Sensex closes 421 pts up led by gains in bank & metal stocks
Banking stocks gained after the RBI governor said that interest rates have peaked and the focus of the central bank will now shift to growth rather than inflation.
3.30 p.m: Market closed the day near the high with the Sensex closing the day at 15,939 up 421 points while Nifty closed 128 points higher at 4765.
Metal and banking stocks were the top gainers. JSW Steel rose 9.13 percent at Rs 586 followed by Tata Steel, rising by 5.73 percent at Rs 360.65 while Jindal Steel closed 5.18 percent higher at Rs 484.40. Steel stocks traded higher after export duty on iron ore was increased to 30 percent. This makes iron ore available to domestic players. Domestic steel manufacturers were under pressure due to non-availability of iron ore on account of various issues.
Banking stocks gained after the RBI governor said that interest rates have peaked and the focus of the central bank will now shift to growth rather than inflation. SBI closed 4.93 percent higher at Rs 1707.85, ICICI Bank closed 3.87 percent higher at Rs 723.50, Bank of India closed 7.94 percent higher, Indus Ind Bank was up 6.87 percent while Axis Bank was up 5.81 percent.
Capital goods stocks too participated in the rally with L&T closing the day at Rs 1062.70, up 5.32 percent, Bhel closed 5.6 percent higher at Rs 249.75.
Among the other gainers were Coal India, which closed 4.47 percent higher at Rs 326.10 and Tata Motors closed 5.35 percent higher at Rs 192.80.
M&M and Hero Motocorp were the two counters among frontline stocks, that closed in the red. M&M closed 1.56 percent lower at Rs 663.50 after the stock was downgraded by Bank of America Merill Lynch. Hero Motocorp closed 0.75 percent lower at Rs 1825 due to a slowdown witnessed in two wheeler segment.
Banks, metal stocks pull Sensex up by 410 pts
2.30 p.m: Markets have touched a new high for the day, led by a renewed moved in banking stocks.
Sensex currently trades 367 points higher at 15885, while Nifty is trading 109 at 4746.
Banking counters have seen a fresh move led by SBI, which trades 4.45 percent higher at Rs 1700, ICICI Bank trades 3.88 percent higher at Rs 723.75 while Kotak Bank and Bank of India are both trading around 7 percent higher.
Reliance Industries has moved up by 2.19 percent at Rs 722. The company has confirmed through a release to the stock exchange about it picking up a stake in Network18 group.
Tata Motors has moved up by 5.33 per cent at Rs 193.70
Banks gain on hopes of interest rate easing, Sensex up 340 pts
1.15 p.m: Banking stocks have gained after RBI Chairman said that the central bank will change its stance on the economy. Banking stocks are trading 3.3 percent higher led by SBI which is up 3.27 percent at Rs 1679.55. ICICI Bank trades 3.7 percent higher at Rs 721.90, Kotak Bank trades 7 percent higher while Bank of India is up 5.7 percent and Canara Bank is up 5.3 percent.
Metal stocks too have gained with JSW Steel rising 7.25 percent at Rs 576, Jindal Steel is up 5.4 percent at Rs 485.25 and Tata Steel trades 5 percent higher at Rs 358.
Sensex meanwhile continues to trade near the day's high at 15861, up 344 points while Nifty is up 105 points at 4741.
Tata Steel jumps over 5% on upgrade, Sensex up 310 pts
12.15 p.m: Markets trade near the day's high, with most of the sectors pausing after reasonable gains during the day.
Tata Steel has gained by over 4.7 percent after the stock was upgraded to Neutral by Credit Suisse. The stock trades at Rs 357.
Bajaj Auto trades 0.2 percent higher after the company launched its first low emission car in the Auto Expo in Delhi. The stock trades at Rs 1479.
Infrastructure finance company IDFC trades 4 percent higher at Rs 95.70 after S&P has said that the company's outlook over the long term is stable. The company has been assigned a BBB- rating for its long term paper and A-3 rating for short term.
IT companies join the rally, Sensex gains 310 pts
11.15 a.m: Infosys and TCS have joined the rally with Infosys rising by 2.5 percent at Rs 2878, while TCS is up 2.13 percent at Rs 1204.5.
Sensex meanwhile has risen to 15,816 up 298 points while Nifty is up 88 points at 4725.
Bajaj Auto has again slipped in red after a sharp fall on Monday. The stock currently trades 1.23 percent lower at Rs 1457. M&M has also slipped by 1.67 percent at Rs 662.60. Tata Motors is up 3.78 percent at Rs 190.90.
Coal India trades 5.16 percent higher at Rs 328.25. Broking firm Citi has said that the company will benefit to the extent of 15 percent on account of reclassification of it sales reclassification.
Coal India continues its run, Sensex gains 300 pts
10.30 a.m: Markets have continued to trade higher led by Coal India and Tata Motors. Sensex trades 306 points higher at 15,825, while Nifty is up by 88 points at 4725.
Coal India has continued its run and trades at Rs 325.65 up 4.36 percent, Tata Motors on the other hand trades 3.9 percent higher at Rs 191.20.
Reliance has moved higher and presently trades at Rs 719 up 1.76 percent.
Banking counters are trading higher with SBI moving 3 percent higher at Rs 1676 and ICICI Bank up 2.8 percent at Rs 716.
Tata Steel is up 3 percent at Rs 352 after the company has been upgraded by Credit Suisse.
IT companies too have joined the rally with Infosys and TCS trading 2 percent higher.
Refining cos plunge after ministry refuses petrol hike
9.45 a.m: Taking cues from global markets, Indian markets have opened higher.
BSE Sensex currently trades 206 points higher at 15,716 while Nifty is at 4695 up 58 points.
Coal India continues to trade higher after the company said that it will be reclassifying its sales of various kind of coal. The company's management has said that Coal India will benefit by way of better realisation. The stock trades 3.1 percent higher at Rs 322.20.
Banking stocks have opened higher with SBI trading 1.96 percent higher at Rs 1659 while ICICI Bank is up 2.11 percent at Rs 711.
Bajaj Auto, which slipped by almost 8 percent on Monday is currently up 0.5 percent at Rs 1484.50. Auto major Tata Motors trades 2.26 percent higher at Rs 188 while M&M is down 2 percent at Rs 660.60.
Refining counters are trading around 2 percent lower after the ministry refused a petrol price hike by Rs 2 per litre.
Among the other stocks that are trading higher are Network18 and TV18 on news of Reliance picking up a stake in the company. Both media stocks are trading 17 percent higher.
DLF trades 3.2 percent higher on news of a Chinese company interested in picking up stake in its Aman resort property.
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