 "Sensex zooms over 450 points, Nifty above 8,450; Tata Motors up 4%")
Markets remained firm in noon trades on Monday with finanical shares emerging as the top gainers.
At 1:40pm, the S&P BSE Sensex gained 451 points at 27,578 while the NIfty50 surged 130 points at 8,453. In the broader market, the BSE Midcap was up 1.5% while the Smallcap index was up 0.9%. Market breadth remained positive with 1741 gainers and 862 losers on the BSE.
Sun Pharma was up 1.5% after the pharma major today announced rollout of Gemcitabine InfuSMART in Europe.
Axis Bank was the sole Sensex loser down 0.2%.
Among other shares, Cadila Healthcare has moved higher by 4% after the company announced that it has received final approval from the US drug regulator for an oral anti-diabetic drug.
Bajaj Finance has surged 5% after the company announced that its board will meet on July 26 to consider sub-division of equity shares of the company and bonus issue.
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(Updated at 11:56am)
Benchmark indices continue to trade firm with the Nifty50 index hitting almost 11 months high supported by global cues as stronger-than-expected US jobs report suggested that the US economic recovery was back on track.
At 11:56 am, the S&P BSE Sensex was up 463 points at 27,589, highest level in over 8 months. The Nifty50 surged 130 points at 8,453 at the day's high of 8,460.75, its highest level since August 20, 2015. In the broader market, the BSE Midcap index hit a record high of 12,042 and the NSE Midcap 100 hit 14,260.
"Nifty50 is entering into a sideways correcting pattern. Resistance towards the upper end of the parallel channel is strong. Traders should also go long after waiting for ‘correction by time’ to be over or else if Nifty50 crosses 8400 levels then longs can be initiated without waiting for correction by time to be over," said Jimeet Modi, CEO, SAMCO Securities.
In overseas stock markets, Asian stocks edged higher as stronger-than-expected US jobs report suggested that the US economic recovery was back on track. The US economy is the world's biggest economy. Japanese stocks surged as investors saw poll results for Japan's upper house as signaling new rounds of economic and political reforms by the coalition government led by Prime Minister Shinzo Abe.
The Nikkei 225 Average was currently up 3.87%. In the upper house elections held yesterday, 10 July 2016, Abe's ruling coalition led by his Liberal Democratic Party won a landslide victory, making it far easier for Abe to push through his economic agenda dubbed Abenomics.
US stocks edged higher during the previous trading session on Friday as strong June employment report bolstered investor sentiment on the strength of the economy.
Back home, rupee traded higher by 26 paise at 67.11 against the US dollar today as exporters and banks stepped up selling of the American currency.
Meanwhile, as per the monthly data released by the Association of Mutual Funds in India (AMFI), equity mutual fund schemes including tax saving equity schemes known as Equity Linked Saving Schemes (ELSS) received net inflow of Rs 320 crore in June 2016.
In a bid to prevent black money being invested in shares, India's oldest stock exchange BSE has created various price bands for scrips on weekly, monthly, quarterly and annual basis for early deduction of illegal money flows.
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.
IndusInd Bank is in spotlight as the bank is scheduled to announce its Q1 June 2016 earnings today.
Shares of Axis Bank, ITC and L&T have gained upto 2% as media reports suggested that the central government has finally made up its mind to sell minority stakes held in many listed and unlisted companies through the Specified Undertaking of the Unit Trust of India (SUUTI), in a bid to meet its asset-sale target. The government invited bids from bankers for the mandate to manage the stake-sale process, reports suggested.
Tata Motors has risen 4% after the company reported a 21% rise in its global wholesales at 92,551 units in June 2016 over June 2015.
L&T Infotech has hit the capital markets today to raise up to Rs 1,243 crore through an initial share sale offer. L&T has surged 2%.
ALSO READ: L&T Infotech IPO: Should you subscribe?
German conglomerate ThyssenKrupp on Saturday defended merger talks with Indian rival Tata Steel saying the consolidation of the sector in Europe was necessary due to the "difficult economic situation". Shares of Tata Steel have surged 2%.
Private sector HDFC Bank plans to focus on digital platforms in rural and semi-urban markets to achieve sustained growth in the coming years. The stock is up 2%.
Dishman Pharmaceuticals & Chemcials has gained by 6% after the company on Saturday announced inspection of its Bavla plant has been successfully completed by the United States Food and Drug Administration (USFDA).
