Post Session: Market ends higher on robust macro data; Midcap outperforms Analysis for Sep 14, 2015

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The Indian equities ended higher on Monday led by gains in realty, power, banking and IT sector stocks after macro data, industrial production, BoP data, along with the Q1 2015-16 GDP numbers point towards steady improvement in the Indian economy. Index heavyweights such as BPCL, GAIL India, BHEL, Bank of Baroda, Tata Motors, Tata Steel and Asian Paints were among top gainers, while ICICI Bank, HDFC, Reliance Industries and HDFC Bank were among top losers.

The 30-share BSE SENSEX closed at 25856.7, up by 246.49 points or by 0.96 per cent and the NSE Nifty ended 82.95 points higher at 7872.25.

In the choppy trade, the BSE Sensex touched intraday high of 25891.73 and intraday low of 25531.07, while the NSE Nifty touched high and low of 7879.95 and 7761.85, respectively.

Outperforming the benchmark indices, the broader market ended higher, with the BSE MIDCAP settled at 10653.14, up by 133.18 points or by 1.27 per cent, while the BSE SMLCAP closed at 10792.91, up by 94.3 points or by 0.88 per cent.

On the economy front, wholesale inflation in India contracted sharply in August 2015, marking the tenth month of contraction, led by a slump in fuel prices, opening the door for further monetary easing by the Reserve Bank of India (RBI) which meets at the end of this month. Wholesale prices tumbled by 4.95 per cent in August 2015 from the same month a year ago, following a 4.05 per cent contraction in July 2015.

Meanwhile, Deutsche Bank has slashed BSE Sensex December target to 28,000 from 31,000 earlier citing concerns over global growth and recent currency depreciation.

On the sectoral front, metal and power indices emerged as top gainers, adding 2.7 per cent and 2.5 per cent, respectively.

Leading the rally on BSE Sensex pack were NTPC Ltd. (Rs. 125.55,+5.06%), Vedanta Ltd. (Rs. 101.00,+4.02%), Tata Steel Ltd. (Rs. 241.30,+3.54%), Hindalco Industries Ltd. (Rs. 78.70,+3.42%), Axis Bank Ltd. (Rs. 496.00,+3.05%), among others.

Meanwhile, Bajaj Auto Ltd. (Rs. 2310.50,-0.35%), Maruti Suzuki India Ltd. (Rs. 4308.00,-0.22%), were among top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2717, shares advanced were 1674 while 940 shares declined and 103 were unchanged.

On the global front, Asian markets ended mixed, as tepid China data underscored concerns over the health of the world"s second biggest economy while focus returned to the timing of a maiden US interest rate hike since 2006, with the Fed set to kick-off a two-day meet on Wednesday. Hang Seng advanced on hopes of fresh China stimulus while Chinese market and Japan"s Nikkei 225 fell as traders cut risky bets ahead of tomorrow"s Fed meet.

Story first published: Monday, September 14, 2015, 16:36 [IST]
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