Gains in private sector banks, auto stocks and index heavyweights L&T, HDFC and Reliance Industries (RIL) helped key benchmark indices register decent gains. The barometer index, the S&P BSE Sensex, surged 214.56 points or 0.79% at 27,224.70, as per the provisional closing data. The 50-unit CNX Nifty rose 58.65 points or 0.72% at 8,238.15, as per the provisional closing data. The two key benchmark indices witnessed a sudden surge during the latter part of the trading session after languishing in red until about 14:00 IST. The Sensex provisionally settled above the psychological 27,000 level. Earlier, the Sensex had fallen below that level after initial slide. The Sensex had finished a tad above the psychological 27,000 level yesterday, 15 October 2015, after registering decent gains.
The Nifty hit 8-week high when it jumped 66.90 points or 0.81% at the day's high of 8,246.40 at the fag end of the trading session. The Sensex surged 229.08 points or 0.84% at the day's high of 27,239.22 at the fag end of the trading session, its highest level since 12 October 2015.
RIL edged higher ahead of its Q2 results today, 16 October 2015. Tata Motors rose after the company reported strong growth in its global wholesales for September 2015. Shares of public sector oil marketing companies (PSU OMCs) edged higher after raising diesel prices.
The Sensex and Nifty edged higher for the second straight trading session.
Positive lead from overseas markets aided the upmove on the domestic bourses. European stocks edged higher after a lackluster reading on US consumer prices strengthened the view that the US Federal Reserve may continue to hold off on raising interest rates during the remaining part of the calendar year 2015. In Asia, Chinese and Japan stocks edged higher on stimulus hopes in those countries in the wake of recent weak economic data. US stocks surged yesterday, 15 October 2015, as falling US consumer prices added to the batch of disappointing economic data that reduces the odds of an interest-rate increase this year from the Federal Reserve.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,322 shares fell and 1,269 shares rose. A total of 164 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.38%. The BSE Small-Cap index was provisionally up 0.05%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2564 crore, lower than turnover of Rs 2851.62 crore registered during the previous trading session.
Bank stocks edged higher in volatile trade. Among private sector banks, Yes Bank (up 1.91%), HDFC Bank (up 1.39%), Axis Bank (up 1.25%), ICICI Bank (up 1.28%), Kotak Mahindra Bank (up 0.18%) and IndusInd Bank (up 0.49%) gained.
Among PSU banks, IDBI Bank (up 3.3%), State Bank of India (up 3.19%), United Bank of India (up 0.67%), Syndicate Bank (up 0.21%), Punjab National Bank (up 0.69%) and Corporation Bank (up 0.33%) gained. Canara Bank (down 0.18%), Bank of Baroda (down 0.53%) and Union Bank of India (down 1.38%) declined.
Shares of public sector oil marketing companies (PSU OMCs) edged higher after raising diesel prices. BPCL (up 1.96%), HPCL (up 2.17%) and Indian Oil Corporation (IOCL) (up 1.46%) gained. IOCL has announced increase in the retail selling price of diesel by 95 paise per litre at Delhi (including state levies) with corresponding price revision in other states. With the latest revision, the price of diesel in Delhi stood at Rs 45.90 per litre.
Index heavyweight and housing finance firm HDFC was up 1.23% at Rs 1,310. The stock hit a high of Rs 1,316 and a low of Rs 1,285 in intraday trade.
Another index heavyweight L&T was up 3.04% at Rs 1,608. The stock hit a high of Rs 1,608 and a low of Rs 1,553.60 in intraday trade.
Index heavyweight Reliance Industries was up 1.11% at Rs 914. The stock hit a high of Rs 914.70 and a low of Rs 904 in intraday trade. The company is scheduled to announce its Q2 September 2015 results today, 16 October 2015.
Tata Motors rose 1.76% at Rs 387.40 after the company said that its global wholesales, including Jaguar Land Rover rose 21% at 97,102 units in September 2015 over September 2014. The announcement was made after market hours yesterday, 15 October 2015.
Meanwhile, data released by the government after market hours yesterday, 15 October 2015, showed that India's merchandise exports declined for tenth straight month in September 2015. Merchandise exports dropped 24.3% to $21.85 billion in September 2015 over September 2014. Imports dipped 25.4% to $32.32 billion. The trade deficit narrowed 27.6% to $10.5 billion in September 2015 from $14.47 billion in September 2014.
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