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Sensex Surges Over 400 Points; Rate Sensitive Stocks Rally

By Religare

The Indian equities rebounded strongly in the afternoon session of the 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 Surges Over 400 Points; Rate Sensitive Stocks Rally

At 14:20 hours, the BSE SENSEX was trading at 25294.77, up by 400.96 points or by 1.61 per cent, and the NSE Nifty was quoting 112.85 points higher at 7671.65.

In the bull-run trade so far, the BSE Sensex touched an intraday high of 25296.31 and intraday low of 24833.54, while the NSE Nifty touched high and low of 7675.85 and 7539.5, respectively.

In line with benchmark indices, the broader market also rebounded strongly, with the BSE MIDCAP trading at 10264.28, up by 131.7 points or by 1.3 per cent, while the BSE SMLCAP was at 10478.93, up by 60.3 points or by 0.58 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 Tata Steel Ltd. (Rs. 230.10,+6.58%), Bharat Heavy Electricals Ltd. (Rs. 212.65,+5.82%), GAIL (India) Ltd. (Rs. 292.70,+5.63%), Vedanta Ltd. (Rs. 94.05,+4.56%), ICICI Bank Ltd. (Rs. 260.60,+4.55%), among others.


However, some selling were witnessed in stocks, such Hindustan Unilever Ltd. (Rs. 795.10,-3.04%), Cipla Ltd. (Rs. 644.70,-0.71%), Dr. Reddy's Laboratories Ltd. (Rs. 3930.70,-0.47%), Bharti Airtel Ltd. (Rs. 346.10,-0.27%), ITC Ltd. (Rs. 312.65,-0.19%), among others.

On the sectoral front, bankex and realty indices were among top gainers on BSE, adding 3.79 per cent and 3.41 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2617, shares advanced were 1316 while 1190 shares declined and 111 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 equities
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