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Sensex, Nifty Up Over 1%; Metal, Realty Stock Top Gainers

By Religare

After opening on a robust note, Indian equities continued to trade firm in the late morning deals on Wednesday.

Market sentiments were buoyed as traders indulged in value buying tracking positive global cues on better-than-expected euro zone Q2 GDP data, coupled with optimism that China may succeed in maintaining stability in its equity markets bolsters sentiment.

Sensex, Nifty Up Over 1%; Metal, Realty Stock Top Gainers

At 11:14 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 25622.37, up by 304.5 points or 1.2 per cent while the NSE Nifty was at 7787.2, up by 98.95 points or 1.29 per cent.

Meanwhile, renewed optimism over reforms also lifted the outlook for Asia"s third biggest economy, as Prime Minister Narendra Modi vowed to push through the GST bill that has been hit by political roadblocks while stressing on the need for more steps to ease the business environment in the country.

Shares of realty, metal, auto and IT sectors led the rally.

The top gainers of the BSE Sensex pack were Vedanta Ltd. (Rs. 99.80,+6.80%), Hindalco Industries Ltd. (Rs. 75.75,+4.05%), Tata Steel Ltd. (Rs. 236.00,+3.15%), Infosys Ltd. (Rs. 1091.50,+3.04%), Maruti Suzuki India Ltd. (Rs. 4233.60,+2.22%), among others.

Major show spoilers were GAIL (India) Ltd. (Rs. 291.95,-1.05%), Hindustan Unilever Ltd. (Rs. 795.20,-0.90%), Oil And Natural Gas Corporation Ltd. (Rs. 229.75,-0.07%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2237 shares traded, 1709 advanced while 457 shares declined and 71 remained unchanged.

On the global front, all the Asian markets were trading in the green as signs of stability in Chinese stocks boosted sentiment across the region. Also, US small business confidence & labour market conditions index improved in August, offering further evidence of a strengthening recovery in the world"s biggest economy, too supported sentiment.

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