Markets finish higher for the fifth straight session

Markets closed higher on sustained buying across the bourses amid firm global cues after hopes of an interest rate hike by the US Federal Reserve waned on the back of sluggish US jobs data. A smart rally in the oil and gas stocks and metal shares tracking a rebound in the overnight global commodity prices has lifted the benchmarks higher.

Provisionally, the Sensex closed 147 points higher at 26,917 and the Nifty jumped 28 points to end at 8,147.
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(updated at 3:30 PM)

Benchmark indices continue to trade higher amid volatility led by strong buying among defensive segments like FMCG and pharma.

At 14:45 pm, the 30-share Sensex was up 196 points at 26,982 and the 50-share Nifty was up 47 point at 8,167.

The top gainers from the Sensex pack are Tata Motors, ITC, Coal India, Cipla and ONGC.

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Updated at 13:10

Benchmark share indices turned choppy in noon trades on Tuesday as gains in pharma majors and Tata Motors helped offset losses in IT exporters.

At 1:10PM, the 30-share Sensex was up 42 points at 26,828 and the 50-share Nifty was up 1 point at 8,120.

In the broader market, the BSE MidCap and SmallCap indices were up 0.1-0.4% each. Market breadth was positive with 1,343 gainers and 1,087 losers on the BSE.

"Markets have been rallying since last week after higher-than-expected rate hike by the RBI and delay in rate hike by the US Fed post weak US jobs data. However, profit taking is seen at higher levels as investors are turning cautious ahead of the second quarter earnings," said Alex Mathews, Head of Research, Geojit BNP Paribas Financial Services.

The rupee was trading 5 paise lower at Rs 65.35 to the US dollar compared to the previous close. On Monday, the rupee ended at a six-week high after weaker-than-expected US jobs data helped eased fears of an early rate hike by US Federal Reserve.

Meanwhile, foreign institutional investors were net buyers in equities to the tune of Rs 366 crore on Monday, as per provisional stock exchange data.

GLOBAL MARKETS

Asian markets were trading mixed with China markets closed for trading today. Shares in Japan and Singapore were up 1% each with both the Nikkei and Straits Times up 1-1.1% each while Hang Seng was trading marginally down by 0.2%.

European shares were trading flat with negative bias in early trades as investors booked profits after sharp gains in the previous session. CAC-40, DAX and FTSE-100 were down 0.1-0.3% each.

SECTORS & STOCKS

BSE Consumer Durables index was the top gainer up 4.2% followed by Oil and Gas, Healthcare and Metal indices.

Tata Motors extended gains for second straight day and was up 5% on reports that the company’s Jaguar Land Rover (JLR) units' United States sales surged 61% in September to 6,850 units.

Sun Pharmaceutical has announced its US subsidiary, Ranbaxy Pharmaceuticals, and other partners have entered into a settlement, ending the patent litigation with drug maker Actavis over anti-acne drug Absorica (isotretinoin capsules). The stock is up nearly 2%.

Consumer Durables shares gained on hopes of demand pick up on the bank of lower interest rates on consumer loans. Rajesh Exports, PC Jewellers, Titan, Bajaj Electronics have all gained between 1-6% each.

Oil and Gas shares rose ahead of US commercial crude inventories report. ONGC and Reliance Industries gained 0.6-2.4% each.

Dr Reddy’s Laboratories was up 2% after the drug maker said that the promoter buying shares of the company through open market. Among other pharma shares, Cipla and Sun Pharma were up 1.5-3.2% each.

ITC firmed up over 1% after the company decided to foray into the dairy segment with the launch of its new product Aashirvaad ghee this Diwali

HDFC was trading flat with negative bias. HDFC has reduced home loan rates by 25 basis points to 9.65%. The lender will offer an additional discount of five bps to women.

Maruti Suzuki was down 1% after the company has started offering ncentives of up to Rs 1 lakh, for its recently launched premium sedan S-Cross.

Among other shares, Suzlon Energy was up nearly 3% after the company said it has received an repeat order from Orange Renewable for installation of 100.8MW at Beluguppa in the state of Andhra Pradesh.

NIIT was up over 2% after the global leader in skills and talent development, today announced the launch of NIIT.tv.

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