Sensex spurts 558 points amid firm global cues

Image via Shutterstock

Markets closed the session on a robust note as the recent turmoil in the US markets sue to China woes  dashed prospects of a interest rate hike by the Fed. Meanwhile, appreciation of rupee and a further plunge in the crude oil prices lifted the sentiments.

Provisionally, the Sensex rallied 558 points to close at 26,273 and the Nifty surged 166 points to end at 7,958

________________________________
(updated at 2:30 PM)
 

Benchmark Indices have gained strength and continue to climb up the ladder on the back of the smart rally seen in index heavyweights such as HDFC and Reliance Inds.  The firm opening in the European markets has further lifted the sentiments.

At 2:30 PM, the Sensex was up 524 points at 26,238 and the Nifty surged 162 points to 7,953

In the broader market, the BSE Mid-cap index was up 2.3% and the Small-cap index was up 2.5%. Market breadth continued to remain strong, with 1899 gainers and 674 losers on the BSEs.

RUPEE

The Indian currency has also strengthened against the greenback and is currently trading at Rs 65.96, up by 17  paise. The rally in the local equities also provided some support to the rupee.

SECTORS & STOCKS

Sectorally, the BSE Oil &Gas index has surged over 3% followed by BSE Healthcare and FMCG indices, up by 2%. No sector is trading in the negative terrain.

HDFC has zoomed nearly 8% on value buying after falling nearly 19% in the past one month. IIFL Securities has also maintained its “buy” rating on the stock.

Vedanta’s bauxite refinery in Odisha that is heading towards a closure received a setback as the state government declared that it cannot immediately rescue the one million tonne refinery. However, the stock saw some value-buying today and it has soared 7% on the Sensex.

ICICI Bank has launched the country's first mortgage guarantee-backed home loan that will allow consumers to increase borrowing by 5-20 per cent and the tenure up to 67 years of age. The stock has gained nearly 2%.

Mahindra Truck and Bus Division (MTBD), part of Mahindra Group, is investing Rs 700 crore in the business to expand its footprint in the light and intermediate commercial vehicle segment. M&M shares have surged 1.2%

Shares of Bharti Airtel were up 2.6% after the company said it has acquired Augere Wireless Broadband India which holds 20 MHz of BWA spectrum in the telecom circle of Madhya Pradesh and Chhattisgarh.

L&T’s power transmission and distribution business has bagged orders worth Rs 864 crore from Qatar General Electricity and Water Corporation ‘KAHRAMAA’. The stock has gained 1.3%.

Lupin extended its gains after the pharma major received approval from the US Food & Drug Administration for anti-inflammatory drug Diclofenac Sodium. The stock has surged 3.4%

Oil has rebounded slightly taking positive cues from Asian markets. The OMCs as well as oil exploring and producing companies have gained between 2-7% on the Sensex. Index heavyweight Reliance Inds has surged nearly 3%.