Key benchmark indices surged today, 19 November 2015, tracking higher global markets on bets the US Federal Reserve would raise rates in December but proceed cautiously on more tightening. The barometer index, the S&P BSE Sensex, rose 367.18 or 1.44% to 25,849.70, as per the provisional closing data. The Nifty 50 index rose 110.95 points or 1.43% to 7,842.75, as per the provisional closing data. Investor sentiment was also upbeat over some key reform-oriented decisions taken by the government yesterday, 18 November 2015.
The BSE Sensex rose 402 points, or 1.58%, at the day's high of 25,884.52 in late trade. The Nifty 50 index rose 123.10 points, or 1.59%, at the day's high of 7,854.90 in late trade.
Overseas cues were positive. European market edged higher on the back of sharp gains on Wall Street in the wake of the minutes of the US Federal Reserve's October policy meeting overnight. Asian stocks edged higher. US stocks rallied yesterday, 18 November 2015, after minutes from last month's Federal Reserve meeting showed most officials anticipated economic conditions could be strong enough for a December interest-rate increase. The Fed has kept its benchmark for short-term rates near zero since late 2008.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,783 shares rose and 925 shares fell. A total of 183 shares were unchanged. The BSE Mid-Cap index rose 1.20%. The BSE Small-Cap index rose 1.30%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2542 crore, lower than turnover of Rs 2930.83 crore registered during the previous trading session.
Banks shares edged higher. Among state-run banks, Dena Bank (up 3.52%), Punjab National Bank (up 2.13%), IDBI Bank (up 1.63%), Central Bank of India (up 1.46%), State Bank of India (up 1.27%), Allahabad Bank (up 1.02%), Bank of Maharashtra (up 0.94%), Union Bank of India (up 0.87%), Corporation Bank (up 0.84%), Andhra Bank (up 0.83%), Syndicate Bank (up 0.83%), UCO Bank (up 0.76%), Bank of India (up 0.35%), Vijaya Bank (up 0.15%) and Bank of Baroda (up 0.03%), edged higher. United Bank of India was down 0.23%.
Canara Bank rose 0.11% after the board of directors permitted bank to raise additional capital of Rs 2400 crore through issue of BASEL-III compliant tier II bonds by way of private placement. The bank announced during market hours today, 19 November 2015. Canara Bank said that the bonds will have a coupon rate as decided by the Bond Committee of the bank to support the asset growth during 2015-16 & also to maintain healthy level of CRAR.
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Among private sector banks, Federal Bank (up 2.98%), City Union Bank (up 2.56%), ICICI Bank (up 2.02%), HDFC Bank (up 1.96%), IndusInd Bank (up 1.68%), Yes Bank (up 1.38%) and Kotak Mahindra Bank (up 1.29%), edged higher. Axis Bank was down 0.28%.
Punj Lloyd rose 4.57% after the company said it has received two rural electrification contracts totalling Rs 483 crore from NTPC. The company made announcement during market hours today, 19 November 2015. The group's order backlog stands at Rs 20283 crore. The order backlog is the unexecuted orders as on 30 September 2015 plus new orders received after that date.
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