 "Sensex up over 350 points on robust US jobs data; Nifty tops 8,400")
Benchmark share indices extended gains led by private lenders ICICI Bank and HDFC Bank even as the broader markets were in focus with both the BSE Midcap and NSE Midcap 100 hitting record highs.
At 10:40am, tthe S&P BSE Sensex was up 463 points at 27,590. The Nifty50 surged 131 points at 8,454. In the broader market, the BSE Midcap index hit a record high of 12,042 and the NSE Midcap 100 hit 14,260.
Tata Motors emerged as the top Sensex gainer up over 4%. Tata Motors-owned Jaguar Land Rover last week reported 22% jump in global retail sales to a record 2,91,556 units in the first half this year riding on robust demand in Europe and the UK.
In the midcap segment, Petronet LNG, Bajaj Finance, Shree Cements hit fresh record highs while Shriram Transport Finance, LIC Housing Finance, Oberoi Realty were among the top midcap gainers on the BSE.
Shares of three private sector banks – HDFC Bank, IndusInd Bank and YES Bank – have hit their respective lifetime highs on expectation of robust earnings for the first quarter (April –June) of the current financial year 2016-17.
Among others, Dishman Pharmaceuticals & Chemcials was up over 4% after the company on Saturday announced inspection of its Bavla plant has been successfully completed by the United States Food and Drug Administration (USFDA).
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(Updated at 9:33am)
Markets opened higher, amid firm global cues, after an encouraging US jobs data signalled that growth in the world's largest economy is picking up pace.
At 9:33am, the S&P BSE Sensex was up 403 points at 27,530. The Nifty50 topped the 8,400 level for the first time high in 11-months since August 2015. The benchmark index was up 115 points at 8,438.
"The Nifty has to cross and hold above 8350 zones to start a fresh up move towards 8420 then 8450 zones while on the downside holding below 8285 may drag it towards 8242 then 8220 zones," Anand Rathi Securities said in a technical note.
Foreign institutional investors were net buyers in equities to the tune of Rs 331 crore on Friday, as per provisional stock exchange data.
Further, tax collections were higher in the first quarter (April-June). According to the finance ministry, indirect tax collections jumped 30.8 per cent to Rs 1.98 lakh crore against Rs 1.53 lakh crore earlier, while direct taxes yielded Rs 1.24 lakh crore up, a growth of 24.8 per cent.
GLOBAL MARKETS
Asian stock markets rallied on Monday after an encouraging US jobs data indicated signals of growth in the world's economy. Shares in Japan gained the most after Prime Minister Shinzo Abe's ruling coalition clinched victory in the upper house elecions. Further, a softer yen also aided sentiment. The Nikkei was up over 3% while Shanghai Composite was up 0.9%. Further, shares in Singapore and Hong Kong also edged higher with the benchmarks Straits Times and Hang Seng up between 1.1%-1.8% each.
US stocks surged on Friday after payroll data was better-than-expected after addition of 287,000 jobs in June. The Dow Jones Industrial Average ended up 1.4% to end at 18,147, the S&P 500 closed 1.5% higher at 2,130 and the Nasdaq settled 1.6% higher at 4,957.
STOCKS
All Sensex stocks were trading in the green with financials emerging as the top gainers led by private lenders ICICI Bank and HDFC Bank which surged 1.7%-3.1% each. HDFC was up 1.7% while SBI edged 1.9% higher.
L&T was up 2.4%. The IPO of its IT subsidiary L&T Infotech in the price band of Rs 705 - Rs 710 opens for subcription today. The issue closed on July 13.
IT exporters TCS and Infosys were up over 1% on expectations of additional orders after robust US jobs data.
Bharti Airtel was among the top Sensex gainers after reports indicated that the telecom ministry is learnt to have cleared the Rs 3,500-crore 4G spectrum trading deal between service providers Bharti Airtel and Aircel. Airtel has entered into an agreement with Aircel to acquire rights to use 4G spectrum of Aircel in eight telecom circles for Rs 3,500 crore.
