 "National Stock Exchange")
Benchmark share indices rebounded from their day's low and are on track to gain for the fourth straight session tracking a rally in global stocks after the US Federal Reserve on Wednesday raised its Federal Funds Rate by 25 basis points ending its zero interest rate policy, the first increase in nearly a decade.
At 2:25 pm, the S&P BSE Sensex was up 200 points at 25,695 after hitting a low of 25,448 and the Nifty50 gained 63 points at 7,814 after hitting a low of 7,738.
In the broader market, the BSE Midcap and Smallcap indices were up 1.2%-1.3% each.
Market breadth was strong with 1,768 gainers and 756 losers on the BSE.
The US Federal Reserve's Federal Open Market Committee on Wednesday raised its Federal Funds Rate by 25 basis points ending its zero interest rate policy, the first increase in nearly a decade, thereby ending the uncertainty which enveloped global sentiment.
With the uncertainty around the Fed interest rate hike out of the path, markets participants would keenly watch out for developments in the ongoing winter session of the Parliament particularly the passage of the crucial GST bill.
STOCKS IN FOCUS
In the financial pack, HDFC Bank, HDFC and SBI were the top gainers up 1%-1.7% each.
Oil majors were mixed with index heavyweight Reliance Industries up 2& and ONGC down 1.9%. A one-man committee was constituted to look into acts of omission and commission and recommend compensation to ONGC whose natural gas from the Bay of Bengal block had flowed to adjoining fields of Reliance Industries Ltd.
Pharmaceutical shares are trading higher in today’s trade with Glenmark Pharma, Sun Pharma, Dr Reddy's Lab, Aurobindo Pharma, Piramal Enterprises, Cipla, Lupin , Divi's Laboratories, Strides Shasun, IPCA Laboratories, Wockhardt, Natco Pharma and Cadila Healthcare gaining between 0.6%-3%.
Metals shares also firmed up with JSW Steel, Hindalco, Tata Steel, SAIL and Vedanta gaining between 1.8%-3.4%.
Gas-based stocks firmed up after the Supreme Court ruled that all Delhi taxis be converted to CNG by 31 March. Gail India up 0.2%, Gujarat Gas up 0.4% while Indraprastha Gas trading flat.
SBI surged nearly 2% after the bank said in a notice to BSE that its board will meet on 21 December to discuss the modalities of raising equity capital, either in the domestic or overseas markets or both, and also for mopping up additional non-equity capital by way of bonds denominated either in dollars or rupees.
NTPC rose 1.4% after the Ministry of Environment and Forests gave 'green signal' to a power project being set up by the company in Telangana while it has deferred another project of the PSU in Andhra Pradesh.
M&M rebounded from its day's low and was up 0.9%. The Supreme Court recently ordered on ban on registration of new diesel vehicles in Delhi until 31 March 2016.
ONGC gained 1.9% after a one-man committee was constituted to look into acts of omission and commission and recommend compensation to ONGC whose natural gas from the Bay of Bengal block had flowed to adjoining fields of Reliance Industries Ltd. RIL is up 2.2%.
Among other shares, Marico was up 3%, extending gains of 3% in the past onee week on the National Stock Exchange (NSE) after a huge a multiple block deals executed on the counter.
GLOBAL MARKETS
Asian markets ended higher on Thursday tracking overnight gains on Wall Street after the interest rate hike announced by the US Federal Reserve even as the continued sluggishness in global crude oil prices weighed. Japanese and Chinese shares were among the top gainers in the region. The benchmark Nikkei ended up 1.6% while Shanghai Composite gained 1.8%. Further, Hang Seng rose 0.8% while Straits Times ended up 0.9%.
European shares surged amid strong cues from Asia and overnight gains in US stocks post the US Federal Reserve rate hike signalling that the world's largest economy is picking up pace. The FTSE was up 1.5% while CAC-40 gained 2.4% and DAX was trading 2.6% higher.
