A rally in global markets led by Chinese stocks aided a rebound on the domestic bourses after a recent sell-off. The barometer index, the S&P BSE Sensex, jumped 457.67 points or 1.84% at 25,351.48, as per the provisional closing data. The 50-unit CNX Nifty gained 129.45 points or 1.71% at 7,688.25, as per the provisional closing data. The Sensex provisionally closed above the psychological 25,000 level. Earlier during the trading session, the Sensex alternately moved above and below the psychological 25,000 level. A further decline took the index below the psychological 25,000 level yesterday, 7 September 2015. Banking, metal and power sector stocks led rally for key benchmark indices.
A firm trend in global markets aided the upmove on the domestic bourses. Chinese stocks jumped on expectations that the Chinese central bank will inject more stimulus for the economy after weak trade data for August. European stocks surged after the latest data showed German exports and imports rose to their highest level on record in July. Trading in US index futures indicated that the Dow could gain more than 300 points at the opening bell.
The sentiment on the domestic bourses was also boosted by the recommendation of a committee set up by the previous government to assess international competitiveness of Indian financial sector that the levy of Securities Transaction Tax (STT) in the futures & options be abolished. The Sensex bounced after hitting its lowest level in more than 15 months. The recovery for the Nifty came after the index hit its lowest level in almost 14 months earlier during the trading session.
The market breadth indicating the overall health of the market was positive. On BSE, 1,445 shares rose and 1,205 shares rose. A total of 125 shares were unchanged. The BSE Mid-Cap index was up 1.02%. The BSE Small-Cap index was up 0.6%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2654 crore, higher than turnover of Rs 2042.20 crore registered during the previous trading session.
Key indices snapped two-day losing streak today, 8 September 2015.
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Bank stocks surged. Among private sector banks, Axis Bank (up 5.39%), HDFC Bank (up 1.88%), ICICI Bank (up 5.18%), Kotak Mahindra Bank (up 3.49%), Federal Bank (up 1.57%), Yes Bank (up 7.03%), and IndusInd Bank (up 2.3%) edged higher.
Among public sector banks, Punjab National Bank (up 3.48%), UCO Bank (up 2.8%), Bank of Baroda (up 4.74%), State Bank of India (SBI) (up 2.84%), Canara Bank (up 3.1%), Bank of India (up 4.59%), Corporation Bank (up 0.68%), Syndicate Bank (up 0.26%), Allahabad Bank (up 0.46%), Union Bank of India (up 0.48%) and United Bank of India (up 0.48%) edged higher.
Mahindra and Mahindra (M&M) gained 3.4% after media reports overseas suggested that the company is set to acquire the troubled Italian car designer Pininfarina shortly.
NTPC gained 1.64%. NTPC clarified during market hours today, 8 September 2015, that the company's 2,340 megawatts power generation station at Kahalgaon in Bihar is functioning as per schedule. The company said that the management remains committed to maintain power generation at the thermal power station.
JSW Energy jumped 10.11%. Jaiprakash Power Ventures rose 5.21%. JSW Energy announced during trading hours today, 8 September 2015, that it has entered into a binding memorandum of understanding (MoU) with Jaiprakash Power Ventures (JPVL) to acquire 100% stake in the 500 megawatts (MW) Bina Thermal Power Plant located in the Sagar district of Madhya Pradesh. Further, JSW Energy said it has concluded the acquisition of Himachal Baspa Power Company (HBPCL), which has two operating Hydro Power assets -- 300 MW Baspa II hydro electric project and 1,091 MW Karcham Wangtoo hydro electric project -- for an asset value of Rs 9275 crore. The acquisition marks the entry of JSW Energy in hydro power generation business besides making it the largest private sector hydro power generator in the country.
Index heavyweight HDFC rose 2.16% to Rs 1,174.25. The stock hit high of Rs 1,178.85 and low of Rs 1,151.05.
Index heavyweight Reliance Industries (RIL) gained 1.91% to Rs 848.95. The stock hit high of Rs 853.20 and low of Rs 826.
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