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Markets continue to edge up with investors expecting a growth oriented budget after the Finance Minister hinted at taking bold measures by discarding populism to curtail wasteful expenditure and making reasonable tax policies.
Investors also cheered strong dollar inflow by FPIs that has helped the rupee gain along with positive global cues and advancing monsoon.
At 2.30 PM, the S&P BSE Sensex is up 315 points trading at 25,823 while CNX Nifty have surged 86 points at 7721.
Meanwhile, broader markets are also trading firm with BSE Midcap and Smallcap indices gaining between 0.8-1%.
The market breadth in BSE remains firm with 1,830 shares advancing and 1,158 shares declining.
As per provisional data from the stock, foreign portfolio investors (FPIs) bought shares worth a net Rs 856.35 crore on Tuesday, 1 July 2014
Rupee
The rupee rises to 59.70 from its previous close of 60.07/08, after touching a session high of 59.8550, the highest since June 19.
Asian Markets
Asian stocks scored a three-year peak on Wednesday in the wake of upbeat global economic data that whetted risk appetites and helped Wall Street taste all-time highs.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 1 percent to 499.15, ground not visited since May, 2011. Japan's Nikkei added 0.3 percent and notched up its loftiest level in more than five months.
Sectors and Stocks
Apart from BSE IT index, all other sectoral indices traded in the positive zone.
BSE Metal and Auto indices have gained by nearly 2% followed by counters like Capital Goods, Power, Healthcare, Consumer Durables, Banks, Realty and Oil & Gas, all gaining over 1%.
Shares of metal companies extended yestersday’s gains amid positive China June PMI data that hinted expansion in manufacturing sector at the fastest pace.
Sesa Sterlite is the top Sensex gainer up over 3%.
Among other metal share, Coal India, Hindalco and Tata Steel have gained between 1-2%.
Shares of automobile companies also extended yesterday’s profits on the back of strong demand.
Maruti Suzuki, M&M, Hero Moto, Bajaj Auto and Tata Motors have surging between 1-3%. Bajaj Auto today reported 3% increase in motorcycle sales at 2,62,202 units in June 2014.
Moreover, scrips of financial companies rose over renewed buying with HDFC twins, ICIC I Bank and SBI gaining between 1-2%.
In the capital goods space, L&T has surged nearly 2% after the company said it has won new orders worth of Rs 2,002 crore across various business segments in June 2014 while BHEL has gained by over 1%.
Other notable gainers include NTPC, Cipla, Sun pharma, Dr Reddy’s Lab and RIL, gaining between 1-2%.
