Banks help Sensex close 350 pts up; rupee touches 1-month high

3.30 p.m: A falling interest bond yield, followed by the rupee touching a one month high resulted in indices closing near the day’s high. Sensex closed 350.37 points higher at 16165 while Nifty closed 106 points higher at 4849. Rupee meanwhile touched a high of 52.135 during the day, a jump of 0.72 percent over the previous close of 52.50.

Almost all sectors apart from IT stocks participated in the rally.

Banking stocks were the top performers with bond yields falling to 8.24 percent, followed by a better than expected third quarter performance by Indus Ind Bank. SBI closed the day 4.08 percent at Rs 1704, ICICI Bank closed 3.56 percent higher at Rs 774.40 while Axis Bank closed 4.23 percent higher at Rs 894.50. Indus Ind Bank closed the day 6.86 percent higher at Rs 262.50.

PSU Banks rose higher than private sector players. Syndicate Bank closed 4.8 percent higher at Rs 81.65, Union Bank was up 5.26 percent at Rs 178.50, UCO Bank closed 8.1 percent higher at Rs 56.45, PNB was up 5.18 percent at Rs 867.15 while Andhra Bank closed 6 percent higher at Rs 91.45.

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With hopes of interest rates falling, realty stocks too witnessed a good move, with DLF closing 4 percent higher at Rs 185.40, Unitech closing 7.3 percent higher at Rs 22.75, HDIL up 6 percent at Rs 62.40 and Anantraj closing 20 percent higher at Rs 51.95.

Anil Ambani group counter witnessed good buying during the day on fresh hopes of a patch-up between the two brothers. Reliance Capitalclosed 7.9 percent higher at Rs 281.70,Reliance Communicationclosed up 4.19 percent at Rs 80.10,Reliance Infraclosed 4.78 percent higher at Rs 397.35,Reliance Powerwas up 5.67 percent higher at Rs 79.20, whileReliance Industrial Infraclosed at the upper circuit of 20 percent at Rs 393.15.

Everonn closed 16.63 percent higher after the company announced that it has hiked it FII limit. JSW Steeltrades 10.3 percent higher at Rs 631.40 on news of the company’s Chairman meeting Bengal’s chief minister to sort out iron ore supplier for its plant.

Everonn up 19% post FII limit hike, Sensex rises 340 pts

3.00 p.m: Everonn has moved up by 19 percent at Rs 472 after the company increased limits for FII investment. The move has helped other Education stocks to pull higher. Educomp trades 6.5 percent higher at Rs 222.90, while IT Educator, Aptech has been at the upper circuit of 20 percent since morning at Rs 90.70.

JSW Steel trades 10.3 percent higher at Rs 631.40 on news of the company’s Chairman meeting Bengal’s chief minister to sort out iron ore supplier for its plant.

Capital goods major L&T has joined the party slightly late in the day, and currently trades 4.5 percent higher at Rs 1136.

Indus Ind Bank strong results pulls Sensex up by 300 pts

2.15 p.m: A strong set of numbers announced by IndusInd Bank has helped pull banking stocks higher.

Indus Ind Bank posted a net profit of Rs 205.93 crore against an expectation of Rs 200 crore. Profit for the same period last year was Rs 153 crore. The stock trades 5.4 percent higher at Rs 259.10. Importantly is the drop in net non-performing assets which are down from 0.38 percent to 0.29 percent.

As a result of this SBI has moved up by 4 percent to Rs 1703, ICICI Bank is up 3.82 percent at Rs 776.35 while Axis Bank also trades nearly 4 percent higher at Rs 892.65.

As a result Sensex has moved up by 300 points to 16114 while Nifty is up 92 points at 4835.

ADAG group stocks in limelight, Sensex up 280 pts

1.30 p.m: Anil Ambani group stocks are in limelight on renewed hopes of a patch up between the two brothers. Reliance Capital trades 6.1 percent higher at Rs 277.10, Reliance Communication is up 3.16 percent at Rs 80.10, Reliance Infra trades 5.4 percent higher at Rs 399.85, Reliance Power trades 3.27 percent higher at Rs 77.45, while Reliance Industrial Infra has touched the upper circuit of 20 percent at Rs 393.45.

Sensex meanwhile is up 278 points at 16092 while Nifty trades at 4827, up 84 points.

PSU Banks rise as yield falls, Sensex up 280 pts

12.45 p.m: Markets continue to trade higher with Sensex trading at 16,082 up 270 points while Nifty trades 81 points higher at 4824.

