Banks gain on hopes of CRR cut, Sensex closes up 135 pts

3.30 p.m: Markets closed near the day’s low with Sensex closing the day at 18,289 a gain of 135 points while Nifty closed at 5564 a gain of 42 points.

Indian markets opened higher with Nifty touching the 5,600 level and closing lower on profit booking.

Power sector stocks gained since the time PMO asked Coal India to make fuel available to private power producer. Lanco Infra closed at Rs 22.75 a gain of 12 percent, while Tata Power has gained 4.4 percent and trades at Rs 119 and Adani Power closed 4.43 percent higher at Rs 84.85.

Power equipment manufacturers gained after NTPC was cleared by Supreme Court to place orders for their 660 MW plants. Bhel closed the day 7.2 percent higher at Rs 305.05. The stock was trading 13 percent higher but came down on news of Nomura and CLSA downgrading the company.

Banking stocks moved higher on hopes of a CRR cut. SBI closed 2.78 percent higher at Rs 2415.70, ICICI Bank closed at Rs 982.15 while Axis Bank closed at Rs 1276.60 a gain of 4.27 percent.

Lanco Infra gains 12% on hopes of fuel availability

2.30 p.m: Power sector stocks have gained since the time PMO asked Coal India to make fuel available to private power producer. Lanco Infra trades 12 percent higher at Rs 22.75, while Tata Power has gained 4 percent and trades at Rs 118.70 and Adani Power is also up 4 percent at Rs 84.50.

Meanwhile markets have slipped lower with Sensex trading at 18,278 up 128 points while Nifty is up 36 points at 5558.

Bhel has come off from the day’s high and presently trades at Rs 306, a gain of 7 percent.

Banking stocks continue to trade higher on hopes of CRR cut. SBI is up 2.82 percent at Rs 2417, ICICI Bank is up 1.4 percent at Rs 982.40 while Axis Bank is up 4.16 percent at Rs 1275.95.

GTL gains 12% on debt restructuring, Sensex up 225 pts

1.00 p.m: Markets move in a narrow range with Sensex trades 227 points higher at 18,381 while Nifty is up 72 points at 5594.

GTL has gained 12 percent after the company said it will be issuing convertible debentures to its lenders as part of the debt restructuring proposal. Promoters stake in the company will be increasing after ICICI Bank returns the pledged shares. The stock trades at Rs 59.

BHEL has moved lower from the day’s high and presently trades at Rs 309.85 after Nomura and CLSA downgraded the company.

RCom gains 4% on tower biz sale, Sensex up 220 pts

11.45 a.m: Markets continue to trade higher, though in a narrow range. Sensex presently trades at 18,380 up 226 points while Nifty is up 72 points at 5594.

Reliance Communication has moved higher after announcement of sale of its tower business to private equity players Blackstone and Carlyle. The stock trades 4 percent higher at Rs 107.5.

Bhel has come off the day’s high at Rs 314, a gain of 10 percent as Nomura and CLSA has downgraded the company.

Reliance has once again not participated in the rally and trades at Rs 816, up by 0.4 percent.

Bhel gains 13% on NTPC order, Nifty crosses 5600

10.15 a.m: After Supreme Court cleared NTPC from placing orders for its 660 MW power plants, capital goods sector stock are celebrating. BHEL trades 13.37 percent higher at Rs 322.70 as it will be the biggest beneficiary from the buying spree expected from NTPC.

Banking stocks continue to gain with SBI trading 4 percent higher at Rs 2445.40, ICICI Bank is up 2.31 percent while Axis Bank trades 3.9 percent higher at Rs 1,272.

Sensex is up 260 points at 18,414 while Nifty has gained by 84 points to 5606.

US job data bouys market, banks gain on CRR cut rumours

9.30 a.m: Bouyed by data from the US and a weak Yen Asian market are rallying by nearly 1 percent.

Indian markets too have opened higher with the BSE Sensex trading at 18,332 a jump of 180 points over the previous close while Nifty is up 54 points at 5576.

Reports of CRR cut has taken banking stocks higher. SBI trades 2.71 percent higher at Rs 2414, while ICICI Bank is up 1.8 percent at Rs 986.90.

IndusInd Bank trades 1.8 percent higher at Rs 321.60 on news of Aviva Life Insurance likely to ink a bancassurance pact with the bank for Rs 1,000-1,200 crore.

NTPC trades 1.2 percent higher at Rs 186.15 after the company was cleared by the Supreme Court to place orders for the 660 MW power plants.

Reliance Communication has gained by 2.66 percent to Rs 106 on news of private equity firms Blackstone and Carlyle Group having signed the term sheet to buy up to 95 percent in the company’s tower arm Reliance Infratel.

Thomas Cook trades 3 percent higher at Rs 64.25 despite the company posting a 80 percent drop to Rs 5.05 crore.