Markets extend rally; Sensex up 300 points

BSE Midcap and Smallcap indices up 2% each

The Indian markets extended gains in late morning deals and are trading near day’s high led by stocks in rate-sensitive sectors like auto, financials and realty.

At 10:50 a.m., the S&P BSE Sensex was up 300 points or 1%, trading at 28,165 level, while the Nifty50 gained 100 points or 1%, hovering around 8,712 points. Broader markets are continuing to outperform the benchmark indices- BSE Midcap and Smallcap indices are up 2% each.

Maruti Suzuki, Adani Ports, and Mahindra and Mahindra have been the top gainers on Sensex, with gains ranging between 4%-3%. Infosys, TCS and Wipro have been on the losing side, all slipping around 1%.

Jubilant Life Sciences has rallied 10% to Rs 676, also its record high on the BSE in intra-day trade, after the pharmaceutical company said that it has received United State Food and Drug Administration (USFDA) approval for Ruby-Fill- Rubidium 82 generator and elution system. It was up by 7% at 10:50 a.m.

Maruti Suzuki India has hit a new high of Rs 5,720, up 4.4% on NSE after the company reported a strong 31% year on year growth in its passenger vehicle sales in September 2016 at 149,143 units, on the back of highest-ever domestic sales.

In overseas markets, Japanese stocks rose on Monday as global risk asset markets took heart from easing concerns over Deutsche Bank, triggering a relief bounce in financial sector shares.

The Nikkei rose 1.2 percent to 16,640.70 after losing 1.5% on Friday. Hang Shen gained more than 1%. Tokyo shares received an early lift from Friday's gains on Wall Street.

The S&P financial sector saw its best performance in roughly two months on Friday, with Deutsche Bank shares surging on a report that the German lender was close to a more favourable settlement with US authorities over the sale of toxic mortgage bonds.

With Reuters Inputs