Sensex Reclaims 25K Mark; Bankex, Power Stocks Support

The Indian equities continued to trade higher in noon session of day"s trade as the sharp losses in recent sessions offer good bargain buying opportunity, in stocks, to investors and speculators, at existing levels.

The 30-share Sensex reclaimed the physiological mark of 25 K while the rupees also strengthen against US dollar in line with domestic bourses.

Sensex Reclaims 25K Mark; Bankex, Power Stocks Support
Sensex27,836.51Sensex Quote-254.91 [0.91%]
Nifty8,615.25Nifty Quote-76.05 [0.88%]

At 12:20 hours, the BSE SENSEX was trading at 25045.92, up by 152.11 points or by 0.61 per cent, and the NSE Nifty was quoting 54.6 points higher at 7613.4.

In the bull-run trade so far, the BSE Sensex touched an intraday high of 25104.76 and intraday low of 24833.54, while the NSE Nifty touched high and low of 7624.05 and 7539.5, respectively.

Bucking the trend, the broader market continued to reel under pressure, with the BSE MIDCAP was trading at 10127.58, down by 5 points or by 0.05 per cent, while the BSE SMLCAP stood at 10356.99, down by 61.64 points or by 0.59 per cent.

On the domestic front, traders will eye the April-June 2015 trade and current account deficit data to be released by the Reserve Bank of India (RBI) during market hours today.

Among the individual stock, JSW Energy spiked nearly 8 per cent on Bombay Stock Exchange (BSE) after media reports suggested that the company is set to acquire Bina thermal power from JP Power for Rs 3,500 crore.

Shares of NTPC rose over 2 per cent on Bombay Stock Exchange (BSE) after global rating agency Citi group upgraded state-owned power utility firm to a compelling 'buy', citing its historically low valuations at current level.

Leading the rally on the D-Street were GAIL (India) Ltd. (Rs. 292.25,+5.47%), ICICI Bank Ltd. (Rs. 258.00,+3.51%), Tata Steel Ltd. (Rs. 222.20,+2.92%), Vedanta Ltd. (Rs. 92.50,+2.83%), NTPC Ltd. (Rs. 115.55,+2.57%), among others, among others.

However, some selling were witnessed in stocks, such as Hindustan Unilever Ltd. (Rs. 787.95,-3.91%), Cipla Ltd. (Rs. 634.80,-2.23%), Lupin Ltd. (Rs. 1764.75,-2.19%), Bharti Airtel Ltd. (Rs. 340.40,-1.92%), Dr. Reddy's Laboratories Ltd. (Rs. 3912.10,-0.95%), among others.

On the sectoral front, bankex and power indices were among top gainers on BSE, adding 2.07 per cent and 1.44 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2420, shares advanced were 878 while 1449 shares declined and 93 were unchanged.

On the global front, the Asian equities were trading mostly higher, barring Japan"s Nikkei 225 which fell 2.45 per cent, with China"s Shanghai Composite rose more than 2.5 per cent as traders awaited the August trade data which will offer further cues over the health of the world"s second biggest economy. Hang Seng posted modest gains while Japan"s Nikkei 225 succumbed to a sell-off even as data showed a lower than estimated contraction in the country"s economy in the second quarter.

Read more about: sensex, nifty
Story first published: Tuesday, September 8, 2015, 13:24 [IST]
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