Markets ended today's trading session on a strong note ahead of the Reserve Bank of India's mid-quarter policy review scheduled for tomorrow. The Sensex provisionally closed at 17,137 up 298 points and the 50-share Nifty jumped 100 points to close at 5,200 levels.
---------------------------------------
(Updated at 1430 hours)
Markets continue to trade on a strong note in he late noon deals on the buying visible across the board. The Sensex has jumped 246 points to 17,095 and the 50-share Nifty is up 84 points at 5,184 levels.
Meanwhile, the European markets have opened in the green. The CAC40, DAX and FTSE are trading higher by 0.3% each on expectations that the U.S. Federal Reserve and European Central Bank will provide stimulus to support their struggling economies.
Asian markets also ended on a strong note. Hang Seng jumped 310 points to end at 19,585 and the Nikkei ended higher by 69 points at 8,635 levels.
Back home, rate sensitive sector stocks continue to witness the intense buying ahead of the RBI quarterly policy review scheduled tomorrow. Tata Motors is the top gainer among the Sensex stocks, up 4.2% at Rs 222. State Bank of India, ICICI Bank, BHEL, Larsen & Toubro, Tata Power, NTPC, Infosys, Jindal Steel, Tata Steel, Sun Pharma, Sterlite Industries and mahindra & Mahindra have also jumped higher 2-4% each.
On the other hand, Wipro, ONGC and TCS are among the notable laggards.
All the sectoral indices are trading higher. The BSE powr index is the top sectoral gainer, up 3% or 53 points at 1,887 levels. Capital goods, realty, bankex, auto, consumer durables, metal and healthcare indices are also trading higher by 1.4-2.7% each.
Among the individual stocks, SpiceJet has rallied 17% to Rs 29.40 on reporting a net profit of Rs 56 crore for the quarter ended June 2012, after five successive quarters of losses. Analyst, on an average, expected loss of Rs 28 crore for the quarter. The private airlines had a net loss of Rs 71 crore in a year ago quarter.
Oriental Bank of Commerce has surged 7% at Rs 228 after reporting a better-than-expected net profit of Rs 391 crore for the quarter ended June 2012, on back of higher other income and lower provisioning. Analysts, on an average, expected net profit of Rs 329 crore from the state-owned bank for the quarter.
The broader markets are in-line with the benchmark indices. The BSE mid-cap and small-cap indices are up 1% each.
The overall breadth is extremely positive as 1,548 stocks are advancing while 1,096 are declining.
Explore Business Standard