Key benchmark indices continued to hover in positive terrain with strong gains in afternoon trade as firmness in global stocks boosted sentiment. At 13:18 IST, the S&P BSE Sensex was up 313.92 points or 1.13% at 28,179.88. The Nifty 50 index was currently up 104.85 points or 1.22% at 8,716. The Sensex was trading above the psychologically important 28,000 mark after regaining that level in morning trade.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 2,052 shares gained and 576 shares fell. A total of 97 shares were unchanged. The BSE Mid-Cap index was up 1.95%. The BSE Small-Cap index was up 2.06%. Both these indices outperformed the Sensex.
The Sensex rose 351.67 points or 1.26% at the day's high of 28,217.63 in mid-morning trade, its highest level since 29 September 2016. The barometer index rose 53.93 points or 0.19% at the day's low of 27,919.89 in early trade. The Nifty rose 116.15 points or 1.35% at the day's high of 8,727.30 in mid-morning trade, its highest level since 29 September 2016. The index rose 23.85 points or 0.28% at the day's low of 8,635 in early trade.
In overseas stock markets, European and Asian stocks rose as investors weighed the prospects of a further US interest rate hike and a report on business sentiment out of Japan. Stock markets in China and South Korea were closed for holiday. In Japan, the Nikkei 225 Average ended 0.9% higher. The Bank of Japan's tankan survey released today, 3 October 2016 showed Japan's large manufacturers now expect their pretax profit to drop 14.6% in this financial year through March, compared with a previous forecast for a 11.6% fall. Meanwhile, activity in China's manufacturing sector expanded again in September, data released on 1 October 2016 showed. The official Purchasing Managers' Index (PMI) stood at 50.4 in September, identical with the previous month's level, the National Bureau of Statistics said. The non-manufacturing PMI rose to 53.7 from 53.5 in August. US stocks closed sharply higher on Friday, 30 September 2016 as Deutsche Bank shares rebounded amid a report that the German banking giant was near a settlement with the Justice Department.
Shares of power generation and power distribution companies gained. NTPC (up 1.38%), NHPC (up 1.6%), Tata Power Company (up 1.33%), Adani Power (up 2.61%), Power Grid Corporation of India (up 1.64%), Reliance Infrastructure (up 5.73%) and Reliance Power (up 1.57%) gained. Torrent Power declined 0.11%.
Shares of state run coal mining major Coal India rose 1.58% to Rs 327.50. The stock hit high of Rs 327.75 and low of Rs 322.15 in intraday trade.
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Bank stocks gained ahead of the Reserve Bank of India (RBI)'s monetary policy review tomorrow, 4 October 2016. Among public sector banks, Punjab National Bank (up 1.64%), Bank of Baroda (up 0.63%), State Bank of India (SBI) (up 1.6%), Union Bank of India (up 3.45%), Canara Bank (up 1.57%), and Bank of India (up 2.71%) edged higher.
Among private sector banks, Axis Bank (up 1.27%), Kotak Mahindra Bank (up 0.98%), HDFC Bank (up 0.93%), Yes Bank (up 1.61%), and IndusInd Bank (up 3.41%) edged higher. ICICI Bank declined 0.02%.
Bharat Heavy Electricals (Bhel) rose 1.97% after the company said that it secured two renovation and modernisation (R&M) contracts worth around Rs 430 crore of hydro electric plants. The announcement was made during market hours today, 3 October 2016.
Meanwhile, India's manufacturing upturn was sustained in September, as a further increase in order books underpinned growth of output and purchasing activity, a survey showed today, 3 October 2016. That said, rates of expansion eased in all cases. One area of strength was external demand, with firms noting the strongest rise in new export orders since July 2015. Both input costs and output charges increased at quicker rates. Posting above the crucial 50 threshold for the ninth consecutive month, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) fell to 52.1 in September from 52.6 in August.
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