Sensex surges over 300 points; Bank Nifty up 2%

Axis Bank was the top gainer at the BSE which surged nearly 4%

Markets during the late noon trading session have recovered from choppy trades and are trading at day's high led by IT , Oil & Gas and Capital Goods shares.

 

Firm opening of the European markets have also boosted the Indian market sentiment.
 

At 14.35 PM, the S&P BSE Sensex traded nearly 300 points up at 25,468.53 while the CNX Nifty surged by 84 points at 7614.95

 

The broader markets are performing in lines with benchmark inidces,  the BSE Mid-cap and Small-cap indices have gained 1.2.% and 1.7% respectively.

 

Similarly, the market breath at the BSE remained firm with 1,719 scrips advancing and 1,102 declining.

 

As per provisional data from the stock exchanges, foreign portfolio investors (FPIs) sold shares worth a net Rs 194.10 crore on Monday, 16 June 2014.

 

Ranak Merchant, Technical Analyst at Sushil Financial Services said, “As Nifty (spot) hit 7700, the momentum with which new life highs were tested, appeared to be slowing and thus a quick correction was on the cards. Yesterday's session saw the benchmark index slip below multiple bottom supports of 7580. From current levels 7350-7400 appears to be a good support zone and a correction till this zone would prove healthy for markets. With crude prices rising and INR depreciating, keep an eye on these two for signs of reversal.”

 

Rupee:

 

The Indian rupee today fell by 34 paise to trade at a fresh six-week low of 60.50 against the US dollar in early trade due to sustained demand for the American currency from oil importers amidst rising crude prices that may further push inflation.

 

Global Market:

European shares are expected to rise, buoyed by merger activity, with Germany's DAX and France's CAC 40 seen gaining up to 0.3%, after Wall Street shares eked out small gains.

 

Most Asian stock markets fell on Tuesday as the deepening conflict in Iraq and a gas dispute between Ukraine and Russia sapped investors' appetite for riskier assets.

 

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.3%. Japan's Nikkei bucked the trend with rise of a 0.3%, though it was still down on the week so far.

 

Sectoral:

BSE Oil & gas index has surged by neraly 3% followed by counters like Banks, Capital Goods, Realty, Power, Metal and Consumer Durables, all gaining between 1-2%. BSE IT index is  up 0.68% or 62 points at 9,094, as the Indian rupee weakened against the US dollar.

 

Buzzing Stock: 

 

Among the 30-share pack at the Sensex, Axis Bank was the top gainer which surged nearly 4% followed by GAIL, Bharti Airtel, Coal India, ONGC up between 2.4% - 1.7%.

 

The top loser was M&M as the scrip shed 2.2%. Other losing stocks are Hindaclo down 1.15%, Hero Motocrop, Tata Steel, Dr Reddy’s Lab shed between 1% to 0.5%

 

Among other stocks, weaker rupee lifted up Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, MphasiS, Hexaware Technologies, Mindtree and Tech Mahindra are up 1-2% .

 

Fulford (India) is locked in down circuit of 5% at Rs 1,584 on BSE after Dashtag, the promoter of the company said it may consider other strategic alternatives in relation to its ownership of shares in the company, if the  delisting offer not be successful.

 

Ricoh India has tanked 20% to Rs 173 on BSE after the failure of delisting offer announced by Ricoh Asia Pacific Pte, the promoter of the company.

 

Shares of auto tyres and rubber products maker has gained 34% in past one month after reporting a strong 82% year-on-year (yoy) growth in net profit of Rs 154 crore for the quarter ended March, 2014 on back of higher volume.

 

DIC India has plunged 18% to Rs 445 on concerns about DIC Asia Pacific Pte Ltd, the promoter of the company may not acquire equity shares from the public shareholders higher than offer price.