 "Nifty holds 7,600 amid rangebound trades; Broader markets shine")
Markets continue to climb up the ladder well supported by index heavyweights such RIL, Tata Motors, and ITC.
At 3:10 pm, the S&P BSE Sensex was up 96 points at 24,948 and the Nifty50 was up 34 points at 7,603.
However, broader markets are outperforming their larger peers with BSE Midcap and Smallcap up between 1.1-1.3% each.
The rally in the market is primarily due to the strong gains in world stocks. Asian shares rebounded on Friday, led by strong gains for battered Chinese stocks after China suspended its market circuit breaker system and set a firmer midpoint rate for yuan trading for the first time in nine days.
Barring Nikkei, all other Asian stocks finished higher with gains between 0.5-2% each.
On the currency front, the rupee appreciated by 18 paise to trade at 66.75 as Asian currencies recovered amid reports that the Chinese central bank, PBOC, was intervening to support the tumbling yuan.
Oil futures gained more than 2 % on Friday, following Asian shares higher after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes.
Brent had risen 56 cents to $34.31/barrel, having hit an intraday high of $34.72 thus moving away from its 12 year lows.
KEY STOCKS
All the major indices are trading in the positive territory with BSE IT and Oil & Gas indices are rallying with gains more than 1% each
Individually, shares of Reliance Industries (RIL) have advanced nearly by 2% after a block deal aggregating over Rs 600 crore executed in the counter.
Another stellar performer is Tata Motors. The stock has bounced back in today’s trade after dropping nearly 6% in yesterday’s trades amid China concerns and is trading 3.5% higher after the sharp correction in the previous session.
Sun Pharma has surged 1.5% after its arm Sun Pharma Global received a tentative USFDA approval for Lacosamide.
State-run Coal India has cracked 2 % after the Indian government requested state-run firms to pay dividends of at least 30% of their PAT or their equity, whichever is greater, as part of efforts to curb the budget deficit.
Among other losers, L&T has dropped 1.6% after CLSA model portfolio replaces L&T with RIL in the Asia ex-Japan long only portfolio.
Other notable gainers are ITC, Tata Steel, ONGC, up between 1-2% each.
SMART MOVERS
Shares of plastic products maker Nilkamal extended gains to hit a record high of Rs 1,459, up 6% on the BSE, after reported nearly four-fold jump in net profit for the second quarter ended September 2015 (Q2).
Shares of Deep Industries were up nearly 5% at Rs 168 on the Bombay Stock Exchange after the company said that state-owned oil explorer ONGC has received approval from the Oil Ministry for transfer of participating interest in North Karanpura CBM block.
GM Breweries has surged 13% to Rs 1,170, also its lifetime highs on the National Stock Exchange (NSE) after the company reported a strong 157% year-on-year (YoY) growth in net profit at Rs 15.57 crore for the third quarter ended December 2015. The company engaged in country liquor had profit of Rs 6.05 crore in the same quarter year ago.
