A rally in global markets triggered broad based gains for Indian stocks. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 465.34 points or 1.84% at 25,783.21. The 50-unit CNX Nifty was up 144.75 points or 1.88% at 7,832.75. The Sensex hit its highest level in almost a week when it jumped 469.58 points at the day's high of 25,787.45 in intraday trade. The Nifty also hit its highest level in almost a week when it jumped 148.35 points at the day's high of 7,836.60 in intraday trade. Metal and banking stocks led rally for key benchmark indices.
On BSE, there were more than three gainers against every loser. 1,822 shares rose and 549 shares fell. A total of 79 shares were unchanged. The BSE Mid-Cap index was up 2.3%. The BSE Small-Cap index was up 2.04%. Both these indices outperformed the Sensex.
The rally in Indian stocks was a part of the rally in global stocks. Stocks in Japan and Hong Kong led rally in Asian markets after China said it would allocate additional funds to finance infrastructure projects and implement tax cuts for small businesses to stimulate economic growth. The Nikkei 225 Average rose a staggering 7.71% in a single trading session. Trading in US index futures indicated further gains for US stocks after a rally overnight triggered by speculation that China may announce further measures to boost the country's sluggish economy.
In sector trends, auto stocks gained. Mahindra & Mahindra (M&M) (up 1.82%), Ashok Leyland (up 5.43%), Maruti Suzuki India (up 2.69%), Eicher Motors (up 1.82%), Bajaj Auto (up 1.96%) and TVS Motor Company (up 0.86%) gained.
Hero MotoCorp gained 1.76%. The company said during market hours today, 9 September 2015, that its first global manufacturing facility at Villa Rica in Colombia has become operational from 8 September 2015. The plant will have initial production capacity of 80,000 units per annum. The capacity will be expanded to 1.5 lakh units the next phase. The new plant will manufacture company's best-selling and globally successful range of motorcycles and scooters.
Shares of power generation and power distribution companies gained. Torrent Power (up 3.21%), NHPC (up 0.31%), NTPC (up 2.75%), Tata Power Company (up 0.6%), Adani Power (up 0.46%), Power Grid Corporation of India (up 0.44%), Reliance Infrastructure (up 2.12%) and Reliance Power (up 1.65%) gained.
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Shares of oil exploration and production companies rose tracking gains in global crude oil prices. ONGC (up 0.35%), Cairn India (up 4.57%), Oil India (up 0.13%) and Reliance Industries (up 1.07%) edged higher. Higher crude prices will result in higher realization from crude sales for oil exploration firms.
In the global commodities market, crude oil prices edged higher as global equity markets surged. Brent for October settlement was currently up 29 cents at $49.81 a barrel. The contract had risen $1.89 a barrel or 3.96% to settle at $49.52 a barrel during the previous trading session.
Amtek Auto (up 10.05%), Welspun Corp (up 8.27%), Vedanta (up 7.12%), Prestige Estates Projects (up 6.53%) were the major gainers from the BSE A group of shares.
Yes Bank rose 3.18%. Mr. Rana Kapoor, MD & CEO of Yes Bank has announced the planned launch of the bank's single largest centralised operations management and services delivery facility at Ambattur in Chennai. The new office will house more than 12,000 employees in two phases. The phase one of the facility is expected to become operational by Q1 FY 2017. Kapoor who is also the President of industry body Assocham made the announcement at the time of addressing the inaugural session of the Tamil Nadu Global Investors Meet 2015.
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