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Markets end near day's high; Sensex surges over 250 points

Provisionally, the Sensex ended at 28,455.17 levels up 256.88 points and the Nifty rose 87.40 points at 8,611.20

SI Reporter Mumbai
Markets have closed near three month high supported by significant buying demand among financials and oil shares.

Provisionally, the Sensex ended at 28,455.17 levels up 256.88 points and the Nifty surged 87.40 points to close at 8,611.20 mark.


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Updated at 15:10


Markets continue to trade firm supported by strong buying among financials shares on hopes of a rate-cut by the central bank. Further, shares of oil companies have also gained momentum on softening global crude oil prices.

In the economy front, the Cabinet today cleared a proposal to merge the limits of foreign direct and portfolio investments into composite caps to make foreign investment regime easier.
 
The department of industrial policy and promotion (DIPP) had prepared a Cabinet note proposing a combined cap in most sectors where foreign direct investment (FDI) is allowed or where foreign institutional investors (FII) have a separate limit.

At 15:08PM, the 30-share Sensex was up 242 points at 28,441 and 50-share Nifty was up 83 points at 8,606.

The broader markets are however outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8-1.3%. Market breadth continues to remain robust as advances outpaced losers 1,514:1,108 on the BSE.

In the commodities front, crude oil prices gained after data showed that US crude inventories dropped and refinery demand was high, although the outlook remains for cheap oil as oversupply persists.

Among currency, the Indian rupee is trading at 63.48 against dollar.

SECTORS & STOCKS

BSE Bankex has surged by almost 2%. Bank Nifty has gained by 326 points at 19,142 mark. Sectors like Oil & Gas, Healthcare, Consumer Durables and Power have gained between 1-1.3%.

Banking shares mainly private sector have rallied by up to 5% on the bourses after the Cabinet today cleared a proposal to merge the limits of foreign direct and portfolio investments into composite caps to make foreign investment regime easier.

Axis Bank, Kotak Mahindra Bank, YES Bank, HDFC Bank and ICICI Bank were up 1%-5% on the National Stock Exchange (NSE).

SBI, Axis Bank and Yes Bank will launch mobile wallets to take on pre-paid issuers like Paytm and MobiKwik.

Reliance Industries has gained 1.5% as it has entered the 2.7 million tonnes Indian Railways bulk diesel market, challenging state-owned refiners and marketers after a hiatus of nearly eight years.

Maruti Suzuki has extended gains and is up 0.6% after foreign brokerage Credit Suisse has increased its target price on Maruti Suzuki to Rs 5100, maintaining its outperforming rating on the stock.

From the pharma space, Sun Pharma, Dr Reddy’s Labs and Lupin have gained between 0.1-2%. The Supreme Court has asked the federal government to re-examine its pricing policy for essential medicines, the Times of India reported on Thursday.

Among other shares, Adhunik Metaliks was locked at the upper circuit for the second straight day, gaining 20% at Rs 22.55 on the BSE, after the company said that its arm has received a lease extension for its three manganese ore mines.

Shares of Adani Ports and Special Economic Zone were trading higher by nearly 3% to Rs 328, at day’s high level on the BSE, after the company said it has received Kerala government’s nod for developing the Rs 4,089-crore Vizhinjam International Deepwater Seaport project.

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First Published: Jul 16 2015 | 3:32 PM IST

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