Key benchmark indices surged led by gains in auto stocks as firmness in global stocks boosted sentiment. The barometer index, the S&P BSE Sensex jumped 447.66 points or 1.6% at 28,350.32, as per the provisional closing data. The Nifty 50 index gained 139.15 points or 1.62% at 8,746.60, as per the provisional closing data. The Sensex provisionally settled above the psychological 28,000 mark after reclaiming that level in the opening trade. It had settled below that level during the previous trading session. The Sensex hit highest level in more than thirteen months in late trade. The Nifty hit highest level in more than sixteen months in late trade. Key indices gained for the second day in a row today, 30 August 2016. Except BSE Telecom index rest of the sectoral indices on BSE were in the green.
After opening higher, key indices held in the positive terrain throughout the session. The Sensex surged 575.36 points or 2.06% at the day's high of 28,478.02 in late trade, its highest level since 23 July 2015. The barometer index gained 108 points or 0.38% at the day's low of 28,010.66 at the onset of the trading session. The Nifty rose 143.15 points or 1.66% at the day's high of 8,750.60 in late trade, its highest level since 16 April 2015. The index gained 34.80 points or 0.4% at the day's low of 8,642.25 at the onset of the trading session.
In overseas stock markets, European and Asian stocks edged higher tracking overnight gains in US market. US stocks finished higher yesterday, 29 August 2016 on increased prospects for Federal Reserve rate increases in 2016. Investors continued to weigh remarks by Federal Reserve Chairwoman Janet Yellen, who said late last week in Jackson Hole, Wyo., that an improving US economy had strengthened the case for a rate increase. The Fed last December delivered its first rate increase in nearly a decade. The focus is now on US nonfarm-payroll data for August due on Friday, 2 September 2016.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,628 shares rose and 1,076 shares fell. A total of 223 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.8%. The BSE Small-Cap index provisionally gained 1.02%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3442 crore, higher than turnover of Rs 2920.54 crore registered during the previous trading session.
Index heavyweight and cigarette maker ITC rose 1.78% to Rs 257.35. The stock hit high of Rs 258 and low of Rs 253 in intraday trade.
Index heavyweight HDFC Bank gained 2.56% to Rs 1,270. The stock hit high of Rs 1,285 and low of Rs 1,225 in intraday trade.
Auto stocks gained. Ashok Leyland (up 0.51%), Eicher Motors (up 3.08%), Hero MotoCorp (up 2.03%), Tata Motors (up 0.82%) and TVS Motor Company (up 4.48%) gained.
Bajaj Auto rose 3.09% to Rs 2,973.40 after hitting record high of Rs 3,011.85 in intraday trade.
Maruti Suzuki India (Maruti) rose 2.85% at Rs 5,069.90 after the company announced the launch of sporty Swift Deca, a limited edition model of its most popular hatchback. Maruti Swift Deca is available in two variants viz. Swift Deca Edition VXi at Rs 5.94 lakh and Swift Deca Edition VDi at Rs 6.86 lakh. The stock hit a high of Rs 5,104.90 in intraday trade, which is also a record high for the counter. The stock hit a low of Rs 4,950 in intraday trade. The announcement was made during market hours today, 30 August 2016.
Mahindra & Mahindra (M&M) rose 1.25%. The company announced incorporation of a subsidiary company in UAE viz. Bristlecone Middle East DMCC. The announcement was made after market hours yesterday, 29 August 2016. Bristlecone Middle East DMCC was incorporated as a 100% subsidiary of Bristlecone, which in turn is a subsidiary of M&M. Bristlecone Middle East DMCC was incorporated to promote business consulting, software implementation and related support services. The authorised capital of Bristlecone Middle East DMCC is 50,000 UAE Dirham.
The BSE Auto index had outperformed the market over the past one month till 29 August 2016, gaining 2.13% compared with 0.53% slide in the Sensex. The index had also outperformed the market in past one quarter, gaining 15.11% as against Sensex's 4.69% rise.
Kalpataru Power Transmission advanced rose 1.82% to Rs 263 after a large bulk deal of 32.62 lakh shares was executed on the scrip at Rs 275 per share in early trade on BSE.
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