 "Sensex hovers around 24,800; Tata Motors up 4%")
Markets continued to trade firm in late noon trades with rate-sensitive stocks leading the gains after comments from the Reserve Bank of India's governor raised hopes of a rate cut at its next policy meet.
At 2:15pm, the S&P BSE Sensex was up 99 points at 24,817 and the Nifty50 was up 28 points at 7,538.
In the broader markets, the BSE Midcap and Smallcap indices were up 0.4%-0.6% each. Market breadth was positive with 1263 gainers and 1222 losers on the BSE.
RBI governor Raghuram Rajan commented that the headline fiscal deficit target for the next financial year (at 3.5%) is a comfort for the central bank.
The Indian rupee pared early gains and was trading lower at Rs 67.08 to the US dollar compared to Friday's close of Rs 67.05.
ECONOMY
Index of Industrial Production (IIP) for January stood at -1.5 contracting for the third straight month weighed down by manufacturing data, which dropped to -2.8% against -2.4% month-on-month (MoM). Also, the April-January IIP data has slipped to 2.7% against 3.1% (YoY).
India's annual wholesale inflation eased marginally to (-)0.91% for February, from (-)0.90% in the previous month, but was higher than the (-)2.17% level in the like month of the previous year, official data showed on Monday.
SECTORS & STOCKS
BSE Bankex was the top gainer up nearly 1% followed by the Auto index was up 0.8% among others. BSE Metal index was the top loser down nearly 2%.
Tata Motors was the top Sensex gainer up nearly 4% after the auto major reported 17% year-on-year increase in group global wholesales, including that of Jaguar Land Rover (JLR) vehicles, at 98,842 units in February 2016. The company had sold 83,951 units in February 2016.
Coal India was down nearly 7% after the stock was quoted ex-dividend for Rs 27.40 per share today. Among other metal shares, Jindal Steel was down 4%, SAIL eased 0.4% while Vedanta and Hindalco were up 1%-2% each.
NMDC was up nearly 2% after India's largest iron ore miner has raised iron ore prices by Rs 70-150 a tonne for this month, effective last Friday.
Banks gained on hopes of a rate cut. Axis bank, ICICI Bank and SBI have risen between 1% and 3.5% each.
Oil exploration majors such as ONGC and Cairn India are up 1.7%-2.2% each on the back of stability in the crude oil prices.
Among other shares, SpiceJet has slumped nearly 11% to Rs 55.15, its lowest level since November 20, 2015 on the BSE in intra-day trade. On Friday the Delhi High Court asked SpiceJet to pass a board resolution for issuing share warrants to Maran and Kal Airways according to the sale agreement of 2015 which led to change in ownership of the carrier, a Business Standard report suggests.
Glenmark Pharmaceuticals was up 1.1% after the pharma major said that it has received the final nod from the US FDA to manufacture and market therapeutical equivalent of Endo Pharmaceutical's Frova tablets, used to treat migraine headaches, in the American market.