Banking counters are touching new highs as bond yields move lower. SBI trades 3.5 percent higher at Rs 1694, followed by ICICI Bank, which is up 3 percent at Rs 770.45 while Axis Bank is up 3.73 percent at Rs 890.20.

PSU Banks are witnessing more buying with UCO Bank rising 5.27 percent at Rs 54.95 followed by Syndicate Bank rising 4.5 percent at Rs 81.45, Canara Bank trades 4.35 percent higher at Rs 412.55.

JSW Steel jumps 6% on hopes of Bengal project revival

11.45 a.m: Nifty continues to trade near the day’s high at 4844 up 89 points while Sensex trades at 16106, up 291 points.

JSW Steel has moved up by 6 percent after the company’s chairman Sajjan Jindal met up with Bengal’s chief minister Mamata Banerjee to ask for help in sorting out the iron ore policy in the state. The stock trades at Rs 607, up nearly 6 percent.

Banking stocks along with Reliance helped pull up the market to a new high. Reliance presently trades at Rs 728.60 up 3.15 percent while banks continue to trade near the day’s high.

Banking stocks pull market higher as bond yield improves

11.00 a.m: Banking stocks are moving higher as bond yields have improved substantially, thanks to the open market operations (OMO) carried out by the central bank. 10 year bond yields have come down to 8.24 percent as compared to 9.15 percent witnessed a couple of months back.

SBI trades 3.3 percent higher at Rs 1691.35 followed by ICICI Bank is up by 2.38 percent at Rs 765.60 while Axis Bank trades 4 percent at Rs 892.40.

Nifty meanwhile is trading near the day’s higher at 4819.8 up 77 points while Sensex is up 255 points at 16,070

Alfa Laval zooms 12% on revised delisting offer, Sensex up 200 pts

10.30 a.m: Nifty has crossed the 4800 mark, touching a high of 4809.55. Nifty currently trades at 4808 up 64 points, while BSE Sensex is up 211 points at 16,026.

Alfa Laval has moved by by 12.5 percent to Rs 2666 after the company announced that its parent company is revising the open offer for de-listing to Rs 2850.

Meanwhile banking stocks have moved higher with SBI trading at Rs 1677 up 2.37 percent followed by ICICI Bank which is up by Rs 764.60 and Axis Bank trades 3.30 percent higher at Rs 886.

Nifty nears 4800 on positive cues, Take Solutions soars on divestment plan

10:am Nifty crosses the psychological 4750 and is currently trading at 4797 levels, up 55 points.

Take Solutions soars 6.42 percent on the BSE to trade at Rs 24.85 after the company divested its holdings of 507,909 equity shares of Rs 1 each in TOWELL TAKE Investment LLC, Muscat (TOWELL) in favour of its wholly owned subsidiary - TAKE Solutions Global Holdings, Singapore**.**

**9.15 a.m:**A strong set of export data from China has lifted the mood of global markets, with the Asian markets trading 1.5 percent higher. Indian markets too have opened higher with the BSE Sensex trading at 16,006 a rise of 192 points while the Nifty trades at 4799 up by 56 points.

Among the other stocks that are witnessing action in the opening trades at is Everonn which has increased its FII limits. The stock trades 13 percent higher at Rs 448.60.A similar buoyant mood is also reflected in Educomp which trades 4 percent higher at Rs 217.35.

[caption id=“attachment_177265” align=“alignleft” width=“380” caption=“Banking counters are witnessing some buying after rating agency Moody’s said that the central bank’s draft guidelines for adoption of Basel III norms are more conservative than those proposed globally. Reuters”]  [/caption]

Banking counters are witnessing some buying after rating agency Moody’s said that the central bank’s draft guidelines for adoption of Basel III norms are more conservative than those proposed globally. SBI is trades 1.7 percent higher at Rs 1665, ICICI Bank is up by 1 percent at Rs 754.50 while Axis Bank is up 2.17 percent at Rs 876.85.

Ashok Leyland trades 3 percent higher after the company announced its foray in defence sector. The stock currently trades at Rs 24.15.

Essar Oil rises 1.63 percent and is currently trading at Rs 59.10 after the firm successfully commissioned the Amine Regeneration Unit (ARU), which is a part of the Phase I expansion at its Vadinar Refinery

Reliance trades at Rs 717,45 up by 1.6 percent while IT major Infosys is up by 0.9 percent at Rs 2862.30.

Alfa Laval zooms 12% on revised delisting offer, Sensex up 200 pts