Reliance Infra gains 13% on tariff hike, Sensex closes 285 pts up

3.30 p.m: Markets recovered more than half of its losses made on Monday, with Sensex closing 285 points higher at 17,731 while Nifty closed the day at 5375 a gain of 94 points.

Among the stocks that have been in limelight was Reliance Infra which closed the day 13 percent higher on account of power tariff hike being allowed to the company by Maharashtra Electricity Regulatory Commission (MERC). The stock closed the day at Rs 612.

Banking counters traded higher in anticipation of a CRR cut which is expected to be announced anytime soon given the tight liquidity situation in the market. SBI closed the day 5 percent higher at Rs 2229 while ICICI Bank closed the day at 2.5 percent higher at Rs 909.90 and Axis Bank closing 5 percent higher at Rs 1170.

More from Investing

MSMEs are breaking the traditional convention. Look who’s funding them Scale-up your startup without an investor! Here’s how

Capital goods stock too witnessed some buying interest with L&T closing 4.3 percent higher at Rs 1359 and Bhel closing the day 7 percent higher at Rs 310.25.

Tata Motors DVR closed 13.8 percent higher at Rs 154 after Morgan upgraded the DVR. Tata Motors on the other hand increased by 5.27 percent.

Real Estate stocks moved up led by HDIL which closed 13.7 percent higher at Rs 112.65 and DLF closed the day at Rs 225.50 a gain of 4.9 percent.

Rally in realty and banking stocks helps Sensex gain 325 pts

2.30 p.m: Markets trade near the day’s high with Sensex trading at 17,749 a gain of 309 points while Nifty is up 100 points at 5381.

HDIL trades 12 percent higher at Rs 111 while DLF is up 5.2 percent at Rs 225.90 are among the leaders in the real estate pack while SBI trades 5.7 percent higher at Rs 2244 and Axis Bank trades 5.8 per cent higher at Rs 1179.

Tata Motors DVR has gained 13 percent after an upgrade by Morgan Stanley at Rs 226.

SBI gains 6% on CRR cut rumors, Sensex up 250 pts

1.30 p.m: Market grapevine has it that the central bank is likely to reduce the cash reserve ratio (CRR) due to the tight liquidity situation in the money markets. Though RBI has tried to infuse liquidity through it open market operations (OMO) in which the central bank bought over Rs 60,000 crore of bonds, there is still a huge requirements of funds in the market. Against a comfortable level of Rs 70,000 crore in the over night market, requirement for funds shot up to a new high of Rs 1.80 lakh crore.

In anticipation of the CRR cut banking stocks have moved higher with SBI leading the pack with a gain of nearly 6 percent at Rs 2240. Axis Bank trades 4.8 percent higher at Rs 1168, ICICI Bank is up 2 percent at Rs 906.

Sensex trades 225 points higher at 17,670 while Nifty is up 73 points at 5354.

Aurobindo Pharma up 7% on hopes of lifting of US ban

12.45 p.m: Aurobindo Pharma has moved sharply on hopes of US FDA lifting a ban which was imposed earlier in the year. The stock trades at Rs 111.60 a gain of 7.7 percent.

Banking stocks too have recovered most of the losses of Monday with SBI trading at Rs 2240, a gain of 5.5 percent, Axis Bank is up 4.76 percent at Rs 1168 while ICICI Bank is trading 3.25 percent higher at Rs 916.30.

Sensex trades at 17,710 up 264 points while Nifty is up 85 points at 5537.

Investors exit gold finance companies, Manappuram touches new low

12.00 p.m: Gold Finance companies have lost its sheen after the central banker decided to monitor them. Investors have been looking at exiting from these shares. Despite the market bouncing back strongly Manappuram has touched a new low of Rs 41.35 and currently trades at Rs 42.30. Muthoot Finance too is trading near the low at Rs 158.

Sensex meanwhile has touched 17,745 a gain of 296 points while Nifty has gained 95 points at 5376.

Tata Motors DVR has moved 11 percent higher at Rs 151 after the stock was upgraded by Morgan Stanley.

Reliance Infra gains 5% on power tariff hike; Sensex up 225 pts

10.45 a.m: Reliance Infra has moved up sharply after the company was allowed to hike power tariff in the state of Maharashtra. The stock trades 6.4 percent higher at Rs 575.15.

Markets too has moved higher in the first two hours of the day with Sensex trading at 17,684 a gain of 240 points while Nifty has gained 74 points at 5355.

Tata Motors has gained 4.5 percent to Rs 271.80 on news that the company will be launching a convertible version of Evoque.

Markets cheery but Cairn India down on PIL against Vedanta deal

9.30 a.m: A subdued US markets after a weak performance in the Asian and European markets on Monday, has led Indian markets to trade higher.

BSE Sensex trades 163 points at 17,608 while NSE Nifty trades at 5330, up 48 points.

Cairn India trades 1 percent lower at Rs 373.80 after a petition challenging the Cairn-Vedanta deal was moved in the Supreme Court.

GVK Power trades 4 percent higher at Rs 16.60 on news of talks with UK based BG Group to sell part of its stake in seven deep water blocks.

[caption id=“attachment_227381” align=“alignleft” width=“435” caption=“GVK Power trades 4 percent higher at Rs 16.60 on news of talks with UK based BG Group to sell part of its stake in seven deep water blocks. Reuters”]  [/caption]

Sesa Goa is trading 1.5 percent higher at Rs 206.50 a day after the a sharp fall was witnessed in the market after the group restructuring announcement. News report say that institutional investors have opposed the move.

NHPC trades 1.45 percent higher at Rs 20.90 after it snapped power supply to defaulting utilities BSES Delhi and a distribution company in UP.

Reliance Infra trades 3 percent higher at Rs 558.60 after the company has been allowed to increase power tariffs in Maharashtra.

Tata Power trades 2 percent higher at Rs 111.60 on achieving full capacity at its 800 MW unit at Mundra.