)
Benchmark indices continue to trade higher as investors shift focus to the largecaps at attractive valuations amid firm global cues after minutes from Federal Reserve’s last meeting signaled a June interest-rate hike was unlikely.
A stellar rally in financials and FMCG stocks has contributed the most to the rise on the 30-share Sensex. At 1.10 PM, the Sensex has soared 214 points to trade at 28,023 levels while the Nifty has surged 55 points to quote at 8,476 mark.
_____________________
(updated at 1.10 PM)Benchmark indices have trimmed gains but continue to trade higher as investors shift focus to the largecaps at attractive valuations amid firm global cues after minutes from Federal Reserve’s last meeting signaled a June interest-rate hike was unlikely.
A stellar rally in financials and FMCG stocks has contributed the most to the rise on the 30-share Sensex. At 12.45 PM, the Sensex has soared 170 points to trade at 27,979 levels while the Nifty has surged 44 points to quote at 8,465 mark.
Following the tandem, the BSE Smallcap and Midcap indices are trading higher by 0.6% each.
RUPEE
The rupee is trading higher by 8 paise to 63.56 against the US dollar on persistent selling of the American currency by banks and exporters.
BUZZING STOCKS
All sectoral indices are trading higher with BSE Bankex, FMCG, Caapital Goods, Oil & Gas, Consumer Durables indices trading higher between 0.5-1%.
Index heavyweights SBI and ITC have surged between 2-3% ahead of quarterly results due later during the day.
Financials are trading higher on hopes of easing of the monetary policy by the RBI that would encourage borrowing and induce growth. Among financials, HDFC twins, ICICI Bank, Axis Bank are up between 1-2%.
Shares of Voltas have moved higher by over 9% to Rs 315.60, also its lifetime high on the BSE, after reporting a better-than-expected 17.5% year on year (YoY) growth in consolidated net profit at Rs 118 crore for the fourth quarter ended March 31, 2015 (Q4).
Shares of Infinite Computer Solutions (India) are locked at the lower circuit of 20% at Rs 210 on the BSE after the company said that net profit for the financial year 2015-16 (FY16) is expected to be flat. The revenue growth is projected at 5%-10%.
State-run Oil and Natural Gas Corporation and its partner, Cairn India, are readying to spend between $750 million and $1 billion (Rs 4,800-6,400 crore) in the Nagayalanka onshore block in the Krishna-Godavari Basin. ONGC is up over 1% while Cairn India is marginally down.
Metal shares continue to trade under pressure for the second session on the back of weak Chinese activity data. Vedanta, Tata Steel, Hindalco are trading lower up to 1.5%.
Metal shares continue to trade under pressure for the second session on the back of weak Chinese activity data. Vedanta, Tata Steel, Hindalco are trading lower up to 1.5%.
Bajaj Auto has dipped by almost 1.5%. Hit by declining sales, Bajaj Auto today reported 18.62 per cent fall in standalone net profit at Rs 621.62 crore for the fourth quarter ended Mach 31.
Britannia Industries has soared by more than 7% after its net jumped by 55% to Rs 167 crore in Q4.
