Live: Metal stocks help Sensex close 80 points higher

3.30 p.m: A late rally in the market helped Sensex close 80 points higher at 17,562 while Nifty closed the day at 5282, up 17 points.

Metal stocks contributed the most to the index’s movement rising by 1.64 percent.

Among the highlight of the day was results by Bharti Airtel, which adjusted for forex losses were a decent set of numbers. The stock closed the day at Rs 397, up by 0.94 percent.

JSW Steel was the main gainer among the highly traded stocks, with a gain of 6.4 percent at Rs 710.75 as the Supreme Court Committee cleared 24 iron ore mines. The company has been suffering on account lack of raw material after the court banned mining due to environmental issues.

Jai Corpclosed 13 percent on allocation of land for Navi Mumbai Airport. The company is setting up a SEZ near the new airport.

There has been a strike called by labour’s of Dr. Reddy’s Srikakulam plant demanding higher wages. The stock pulled back from its low and closed the day at Rs 1621, down 1.12 percent.

Ranbaxyclosed near the day’s low at Rs 503.50 just weeks ahead of launch of a generic version world’s largest selling drug Lipitor. Though the company has won a sx month exclusivity period for the product, its act does not seem to be in place.

JSW Steel gains 6.5 percent on ore availability

3.00 p.m: JSW Steel is the top gainer among the most traded stocks, jumping 6.5 percent at Rs 711.75 after Supreme Court Committee set to look in mines allowed production in 24 of them.

Sensex meanwhile has bounced back from its low and currently trades 100 points higher at 17582, Nifty is up by 24 points and currently trades at 5291.

Jain Irrigation is down by 6 percent as the company is expected to post a Rs 45 crore forex loss when it announces its results.

Jai Corp is up by 15 percent on allocation of land for Navi Mumbai Airport. The company is setting up a SEZ near the new airport.

Jai Corp zooms on land allocation for Navi Mumbai Airport

1.30 p.m: Jai Corp has moved by nearly 12 percent at Rs 91.20 on news of Maharashtra government allotting land for Navi Mumbai airport. The stock has seen a huge volume of 30 lakh shares on the NSE.

Sensex meanwhile has touched the day’s low and currently trades at 17,521 up 45 points, while Nifty is at 5277 up 11 points.

Hindustan Unilever and Reliance are two of the biggest losers falling by nearly 1 percent.

Europe meanwhile continues to celebrate rate cut by ECB and Greek’s decision to call of the referendum. European markets are trading 0.5 percent higher.

Market at day’s low, labour strike at Dr. Reddy’s

1.00 p.m: JSW Steel has moved up by nearly 5.8 percent at Rs 707 on news of opening of some mines in Karnataka. The company has been suffering on account of lack of access to raw material after the supreme court banned mining in Karnataka due to environmental reasons.

Meanwhile, market has touched the days low, with the Sensex trading at 17594, up by 112 points. Nifty is trading at 5293 higher by 28 points.

There has been a strike called by labour’s of Dr. Reddy’s Srikakulam plant demanding higher wages.

Sensex rises 200 points, metals rally

11.15 a.m: Markets have touched a new high with the Sensex rising over 206 points at 17683, Nifty is 55 points higher at 5321.

Metal stocks have taken the indices higher by rising over 2 percent, followed by realty sector. All the sectoral indices are trading in the positive zone.

JSW Steel is trading nearly 4 percent higher at Rs 694 while Tata Steel is up by 2.7 percent at Rs 474.

HDIL trades 4.5 percent higher at Rs 102.7.

Among the frontline stocks SBI and BHEL are up by nearly 2.3 percent.

Sesa Goa is trading 2.3 percent higher after it announced an acquisition of Goa Energy.

Ranbaxy volatile ahead of Lipitor launch

10.30 a.m: Ranbaxy has touched a new intra-day low just weeks ahead of launch of a generic version world’s largest selling drug Lipitor. Though the company has won a sx month exclusivity period for the product, its act does not seem to be in place.

Business Standard reports that the company has not received production and marketing approval for the product from Amercian Food and Drugs Administration (FDA). The FDA had put two of Ranbaxy’s manufacturing units under scanner by stopping all the products approval.

The stock currently trades 1 percent lower at Rs 509.50.

Meanwhile Sensex is trading at 17,647 up by 165 points while Nifty is up 44 points at 5310.

Bharti zooms on results

9.30 a.m: Bharti Airtel announced its results by posting a net profit of Rs 1027 crore against expectation of Rs 1110 crore. Its performance has been hit by a loss of Rs 426 crore in its Africa operations and a forex loss of Rs 239 crore.

Taking these into account the stock can do well.

Average revenue per user (ARPU) has come down to Rs 183 versus Rs 202.

Bharti currently trades 1.55 percent higher at Rs 400.

Margins of the company are at 33.7 percent against expectation of 34.2 percent.

The company says bulk of its customers are yet to be shifted to the new tariff plan.

Its customer base of 237 million.

It has increased its market share by 0.7 to 2 percent in various circles.

The company is bullish on the TRAI recommendation of increasing presence in rural area, by giving sops.

Sensex meanwhile trades at 17,634 up by 150 points while Nifty is at 5309 up 43 points.

9.10 a.m: Two events in the European market have led to a stock rally across the globe. European Commercial Bank (ECB) surprisingly cut interest rate by 25 basis points bringing it down to 1.25 percent to give stimulus growth and help increase much needed liquidity in the system. Second, Greek PM has backed down on his earlier demand of a referendum from the country’s population on the next round of austerity measures, clearing the way for the approval of the package announced by Eurozone members.

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US markets closed the day 1.76 percent higher, while European markets closed up by nearly 2 percent. Asian markets too have joined in the party and are trading nearly two percent higher.

Indian markets are expected to open higher in line with other international markets.

Petrol price hike is likely to keep four wheeler stocks like Maruti under pressure. Maruti will also see pressure on news of how the company managed to close its deal with the workers.

Among the other stocks that can see some action is Sesa Goa, which has announced purchase of Videocon’s Goa Energy.

Companies which will be announcing their results are Bharti Airtel and ONGC.