At 1:06pm, the S&P BSE Sensex was up 291 points at 28,194 and the Nifty50 surged 93 points to 8,701. In the broader market, the BSE Midcap and Smallcap indices were up nearly 1% each.
Private lenders HDFC Bank and ICICI Bank were among the top gainers up over 1.5% each while IT majors witnessed renewed buying interest at lower levels. Infosys which recently hit 52-week low was up 1.5% at Rs 1,038 while TCS was up 1.3%.
(Updated at 11:15am0
Benchmark indices continue to hold gains supported by global markets
along with strong buying among heavyweight shares.
By 11:15 am, the S&P BSE Sensex was up 106 points at 28,204 and the Nifty50 was 65 points higher at 8,672. Broader markets
are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up almost 1%.
Top gainers from the Sensex pack are Maruti Suzuki, Bajaj Auto, ICICI Bank, Tata Steel, GAIL and HUL, all up between 1%-3%.
Among other shares, Gujarat Mineral Development Corporation (GMDC) hit a 52-week high of Rs 101, up 11% on the BSE, after the company reported 60% year on year jump in net profit of Rs 115 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of healthy operational performance.
TD Power Systems has soared 15% to Rs 225 on the BSE after the company said that it has received an order for supply of 45 railway application generators from a major multi-national company (MNC) for installation in North America.
Updated at 9:30 am
have started the session on a higher note tracking positive global cues along with buying among financials and FMCG shares leading the gains.
By 9:35 am, the S&P BSE Sensex was up 165 points at 28,067 and the Nifty50 was 46 points higher at 8,654. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up almost 1%.
On Monday, benchmark indices staged a recovery in late trades to end higher with Tata Motors leading the gains after brokerages remained bullish on the stock while weakness in IT shares capped further upside.
According to Motilal Oswal’s technical note, “Ongoing contraction within the strangled range now seems mature for an either side movement. A decisive breach outside the range could unfold the directional bias. The upper range of the contraction is now placed at 8,680 & remains a breakpoint above which an immediate movement could be expected till 8,830. On the flipside 8,530 is the threshold support for the pattern. Aggressive positions are advocated only outside the range.”
Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 286.52 crore on Monday, as per provisional data released by the stock exchanges.
In overseas stock markets, Asian stocks rose tracking overnight gains in US stocks as commodities prices rebounded. US stocks finished higher yesterday 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 increases in nearly a decade. The focus is now on US nonfarm-payroll data for August due this Friday.
On Monday, the central bank said in its annual report that despite a pickup in growth in the Indian economy, high inflation remains a concern, constraining the ability of the Reserve Bank of India (RBI) to cut rates.
Among key stocks, ICICI Bank, Tata Motors, Infosys, Tata Steel, Adani Ports and Lupin are up 0.8%-1.1%.
Coal India announced that it has fixed 9 September 2016 as the record date for the purpose of buyback of equity shares. The stock is up 0.4%.
Mahindra & Mahindra (M&M) has risen by almost 1% after announcing the incorporation of a subsidiary company viz. Bristlecone Middle East DMCC, for providing business consulting, software implementation and related support services.
Wipro announced a partnership with Stibo Systems, a global leader in multi-domain Master Data Management (MDM) solutions. As part of the partnership, the two companies will collaborate to offer MDM solutions. The stock is trading marginally positive.
State-owned Indian Oil Corp (IOC) on Monday reported a 25% jump in first quarter net profit, as it also declared a 1:1 bonus share. The stock has gained over 1%.
eClerx Services has surged 9% to Rs 1,775, also its 52-week high on the BSE in early morning trade, after the board approved a proposal for buyback of equity shares of the company at a price not exceeding Rs 2,200 per share through tender offer.
With Capital Market input