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After three days of losses, markets closed higher in today's trade following strength in the global peers after weak US economic data waned hopes of Fed interest rate hike with rate sensitives contributing the most to the rise on the benchmarks. However, weakness in HUL and IT shares continue to prevail on the bourses on the back of lower than expected earnings.
Provisionally, the Sensex ended 214 points higher at 26,994 and the Nifty gained 71 points to end at 8,179 levels.
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Benchmark indices continued their ascent in late noon trades, amid a strong rally in the global stocks, supported by buying in the rate-sensitive shares. The world financial stocks are on a rise today after weak US retail sales and producer prices data has fuelled expectations that the US Fed will delay the interest rate hike.
At 2:30 PM, the 30-share Sensex was up 172 points at 26,952 and the 50-share Nifty was up 69 points at 8,177
The broader markets are in sync with their larger counterparts with BSE Midcap and Smallcap indices up between 0.4%-0.8% The market breadth is positive with 1,486 advances and 1,126 declines
On the currency front, the Indian rupee has appreciated 28 paise to Rs 64.75 against the American currency.
RESULTS CAPSULE
Among the companies that are scheduled to announce their September quarter earnings include Mindtree, Mastek, LIC Housing Finance, Sintex, CCL Products, Karur Vysya, Himmatsingka Seide and Lakshmi Vilas Bank.
TRENDING STOCKS
Sectorally, BSE Auto index is leading the rally with 2.04% gains followed by BSE Metal and Bankex indices, up by 1.7% and 1.1%
Tata Motors has rallied over 7% after the company-owned Jaguar Land Rover (JLR) sold 47,634 units globally in September, up 3% compared to the same month last year.
Metal stocks are shining post surge in global commodity prices. Tata Steel, Coal India, JSWSteel, NMDC are all up between 1-1.5% while Hindalco is down 1%
Lupin has gained nearly 2% after it signed a marketing agreement with drug maker Boehringer Ingelheim to sell the latter's anti-diabetes drug linaglipitin under its own brand name.
M&M came off its early highs and was trading nearly 1% down. The auto major is planning to launch five more vehicles in the automotive segment in the current financial year, as it expects industry sales to pick up during October-December, a top company official said on Wednesday.
TCS down by 1.5% post its September quarter results. TCS is in talks with nine of the 11 payments bank licence holders to offer operational solutions, according to a highly placed source at the company.
Hindustan Unilever was down 1.4%. The FMCG major said price cuts for key products including soaps and detergents dragged down its profit in the second quarter, missing market estimates despite improved sales. However, its peer ITC was up 1.6%.
Among other notable shares, shares of Adani Enterprises surged over 15%. Adani Power was up 4.5%
The Australian government on Thursday gave its environmental clearance to the Adani Group's embattled Carmichael coal mine.
Australia's environment minister Greg Hunt was reported as saying that he has cleared the project based on "additional information provided by Adani and environmental groups".
