 "Markets rebound; Nifty tops 7,900")
Benchmark share indices continued to trade near their day's highs in late trades on Tuesday with bank and metal shares leading the gains.
Read more from our special coverage on "MARKETS"
At 2:30pm, the S&P BSE Sensex was up 336 points at 26,014 and the Nifty50 surged 109 points to 7,964. In the broader markets, the BSE Midcap and Smallcap indices were up 0.7% each. Market breadth improved further with 1513 gainers and 928 losers on the BSE.
In the financial segment, HDFC Bank was up nearly 2% along with HDFC, SBI, IndusInd Bank, Bank of Baroda, Kotak Mahindra Bank and ICICI Bank.
IT majors were also among the top gainers with Infosys and TCS up over 1.5% each.
Maruti Suzuki was up 3.5%. Maruti Suzuki reported a 23% jump in net profit for the year ended March 31, 2016 on the back of record sales volume and benign raw material costs. The profit for the fourth quarter ended March 31, however, decreased 12% to Rs 1,134 crore due to production loss of 10,000 units during the quarter.Net profit for FY16 stood at a record Rs 4,571 crore, up 23.2% from FY15. Net sales grew 15.9% to Rs 56,350 crore, the company said.
ITC rebounded from early lows and was trading 1.7% higher. Earlier, the stock witnessed pressure amid reports stating that the government is working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector.
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(updated at 13:35pm)
Benchmark indices have bounced back with Nifty trading comfortably above the 7,900 mark mirroring gains in the European
stocks and select Asian key indices. Most of the bluechips have recouped their losses as investors purchased beaten down stocks at higher and attractive valuations
At 13:35 pm, the S&P BSE Sensex surged 336 points at 26,015 and the Nifty50 climbed 108 points at 7,963.
Going ahead, investors will keep a track of the second part of the Budget session which started yesterday. The main focus will be on the developments pertaining to the GST Bill, along with the Bankruptcy Bill, and amendments to the Factories Act.
BUZZING STOCKS
Hindalco surged 4% after the company said that Metals X Ltd conditionally intends to increase its offer for Hindalco's subsidiary Aditya Birla Minerals Ltd to one MXL share for every 4.5 shares of ABML plus an additional 8 cents per ABY share in cash. ABML is listed on the Australian Stock Exchange. Also, its peer Tata Steel gained 2%.
India's largest pharmaceutical company Sun Pharmaceuticals on Monday entered into a public private partnership (PPP) with the Union and Madhya Pradesh governments for a campaign to ensure a malaria-free India. The stock has climbed 0.6%.
Bharti Airtel on Monday wrote to the Telecom Regulatory Authority of India (Trai) for permission to offer exclusive video content over its Closed Electronic Communication Network (CECN). The stock is trading with modest gains.
ITC had shed over 1.2% on reports stating that the government is working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector. However, it reversed its losses in the late noon trades and is trading higher by 1%.
Maruti Suzki is trading higher by 2% on better than expected earnings.
The technology pack is trading higher on the back of depreciating rupee. TCS, Infosys and Wipro have soared between 0.3%-1.2%.
On the flip side, Axis Bank is trading lower by 0.2% ahead of the Q4 numbers.
Among others include Hero Motocorp, ICICI Bank, Bajaj Auto and RIL down between 0.3%-1%.
