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Sensex closes with gains of 2.79%. Markets remain rangebound
The metal index closed with impressive gains of 5.39%. Meanwhile Bankex, Realty and Consumer Durables gained between 3-4%.
The laggard in the entire space was HealthCare 0.54%.
Among the 50 stocks that form the Nifty, 5 stocks declined and 2 managed to close at the same level they had started the day from, and in total 43 stocks gained.
The losers were Bharti Airtel (-3.46%), Ambuja cement (-2.78%), Tata Power (-0.71%), Ranbaxy (-0.55%) and Hero Motor Corp (-0.21%).
Meanwhile, TCS and Rcom closed with nearly no change.
And it was Axis Bank and Sterlite that gained the most as each stock reached 0.47% and 0.41%.
4:02 p.m.
Sensex up by 447 points. Markets remain stable
With Moody's downgrading 12 banks in UK, there has not been much ripple in the Indian Stock amrkets. Sensex is still trading with a gain of 447.92 points or 2.84% at 16,240.
Meanwhile, Nifty is trading at 4,890 level with gains of 138 points or 2.89%. The broader index BSE Midcap and BSE Small Cap were up by 1.37%.
The on the sectoral front, Metal index maintained its gain with 4.67%. Followed by Bankex and Realty at 3.91% and 3.42%. The laggard among the sectoral indices was HealthCare with 0.65% gains only.
TECk, Power and FMCG sectoral indices gained 1-2%. Then Oil&Gas, Capital Goods, Information Technology and COnsumer durables gained between 2-3%.
Among the large-cap stocks it was Ranbaxy, Ambuja Cements, Hero Motor corps and Ranbaxy were the worst performers as they were all in losses. The telecom major, Bharti Airtel fell the most 4.52%.
About 1900 shares advanced, 618 shares declined, and 1195 shares remain unchanged.
Goldman Sachs in its report stated that Bharti Airtel and Idea may miss estimates for sixth quarter in a row. Meanwhile. McNally Bharat received 3 orders worth Rs 197 crore. Tata Motors launches the Tata Manza and the Tata Prima in South Africa. Also Nomura has downgraded United Spirits to neutral, accordign to reports of CNBC-Tv18.
1:55 p.m.
Markets are rangebound. Nifty maintains its gain over 3%
The stock market in India continues to maintain its initial gain but now it is being range bound.
BSE Sensex is trading at 16,321 with gains of 528.90 or 3.35%. Meanwhile NSE Nifty is trading at 4,905 levels with gains of 154.45 points or 3.25%.
The gains are broad based as all the sectoral indices are in gains. Leading the list is BSE Metal with gains of 4.70% followed by BSE Bankex with gains of 4.65%. Among the laggards are healthcare, FMCG and Power as they gained between 1-1.87% only.
Among the stocks, it was Sterlite that led the 50 stock index on the NSE, Nifty, with gains of 8.23% followed by 7.56%. There are four stocks that are in the negative zone, Bharti Airtel as it fell 2.76% that fell the highest. Other stocks on the negative side is Ambuja Cements, Ranbaxy and BPCL, all of these stocks fell less than 1%.
12:15 p.m.
ECBs Dussera gift for Indian stock market. Sensex up by 500 points
As the European Central bank announced a liquidity support for the European banks, the stocks markets around the world gained new hope that things can get better.
With this stock markets all over the world went up including the Indian indices, bringing additional cheers on the occasion of Dussera holiday mood.
The Bombay Stock exchange benchmark, Sensex went up by 540 or 3.42% to 16,332. Meanwhile, National Stock Exchange benchmark index, Nifty reached 4,916.70, a gain of 165.40 points or 3.48%.
Among the front-line stocks that are part of the Nifty index, Jindal Steel went up by 7.43% and Sterlite Industries too gained by a similar level. Also Axis Bank, ICICI Bank, Tata Motors and DLF gained between 6-7%. There was only one stock that was treading the downward movement, it was BPCL, and had lost 0.45%.
Leaders on the BSE Midcap consisted of Hindustan Natural Glass, Info Edge, Puravankara Projects, Infotech Enterprises and Jubilant Food, all of these stocks were up 6-10%. And laggards on the BSE Midcap consisted of KGN Industries, State Bank of Mysore, MVL, Honeywell Automation and eClerx Services were down 1-5%.
Meanwhile on the stocks front, Carlyle Group has increased its stake in India Infoline to 9%. Karuturi Global’s 30,000 acre corn crop in Ethopia has been destroyed due to floods, reports DNA. Alfa Laval has set delisting floor price of Rs 2045. Dewan Housing is in stake sale talk with PE’s to raise Rs 500 crore, reports The Economic Times.
10:05 a.m.
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