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Markets ended today's trading session on a strong note with both the benchmark indices registering gains of nearly 4% each led by positive foreign flows in the Indian equity markets on the back of receding fears of a US led military strike on Syria.
The BSE benchmark index- Sensex rallied 707 points or 3.67% to settle at 19,977 and the 50-share Nifty surged 209 points to shut shop at 5,889.
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(Updated at 15:14)
Markets are continuing the upward march in the late noon deals. The Sensex has crossed the crucial psychological level of 20,000, up 730 points at 20,001 and the Nifty has surged 219 points to 5,900. The sudden upmove is on the back of better than expected trade deficit numbers of the month of August. The trade deficit fell to $10.91 billion in August from $12.27 billion in the previous month.
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(Updated at 14:17)
Benchmark indices have extended the strong rally led by buying among index heavyweights like Tata Motors, HDFC, HUL and L&T. Firm global markets has also supported the upmove.
At 14:20PM, the 30-share Sensex rose 663 points at 19,934 and the 50-share Nifty gained 195 points at 5,875 levels.
According to Devangshu Datta, technical analyst, “Nifty could stabilise into range trading between 5810-5865. - Major resistance at this level. Breakouts could go till 5900 or till 5750.”
On the global front, Asian stocks rose to three-month highs on Tuesday in the face of fresh evidence suggesting China could be emerging from an economic slowdown while receding fears of a U.S. military strike against Syria kept oil prices under pressure.
European stocks were seen tracking gains in Asia with financial spreadbetters expecting Germany's DAX to open up as much as 0.5 percent.
Back home, snapping a nine-month streak of decline, domestic passenger car sales grew by 15.37% to 1,33,486 units in August this year, compared to 1,15,705 units in the same month last year.
The rupee rose to a two-week high on Tuesday as expectations for a narrower trade deficit and receding concerns about Syria helped the currency continue its recent recovery from record lows hit last month.
On the sectoral front, BSE Capital Goods, Auto and FMCG indices have surged by 5% each followed by counters like Consumer Durables, Power, Realty, Banks, PSU, Metal and IT, all gaining between 2-4%.
Shares of capital goods companies have rallied up to 20% on the bourses in noon deals on the Bombay Stock Exchange (BSE).
ABB, Larsen and Toubro (L&T), Siemens, SKF India and Crompton Greaves are up between 5-23%.
Auto stocks rallied on Tuesday morning as the markets opened in the green for the fourth straight session.
Sector analysts attributed the buying interest among investors to the cheap valuations in the sector. The auto sector is expected to see a turn-around in the nest one-year period, led by the improvement expected in the two-wheeler segment and a fall in interest rates.
BSE auto sector index gain was led by Tata Motors which touched its 52-week high at Rs 340.30 per share, up 7.05%.This was followed by a 3.5% gain in Ashok Leyland and a 3.3% gain in Maruti Suzuki.
Among the two-wheeler manufactures, Hero MotoCorp was up 2.8% and Bajaj Auto was up 2.4%.
Other notable gainers are HUL, HDFC, ITC, Bharti Airtel and HDFC Bank.
Among other shares, SKS Microfinance has surged 13% to Rs 146 after WestBridge Ventures Il, LLC, one of the promoters of the company, propose to acquire 1.48% stake for Rs 22.40 crore from other promoter.
The market breadth in BSE remain firm with 1,377 shares advancing and 723 shares declining.
