Nifty Settles Above 7,700 Led By Gains in FMCG, Banking Shares
The Sensex rallied over 300 points and Nifty closed above its crucial psychological level of 7,700 on hopes that the Reserve Bank of India could cut rates by as much as 50 basis points next month after the government slashed savings rate on Friday.
The Sensex advanced 333 points to close at 25,285 and Nifty rose 100 points to settle at 7,704.
From the Nifty-50 basket of stocks, 41 stocks ended higher while only 9 closed in the red.
Gains in the benchmark indices were led by heavyweights such as HDFC, HDFC Bank, ITC, ICICI Bank, HUL and Larsen & Toubro which contributed over 150 points towards the gain in the Sensex.
The mid-cap and small-cap indices closed in-line with the benchmark indices, up 1.4 per cent each.
Buying was visible across the sectors. Capital goods, banking, realty and FMCG indices advanced over 1.5-2 per cent each.
3:25 p.m.: Broader markets were in-line with the benchmark indices. The BSE mid-cap index was up 1.52 per cent and the small-cap index advanced 1.4 per cent.
3:17 p.m.: The market breadth was positive as 1,524 stocks advance while 1,134 decline.
3:15 p.m.: Buying visible across the sectors. FMCG, banking, oil & gas, realty and capital goods indices were up over 1-2 per cent each.
3:13 p.m.: Analysts say that the Reserve Bank of India (RBI) could cut rates by as much as 50 basis points next month after the government slashed the country’s retail savings rate last week.
2:41 p.m.: The stock markets continue to trade on a strong strong led by gains in blue-chip stocks such as ITC, HDFC Bank, ICICI Bank, HDFC, Sun Pharma and Hindutan Uniliver. The Sensex advanced 270 points to 25,219 and Nifty rallied 83 points to 7,688.
2:24 p.m.: The stock markets extended gains in the late noon deals. The Sensex was up 218 points to 25,171 and Nifty advanced 67 points to 7,671.
1:53 p.m.: Ambuja Cements, UltraTech Cement, Bharti Airtel, Punjab National Bank and State Bank of India were among the gainers in Nifty, up 2.3-3.7 per cent each.
1:36 p.m.: The stock markets came off the intraday high levels on the back of selling in Infosys, Lipin, Asian Paints and Hero MotoCorp. The Sensex was up 93 points at 25,045 and Nifty was at 7,633, up 29 points.
1:28 p.m.: EID Parry was the top gainer from the FMCG space, up 5.6 per cent to Rs. 204. Ruchi Soya, Radico Khaitan, Manpasand Beverages, Bombay Burma Trading Corp, Linc Pens, ITC and HUL were also among the gainers from this space, up 2-5 per cent each.
1:05 p.m.: Hercules Hoists was the top gainer from the small-cap space, up 16 per cent to Rs. 159. Dredging Corp, Persistent Systems, Prestige Estates, Saurashtra Chemicals, Indraprastha Medical Corporation, MBL Infra and ITD Cementation were also among the gainers, up 7.8-13.5 per cent each.
12:53 p.m.: Jewellery stocks on Monday rose sharply by up to 8 per cent after jewellers called off their 18-day old strike demanding rollback of proposed excise duty on non-silver jewellery.
Shares of Shree Ganesh Jewellery House jumped 7.85 per cent, Gitanjali Gems zoomed 6.62 per cent, Tribhovandas Bhimji Zaveri surged 5.56 per cent, PC Jeweller climbed 5.3 per cent and Titan Company rose 2.1 per cent on BSE.(Read)
12:47 p.m.: Nifty 7,600 put option was the most active options contract on the National Stock Exchange. The premium on the contract fell 31 per cent to Rs. 48.15. As many as 2.25 million shares were added to the open interest of 4.92 million shares.
12:40 p.m.: Market breadth remains positive as 1,333 stocks decline while 1,070 stocks advance.
12:30 p.m.: Indian Bank, Ashok Leyland, L&T Finance Holdings, IDBI Bank, Bharat Electronics, Petronet LNG, Blue Dart, HPCL and Adani Power were among the gainers from the mid-cap space.
12:15 p.m.: The stock markets were trading firmly higher. The Sensex was up 169 points at 25,121 and Nifty was at 7,653, up 49 points.
11:40 a.m.: Asian Paints was the top Nifty loser, down 2.5 per cent to Rs. 853. Wipro, Dr Reddy’s Labs, Hero MotoCorp, Tech Mahindra, BHEL, Infosys, HCL Technologies and Coal India were among the losers in the Nifty, down 0.7-1.4 per cent each.
11:30 a.m.: Real estate stocks were witnessing buying interest. The BSE Realty index advanced 1.6 per cent; Prestige Estates, Sobha Developers, Godrej Properties, Unitech, DLF, HDIL, Indiabulls Real Estate and DB Realty were among the gainers, up 0.3-8.8 per cent each.
11:17 a.m.: Shares of Aurobindo Pharma surged over 2 per cent today after the firm got final approval from USFDA to manufacture and market its generic Naproxen Sodiumtablets used for treatment of osteoporosis.
The stock soared 2.31 per cent to Rs. 738 on BSE. On NSE too, shares of the company climbed 2.31 per cent to Rs. 737.95.(Read)
11:08 a.m.: Market breadth is positive as 1,343 stocks advance while 807 decline.
10:45 a.m.: Shares of state-run lender IDBI Bank rallied as much as 6 per cent to hit intraday high of Rs. 71.20 on reports that International Finance Corporation (IFC), a lending arm of the World Bank, and TPG Capital are eyeing stake in the bank.
IFC, which is the one of the largest global development institution focused exclusively lending to the private sector in developing countries, has finished inspection of IDBI Bank’s assets, reports said, adding that the World Bank arm is looking at 15 stake in the government-owned bank.(Read)
10:36 a.m.: Select IT stocks were witnessing selling pressure. The BSE IT index was down 0.15 per cent; Infosys, HCL Technologies, Tech Mahindra, Wipro and Mphasis were among the losers.
10:25 a.m.: Banking stocks were witnessing buying interest. The Bank Nifty advanced nearly 1 per cent to 15,796; Punjab National Bank, State Bank of India, Bank of Baroda, Bank of India, Axis Bank, ICICI Bank and Federal Bank were among the gainers, up 1-2.8 per cent each.
9:54 a.m.: JP Morgan has initiated coverage on InterGlobe Aviation with overweight for target price of Rs. 950 per share. JP Morgan says post a 40 per cent correction, stock looks attractive. It adds that company will expand its fleet in FY’17-18E as per plan and industry growth remains strong at 21 per cent year to date. The stock advanced as much as 4.1 per cent to Rs. 842.
9:38 a.m.: Credit Suisse has upgraded Indiabulls Housing Finance to ‘outperform’ from ‘neutral’ for target price of Rs. 800 per share. Credit Suisse says strong growth should sustain for Indiabulls Housing Finance and recent correction has giving an opportunity. It adds that another ratings upgrade can help sustain growth. The stock advanced as much as 3.8 per cent to Rs. 635.65 post the upgrade.(Click her for more brokerage calls)
9:31 a.m.: The broader markets were in-line with the benchmark indices. The BSE mid-cap index was up 0.38 per cent and the small-cap index was up 0.6 per cent.
9:25 a.m.: The Sensex rose over 100 points to move above its crucial psychological level 25,000 and Nifty advanced as much as 34 points to hit intraday high of 7,638 on the back of buying in banking and FMCG shares.
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Source:Ndtv
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