 "Nifty aims 7,900 mark; metal shares gain")
Benchmark indices continue to hold on to their gains led by metal and select index heavyweight shares.
By 13:25 pm, the Sensex was higher by 142 points at 25,918 and the Nifty gained 40 points at 7,872.
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The top gainers from the Sensex pack are Sun Pharma, Tata Motors, Tata Steel, Coal India and Hindalco.
On the losing side, Dr Reddy’s Labs, Lupin, Bajaj Auto, TCS and Maruti Suzuki are down between 0.2-7%.
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Updated at 11:40
Markets flexed some muscles in late morning trades mainly on hopes of seeing Goods and Services Tax (GST) bill sail through in Parliament, which has gathered for a winter session that begins today. Also, traders would roll their positions in derivatives from November to December series today.
Buying in consumer durables, metal, realty and energy shares has also aided the rally across the bourses.
By 11:35 am, the Sensex was higher by 131 points at 25,908 and the Nifty gained 38 points at 7,869.
Moody’s on Wednesday said most Indian companies under its rating scanner would benefit from strong domestic growth and accommodative monetary policy in 2016.
Meanwhile, bankers, economists and market participants expect the Reserve Bank of India (RBI) to maintain status quo in its fifth bi-monthly policy review for 2015-16, scheduled on December 1.
TRENDING STOCKS
Dr Reddy’s Labs has come under fire yet again after the US FDA said that it might even refuse entry of products into the US from the three plants cited in the letter if the company fails to correct the violations. The drug manufacturer had received a warning letter from the US FDA about two weeks ago citing issues over quality control in three of its plants. Shares of Dr. Reddy’s have slumped 6.5%
Another pharma stock that is buzzing is Sun Pharma after it shelved plans to invest in a $225-million wind energy project in the US following investor concerns. Barclays has even upgraded Sun Pharma to overweight from equalweight. The stock is the highest gainer on the Sensex with 3.7% gains.
Banking and financial stocks are trading healthy with gains between 0.1-1.5%
US private equity firm Bain Capital has announced that it would be selling shares in Hero MotoCorp to raise as much as $116 million, or about Rs 769.72 crore. The two wheeler company’s shares have skid over 0.1%
Another automobile company, Tata Motors has advanced 2.3% . Tata Motors-owned UK brands Jaguar Land Rover has announced doubling of capacity of its Midland-based engine manufacturing centre, with an investment of £450 million (Rs 4,500 crore).
Mahindra & Mahindra, has announced the launch of the automatic variant of the XUV5OO priced at Rs 15.36 lakh (ex-showroom, Navi Mumbai). M&M has risen 0.4%
Videocon Telecommunications, a subsidiary of Videocon Industries, on Tuesday sold its spectrum in Gujarat and UP (West) circles to Aditya Birla group’s Idea Cellular at a valuation of Rs 3,310 crore. Videocon Inds has surged over 6%. Idea Cellular has jumped 1.3% while Videocon Industries has escalated over 5%