Nifty holds 8,200 mark; Vedanta zooms 9%

Benchmark indices are trading near seven week high tracking positive performance across global markets along with buying demand among banks and metal shares.   

At 10:55 a.m, the Sensex has climbed 286 points higher at 27,132 and the Nifty surged 77 points to quote at 8,207.

The top gainers from the Sensex pack are Vedanta, Hindalco, ICICI Bank, Tata Steel and ONGC, all surging between 2-9%.


*******************************
Updated at 9:30

Markets open the last trading session of the week on a firm note following strength in the global peers after release of the minutes from the last Federal Reserve meeting indicated that the Fed is was unsettled by signs of a global economic slowdown and its impact on the US economy which in turn boosted the trading sentiments.

 

At 9:30 AM, the Sensex has climbed 310 points higher at 27,155 and the Nifty surged 89 points to quote at 8,218. The broader markets are trading in line with the larger peers with BSE Midcap and Smallcap indices trading 1% higher. The market breadth is firm on the BSE with 1,100 advances versus 197 declines.

RUPEE

the rupee gained past 65 mark and is currently trading at 64.85 against the US dollar on fresh selling of the US currency by exporters and sustained foreign fund inflows amid strength in the local equities.

GLOBAL STOCKS

Asian stocks are trading firm mirroring a positive trend on Wall Street overnight boosted by dovish signals from the US Federal Reserve minutes. Japan's Nikkei is up 0.8%, China’s Shanghai Composite gained 0.6% and Hang Seng climbed 1.6%. 

US stocks closed higher after Federal Reserve’s latest meeting indicated that the Fed is was unsettled by signs of a global economic slowdown and its impact on the US economy. Meanwhile, a sharp rise in the crude oil prices boosted the sentiments.

KEY STOCKS

All the sectoral indices are trading in green with BSE Metal, Capital Goods, Power and Bankex are up 1% each.

Some natural gas from the fields of ONGC in the Bay of Bengal may have flown out through the adjoining, connected KG-D6 fields of RIL quoting US consultant DeGolyer and MacNaughton’s (D&M) preliminary observations. Meanwhile, a jump in the oil prices has lifted the sentiments. ONGC is trading 1.7%, while RIL has gained 0.8%. 

Banks and Housing Finance companies are likely to hog limelight after RBI eased risk weights on loans of up to Rs 75 lakh, provided the borrower brings in a bigger contribution towards financing the property. Axis bank, HDFC twins, ICICI Bank and SBI are up between 0.7-1.3%.

Metals and mining conglomerate Vedanta Group is planning to enter the solar segment in India by bidding for some 500 MW of government projects. Vedanta has gained 2%.

Hindalco is likely to remain in focus. Alcoa's third-quarter revenue slipped to $5.6 billion, a shapr decline of 21% mainly due to closures of non-competitive facilities. The impact of Alcoa's earnings highlights revenue visibility for Hindalco's Novelis unit. However, Hindalco is up nearly 1%.

K P Singh and his family, promoters of India’s largest real estate company, DLF, will sell their 40 per cent stake in the company’s rental arm, DLF Cyber City Developers Ltd (DCCDL), to institutional investors. The stake is estimated to be worth Rs 12,000-14,000 crore. The stock is up 1.7%.

8K Miles Software reported a 111 per cent rise in net profit at Rs. 8.74 crore for the September quarter, with its revenue jumping 126 per cent to Rs. 61.09 crore. The stock is up 1.2%.