A bout of volatility was as key benchmark indices trimmed gains after extending intraday gains in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 263.33 points or 1.02% at 26,041.99. The 50-unit CNX Nifty was up 65.50 points or 0.84% at 7,908.80. The Sensex was currently trading above the psychological 26,000 mark, having alternately moved above and below that level in intraday trade so far. The Sensex pierced the psychological 26,000 mark as gains in global stocks boosted sentiment on the domestic bourses a day after after the Reserve Bank of India (RBI) surprised financial markets by announcing a steeper-than-expected 50 basis points reduction in repo rate after a regular monetary policy review yesterday, 29 September 2015.
The Sensex hit its highest level in more than a week when it jumped 300.41 points 1.16% to 26,079.07 in afternoon trade. The Nifty rose 82.45 points or 1.05% at the day's high of 7,925.75 in afternoon trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,555 shares gained and 845 shares declined. A total of 116 shares were unchanged. The BSE Mid-Cap index was up 1.11%, outperforming the Sensex. The BSE Small-Cap index was up 0.96%, underperforming the Sensex.
In overseas markets, European shares edged higher in early trade, with shares of automakers boosted by a Chinese tax cut on small cars while miner Glencore rallied after saying it had no solvency issues. Stocks in Japan and Hong Kong led gains in Asian markets amid expectations for more monetary and fiscal stimulus from Japan after the latest data showed that Japanese industrial output fell unexpectedly for the second straight month in August. Trading in US index futures indicated that the Dow could gain 139 points at the opening bell today, 30 September 2015. US stocks finished mostly higher yesterday, 29 September 2015, as a stronger-than-expected reading on consumer confidence and rising house prices pointed to a stronger US economy.
Closer home, FMCG shares were in demand. Hindustan Unilever (up 2.52%), Britannia Industries (up 2.25%), Tata Global Beverages (up 2.02%), Jyothy Laboratories (up 2%), Nestle India (up 1.78%), Godrej Consumer Products (up 1.56%), Bajaj Corp (up 1.53%), Colgate Palmolive (India) (up 1.44%), Marico (up 0.70%), Dabur India (up 0.51%), GlaxoSmithKline Consumer Healthcare (up 0.22%) and Procter & Gamble Hygiene & Health Care (up 0.09%), edged higher.
Jaiprakash Associates rose 2.25% after the company's board of directors at its meeting today, 30 September 2015 approved the proposal to divest its wind power plants in Maharashtra and Gujarat having an aggregate capacity of 49 megawatts (MW) on slump sale basis. The company made announcement during market hours today, 30 September 2015.
Idea Cellular surged 5.31% after the company's shareholders approved raising of up to Rs 10000 crore through issue of non-convertible securities on private placement basis in one or more tranches. The company announced the voting results of AGM during market hours yesterday, 29 September 2015. The stock had fallen 2.35% to settle at Rs 139.30 yesterday, 29 September 2015.
United Bank of India was down 0.45% to Rs 22.15. The state-run bank has raised Rs 150 crore from the issue of rated, unsecured, non-convertible, perpetual, listed Basel-III compliant 11.95% additional Tier-1 bonds on private placement basis.
Metal and mining stocks edged higher on renewed buying. JSW Steel (up 5.49%), Tata Steel (up 4.42%), Jindal Steel & Power (up 3.60%), Hindalco Industries (up 3.15%), Bhushan Steel (up 2.47%), Hindustan Zinc (up 2.26%), Steel Authority of India (up 2.18%), NMDC (up 1.97%), Hindustan Copper (up 1.13%) and National Aluminium Company (up 0.72%), edged higher. Vedanta was down 1.04%.
Among mining shares, GMDC (up 1.55%), Neyveli Lignite Corporation (up 0.34%) and MOIL (up 0.05%), edged higher.
Powered by Capital Market - Live News
