Volatility continued in mid-afternoon trade as the key benchmark indices once again strengthened to hover near intraday high after trimming gains in afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 287.07 points or 1.11% at 26,065.73. The 50-unit CNX Nifty was up 74.30 points or 0.95% at 7,917.60. The Sensex was currently trading above the psychological 26,000 mark, having alternately moved above and below that level in intraday trade so far. The Sensex pierced the psychological 26,000 mark as gains in global stocks boosted sentiment on the domestic bourses a day after the Reserve Bank of India (RBI) surprised financial markets by announcing a steeper-than-expected 50 basis points reduction in repo rate after a regular monetary policy review yesterday, 29 September 2015.
The Sensex hit its highest level in more than a week when it jumped 300.41 points 1.16% to 26,079.07 in afternoon trade. The Nifty rose 82.45 points or 1.05% at the day's high of 7,925.75 in afternoon trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,564 shares gained and 929 shares declined. A total of 116 shares were unchanged. The BSE Mid-Cap index was up 1.29%, outperforming the Sensex. The BSE Small-Cap index was up 0.84%, underperforming the Sensex.
Shares of index heavyweight and cigarette major ITC gained 2.17% to Rs 327.30 on high volume of 81.87 lakh shares so far during the day. A bulk deal of 78.27 lakh shares was executed on the stock at Rs 326.85 per share at 09:57 IST on BSE today, 30 September 2015.
State-run coal mining giant Coal India gained 2.99% to Rs 324 on high volume of 54.93 lakh shares so far during the day. A bulk deal of 51.16 lakh shares was executed on the stock at Rs 318.30 per share at 09:25 IST on BSE today, 30 September 2015.
Punjab National Bank (PNB) fell 1.88% to Rs 132.70. PNB during market hours today, 30 September 2015 said that consequent upon receipt of capital funds to the tune of Rs 1732 crore from the Government of India yesterday, 29 September 2015, the bank has issued and allotted 10.90 crore equity shares at Rs 158.84 per equity share on preferential basis to the Government of India.
Interest rate sensitive realty stocks extended gains registered yesterday, 29 September 2015, triggered by the Reserve Bank of India (RBI) announcing a steeper-than-expected 50 basis points cut in repo rate. Oberoi Realty (up 4.67%), Godrej Properties (up 6.51%), DLF (up 1.11%), Sobha (up 2.23%), D B Realty (up 1.45%), Parsvnath Developers (up 0.84%), Housing Development and Infrastructure (HDIL) (up 0.21%) edged higher. Indiabulls Real Estate (down 1.71%) and Unitech (down 0.65%) fell. Purchases of both residential and commercial property are largely driven by finance.
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Shares of housing finance companies extended gains registered yesterday, 29 September 2015, triggered by the Reserve Bank of India (RBI) announcing a steeper-than-expected 50 basis points cut in repo rate. Indiabulls Housing Finance (up 5.01%), LIC Housing Finance (up 3.87%), Dewan Housing Finance Corporation (up 1.84%), HDFC (up 0.09%), GIC Housing Finance (up 0.03%), Gruh Finance (up 0.62%) and Can Fin Homes (up 0.32%) gained.
In overseas markets, European shares edged higher, with shares of automakers boosted by a Chinese tax cut on small cars while miner Glencore rallied after saying it had no solvency issues. Trading in US index futures indicated that the Dow could gain 165 points at the opening bell today, 30 September 2015. US stocks finished mostly higher yesterday, 29 September 2015, as a stronger-than-expected reading on consumer confidence and rising house prices pointed to a stronger US economy.
In Asia, Japanese stocks surged on expectations for more monetary and fiscal stimulus after the latest data showed that Japanese industrial output fell unexpectedly for the second straight month in August. Chinese stocks nudged higher after a private consumer sentiment index reached its highest level in over a year in September 2015.
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