Taking cues from uptrend in global markets, key equity benchmark indices in India recovered from lower level after trimming gains in afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 244.67 points or 0.96% at 25,698.23. The 50-unit CNX Nifty was up 81 points or 1.05% at 7,798. Key indices have remained in green right from the beginning of the trading session.
Besides positive cues from global markets, a favourable outcome of a monthly survey on India's services sector lifted sentiment on the domestic bourses. Gains were also aided by comments from the International Monetary Fund (IMF) in a research paper that near-term growth prospects remain favorable for India.
The broad market depicted strength. On BSE, there were almost two gainers against every loser. The BSE Small-Cap index was up 1.11%. The BSE Mid-Cap index was up 1.02%. Both these indices outperformed the Sensex.
Among individual stocks, Ambuja Cements edged higher after reports that a foreign brokerage firm has upgraded the stock to buy from neutral. Among sector trends, metal shares were in demand. FMCG shares witnessed mixed trend.
At 13:15 IST, the S&P BSE Sensex was up 244.67 points or 0.96% at 25,698.23. The index jumped 291.90 points at the day's high of 25,745.46 in morning trade. The index rose 102.21 points at the day's low of 25,555.77 in early trade.
The CNX Nifty was up 81 points or 1.05% at 7,798. The index hit a high of 7,811.80 in intraday trade. The index hit a low of 7,754.05 in intraday trade.
The BSE Mid-Cap index was up 106.06 points or 1.02% at 10,543.13. The BSE Small-Cap index was up 119.09 points or 1.11% at 10,868.72. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong. There were almost two gainers against every loser on BSE. 1,622 shares rose and 848 shares declined. A total of 82 shares were unchanged.
Metal shares were in demand. Steel Authority of India (Sail) (up 4.41%), Tata Steel (up 3.66%), Vedanta (up 2.82%), Hindustan Zinc (up 2.77%), JSW Steel (up 2.18%), Hindalco Industries (up 2.01%), National Aluminium Company (up 1.70%), Bhushan Steel (up 1.69%), NMDC (up 1.69%), Hindustan Copper (up 1.66%) and Jindal Steel & Power (up 1.01%), edged higher.
FMCG shares were mixed. Colgate Palmolive (India) (down 0.69%), Godrej Consumer Products (down 0.54%), Nestle India (down 0.34%), Marico (down 0.29%), Hindustan Unilever (down 0.26%), Jyothy Laboratories (down 0.24%) edged lower. GlaxoSmithKline Consumer Healthcare (up 0.44%), Procter & Gamble Hygiene & Health Care (up 0.50%), Bajaj Corp (up 1%), Dabur India (up 1.04%), Britannia Industries (up 1.41%) and Tata Global Beverages (up 4.12%), edged higher.
Ambuja Cements rose 3.92% to Rs 218.70 after reports that a foreign brokerage firm has upgraded the stock to buy from neutral. The foreign brokerage firm has reportedly said that the current valuations of the company are reasonable in context of net cash balance sheet and strong franchise. The company would be key beneficiary of pick-up in demand from non-south regions of India, the brokerage reportedly added.
Positive cues from overseas markets aided gains on the domestic bourses. European stocks surged in early trade there after a rally in US stocks overnight.
Meanwhile, the outcome of a survey showed that India's services sector activity grew for a second month in August. The seasonally adjusted Nikkei Services Business Activity Index rose to 51.8 in August from July's 50.8, marking a second month above the 50-level that separates growth from contraction.
Meanwhile, the IMF said in research paper on global growth prospects published yesterday, 2 September 2015, that near-term growth prospects remain favorable for India and that the country's external vulnerabilities have decreased. The IMF said that policy reforms, a consequent pickup in investment and lower commodity prices will boost India's growth. But, IMF cautioned that India continues to face some macroeconomic imbalances.
Powered by Capital Market - Live News
