Business Standard

Markets surge on rate cut optimism

Metals, banks among the top gainers

Related News

Benchmark indices closed for the week on a high extending yesterday’s gains after weak GDP data raised hopes for some monetary easing at the next RBI meeting on December 18.

The advanced 169 points to close at 19,340 and the added 55 points to end the day at 5,880. In the broader markets, the midcap indices gained 1%, outperforming the smallcap and the Sensex which advanced 0.8% each.

On the macro front, the Indian economy grew by 5.3% in the July-September period of the current financial year (2012-13), pulled down by poor performance of manufacturing and agriculture sectors, showing persistent signs of slowdown. The GDP had expanded by 6.7% in the same period of last fiscal.

Meanwhile, India's fiscal deficit during the April-October period rose to 3.68 lakh crore, or 71.6% of the Budgeted full fiscal year 2012-13 target, government data showed on Friday. During the same period in the previous fiscal year, the deficit was 74.4% of the Budget target.

Among the sectoral indices, metal index gained 2% after the mining and quarrying sector exhibited a growth of 1.9% in the second quarter (July-September) of this fiscal. The sector had recorded 5.4% fall during the same quarter of previous fiscal on year-on-year basis.

Sterlite Industries, Jindal Steel and Power, NMDC, Steel Authority of India, Tata Steel, Sesa Goa, Hindalco Industries and JSW Steel are up 2-5% on the BSE.

Bankex advanced 1.7% as on reports that the sector has seen a pick-up in demand for credit since the beginning of the festive season in October.Bank credit grew by 16.85% while the deposits up by 13.42% year-on-year in the fortnight ended November 16.

Power, PSU, Consumer Durables,Oil & Gas, Capital Goods, IT and Health Care indices added 0.5-1.7%.  On the other hand, FMCG, Auto and Realty indices closed in the negative, down 0.2-0.3%

Among Sensex stocks, BHEL gained 5% at Rs 233 after the government said that state-run company is executing an order of Uttar Pradesh Rajya Vidyut Utpadan Nigam for two 500 units of Anpara thermal power station located in Sonebhadra district valued at Rs 3,395 crore.

Cipla rise 2% after Cipla Medpro won a share in South Africa's $667 million contract, as it supplies the bulk of Cipla Medpro's drugs.

Bharti Airtel moved higher by about 2% at Rs 337 after the telecom company said its tower arm Bharti Infratel set a price band of Rs 210-240 per share for its initial public offering.

The other gainers were ONGC, HDFC, Gail India, Wipro, SBI, Tata Power, ICICI Bank, Mahindra & Mahindra and TCS gained 1-4%.

Among the losers were Hindustan Unilever, Tata Motors, Bajaj Auto, Maruti Suzuki and Coal India down 1-2%. Infosys ad Reliance Industries down 0.3% each were the only other losers among the Sensex-30.

Among other stocks, PVR Limited rallied 18% to Rs 302, extending its previous day’s about 8% surge after the Delhi-based multiplex major said that it had entered into a “definitive agreement” with Cinemax India to acquire a 69.27% promoter’s stake in an all-cash deal worth Rs 395 crore.

SKS Microfinance rose 5% for the sixth day in a row and was locked in upper circuit at Rs 166 on the BSE, after the foreign institutional investors (FIIs) hike their stake in the company to record high of 31.77% in the July-September quarter.

Sudar Industries surged 18% to Rs 151 in noon deals after the company announced fund raising plans up to Rs 550 crore ($100 million) through issue of instruments convertible into equity shares.

The market breadth was positive. 1687 stocks advanced while 1286 stocks declined on the BSE.

Read more on:   

Read More

BSE launches carbon index

Premier bourse BSE, in collaboration with the UK government, today launched BSE Carbonex, the first-of-its-kind index in India or any emerging market ...

Recommended for you


Quick Links

Market News

ICICI Bank dips over 5% post Q3 results

At 1445 hours, the stock was down nearly 6% at Rs 358 on National Stock Exchange.

Lupin extends gain on Cabinet nod to hike FII limit cap to 49%

The stock up 2% at Rs 1,580, extending its Thursday's 3% rally, on the government nod to raise the cap of FII to 49%.

Akzo Nobel gains as net profit rises to 88%

The company posted 87.85% jump in net profit at Rs 50.74 crore for the quarter ended Dec 31, 2014

Sensex below 29,300; financials crack

Sensex is down over 403 points at 29,278 and the 50-share Nifty is down 112 points at 8,840

SKS Microfinance gains on strong Q3 earnings

The company net profit in Q3FY15 is around 92% higher than the same quarter last fiscal


Back to Top