Modi today as part of the Bank's efforts to explore ways to support government initiatives on nutrition and renewable energy.
The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday approved the recommendations of the Seventh Pay Commission, a move which will boost consumption by putting extra disposable income in the hands of the central government’s 4.7 million employees. This move by the government has boosted investor’s sentiments.
In overseas stock markets, Asian stocks edged higher after overnight rally on Wall Street. US stocks surged for the second day in a row yesterday, on speculation that the US Federal Reserve will delay interest rate increases in the wake of the Brexit.
Back home, the rupee was trading strong at 67.60 in the afternoon session due to sustained selling of the US currency by exporters and banks and a strong domestic equity market.
Tata Motors, Axis Bank, Dr Reddy’s Labs, ICICI Bank, NTPC and Tata Steel are up 2%-3%.
Auto shares are trading firm ahead of auto sales volume data for June. Bank stocks have edged higher on renewed buying demand.
The Sipat station of the National Thermal Power Corporation (NTPC) in Chhattisgarh’s Bilaspur district will produce lightweight aggregate from fly ash.
Axis Bank, the country’s third largest private sector lender, in a bid to ride on the digital wave, has decided to open an innovation lab where it will tie up with financial technology start-ups. The stock is up 2%.
Shares of fertilizer companies are in focus with most stocks trading at their 52-week highs as these companies are looking to benefit from higher demand on the back of above normal monsoon this year.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Rashtriya Chemicals and Fertilizers (RCF), Gujarat State Fertilizers & Chemicals (GSFC), Chambal Fertilisers & Chemicals, Deepak Fertilisers, Fertilizers and Chemicals Travancore (FACT), Madras Fertilizers, National Fertilizers, Mangalore Chemicals are up more than 5% each on the Bombay Stock Exchange (BSE).
Sagar Cements has rallied 6% to Rs 710 on the BSE after the company on Wednesday announced the complete acquisition of grinding unit owned by M/s Toshali Cements for Rs 60 crore.
Alembic Pharmaceuticals has surged 9% to Rs 595 on the BSE in intra-day trade after the company said the US health regulator conducted a successful inspection of its active pharmaceutical ingredient (API) facilities at Panelav, Gujarat this month.
World stocks have risen as worries over the impact of the Britain's decision to leave the European Union known as Brexit receded.
At 14:15 pm, the S&P BSE Sensex gained 326 points to trade at 27,065 and the Nifty50 climbed 102 points to quote at 8,306. Broader markets are performing well in line with the benchmark indices- BSE Midcap and Smallcap indices are up 1% each.
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World Bank Group President Jim Yong Kim called on Prime Minister Narendra Modi today as part of the Bank's efforts to explore ways to support government initiatives on nutrition and renewable energy.
The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday approved the recommendations of the Seventh Pay Commission, a move which will boost consumption by putting extra disposable income in the hands of the central government’s 4.7 million employees. This move by the government has boosted investor’s sentiments.
In overseas stock markets, Asian stocks edged higher after overnight rally on Wall Street. US stocks surged for the second day in a row yesterday, on speculation that the US Federal Reserve will delay interest rate increases in the wake of the Brexit.
Back home, the rupee was trading strong at 67.60 in the afternoon session due to sustained selling of the US currency by exporters and banks and a strong domestic equity market.
Tata Motors, Axis Bank, Dr Reddy’s Labs, ICICI Bank, NTPC and Tata Steel are up 2%-3%.
Auto shares are trading firm ahead of auto sales volume data for June. Bank stocks have edged higher on renewed buying demand.
The Sipat station of the National Thermal Power Corporation (NTPC) in Chhattisgarh’s Bilaspur district will produce lightweight aggregate from fly ash.
Axis Bank, the country’s third largest private sector lender, in a bid to ride on the digital wave, has decided to open an innovation lab where it will tie up with financial technology start-ups. The stock is up 2%.
Shares of fertilizer companies are in focus with most stocks trading at their 52-week highs as these companies are looking to benefit from higher demand on the back of above normal monsoon this year.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Rashtriya Chemicals and Fertilizers (RCF), Gujarat State Fertilizers & Chemicals (GSFC), Chambal Fertilisers & Chemicals, Deepak Fertilisers, Fertilizers and Chemicals Travancore (FACT), Madras Fertilizers, National Fertilizers, Mangalore Chemicals are up more than 5% each on the Bombay Stock Exchange (BSE).
Sagar Cements has rallied 6% to Rs 710 on the BSE after the company on Wednesday announced the complete acquisition of grinding unit owned by M/s Toshali Cements for Rs 60 crore.
Alembic Pharmaceuticals has surged 9% to Rs 595 on the BSE in intra-day trade after the company said the US health regulator conducted a successful inspection of its active pharmaceutical ingredient (API) facilities at Panelav, Gujarat this month.