 "Nifty opens above 8,600 aided by strong global cues; Sensexup 200 points")
Benchmark indices continue to hold on to their gains supported by firm buying among financials, auto and metal shares.
By 12:35 pm, the S&P BSE Sensex was up 295 points at 28,009 and the Nifty gained 100 points at 8,651. Among broader markets, BSE Midcap and Smallcap indices are up 1%-1.3%
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Top gainers are Bajaj Auto, Axis Bank, SBI, Hero Moto and ICICI Bank, all spurting between 2%-3%.
Among other shares, Vedanta has risen over 3% to Rs 168 on the BSE after the company said import and transit permits for the company's iron ore business at Goa was re-issued on 3 August 2016
Mayur Uniquoters has surged around 6% to Rs 433 on the BSE after the company said that its board will consider share buyback on 10 August 2016.
Shares of Thomas Cook were up over 3% at Rs 203 on the Bombay Stock Exchange after the company reported 56% growth in consolidated net profit at Rs 62 crore for the quarter ended June 30, 2016 compared with Rs 39.8 crore for the same quarter last fiscal.
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Updated at 11:50 am
Markets have extended gains and are trading near day’s high amid renewed buying interest led by financials and metal shares.
By 11:50 am, the S&P BSE Sensex was up 304 points at 28,019 and the Nifty gained 98 points at 8,650. Broader markets are performing in line with the benchmark indices- BSE Midcap and Smallcap indices are up 1%.
Top gainers from the Sensex pack are ICICI Bank, SBI, Axis Bank, Hero Moto and Bajaj Auto, all surging between 2%-3%.
Among other shares, Siemens is up nearly 2% at Rs 1274 on the Bombay Stock Exchange after the board announced a special dividend of Rs 27.50 per equity share for the year ended March 31, 2016.
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Updated at 9:35 am
Markets have started the session on a firm note supported by strong performance among global peers, along with significant buying among financial shares leading the gains.
By 9:35 am, the S&P BSE Sensex was up 236 points at 27,950 and the Nifty gained 72 points at 8,624. Broader markets are performing in line with the benchmark indices- BSE Midcap and Smallcap indices are up almost 1%.
In overseas stock markets, Asian stocks rose driven by the Bank of England's aggressive stimulus measures, but with traders keeping a wary eye on US jobs data due later in the global trading day.
The Bank of England yesterday cut its benchmark interest rate to 0.25% from 0.5%, the lowest in its 322-year history. It expects to cut the rate further in the months ahead.
The central bank also revived a UK government bond-buying program, also known as quantitative easing, that has been on pause since 2012, and said it would begin buying corporate bonds. US stocks ended little changed yesterday, 4 August 2016 as investors kept to the sidelines ahead of US payrolls report for July. The monthly hiring data due later in the global day will help investors gauge the health of the economy and possibly offer insight as to when the Federal Reserve will raise interest rates again.
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Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 559.49 crore yesterday as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 527.11 crore yesterday as per provisional data.
Among corporate news, Bharat Electronics, Bharat Forge, GlaxoSmithkline Consumer Healthcare, Pfizer, Aegis Logistics, Marico and NDTV are scheduled to announce their June quarter results today.
Nestle India turns ex-dividend today, 5 August 2016, for interim dividend of Rs 12 per share for the year ending 31 December 2016.
The India Meteorological Department in its weekly update on rainfall said yesterday, 4 August 2016 that during the week from 28 July to 3 August 2016, rainfall was above long period average (LPA) by 6% over the country as a whole. For the country as a whole, cumulative rainfall during this year's monsoon for July 2016 was 7% above LPA. For the country as a whole, cumulative rainfall during this year's monsoon has so far upto 3 August been 1% above LPA.
Revenue Secretary, Ministry of Finance in its presentation on next steps required on Goods and Service Tax (GST) constitutional amendment bill after the Rajya Sabha on 3 August 2016 passed the GST constitutional amendment bill said yesterday, 4 August 2016 that the target date of GST roll out will be by 1 April 2017. The passage of the Constitution Amendment Bill from Parliament should happen by the end of the first week of August 2016.
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The bill requires ratification by more than 50% of state Assemblies after its passage in Parliament. States which will be followed by the Presidential assent of Constitution Amendment and notification in official Gazette. Cabinet will appove formation of GST Council which will make recommendation of model GST laws.
Cabinet will approve the CGST and IGST laws by Centre and for SGST laws by all states which has to be passed by the Centre and by all states respectively, which should happen by Winter session this year. GST rules will be notified later.
Financial shares like ICICI Bank, Axis Bank, SBI and HDFC are leading the gains, all up between 1-2%.
Other notable gainers are Tata Steel, Tata Motors, Power Grid, ITC, NTPC and L&T.
Vedanta has risen 2% on the BSE after the company said import and transit permits for the company's iron ore business at Goa was re-issued on 3 August 2016.
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