Sensex up over 150 points led by private banks

Banks shares were the top gainers led by private lenders ICICI Bank and HDFC Bank

Benchmark share indices extended gains after the first hour of trade with private banking majors ICICI Bank and HDFC Bank leading the gains.

At 10:40 am, the S&P BSE Sensex was up 191 points at 28,196 and the Nifty50 gained 58 points to trade at 8,682. In the  broader markets, BSE Midcap and Smallcap indices are up 0.4%-0.8% each.

Private banking majors ICICI Bank and HDFC Bank were the top Sensex gainers followed by Axis Bank and SBI among others.

Adani Ports was up 3% amid renewed buying interest post robust June quarter earnings.

Other gainers include, TCS, Tata Motors and Reliance Industries which rose 0.7%-1% each.

Among other shares, Dalmia Bharat was trading higher by 3% at Rs 1,526 on the BSE after the company reported a strong 76% year on year rise in consolidated net profit at Rs 92 crore for the quarter ended on June 30, 2016 (Q1FY17), on the back of strong operational performance. The cement maker had registered a profit of Rs 53 crore in the same period of last year.

Fortis Healthcare was trading higher by 3% at Rs 193 on the BSE ahead of the board meeting on Friday to consider valuation and share entitlement ratio for demerger of its diagnostic business.
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(updated at 9:30am)
After two sessions of consolidation markets have rebounded in trades today supported by firm global cues along with bank shares  leading the gains.

By 9:30 am, the S&P BSE Sensex was higher 116 points at 28,121 and the Nifty50 gained 35 points to trade at 8,659. Among broader markets, BSE Midcap and Smallcap indices are up 0.4%-1%.

Federal Reserve officials were divided in July over the urgency to raise interest rates again, with some preferring to wait because inflation remained benign and others wanting to go soon as the labor market nears full employment.

"Though dips find bargain hunting interest, the swings thereof fail to gain traction, which confirms similar signals given by ADX and above-neutral positioning of several oscillators in the hourly periodicities, as discussed yesterday. 8650 region should challenge upsides, but could give away with some efforts. Alternatively direct fall below 8580 could re open the possibilities of 8440-8340," said Geojit BNP Paribas in its morning note.

In overseas markets, most Asian stocks rose after minutes of the US Federal Reserve's latest meeting showed policymakers were in no rush to raise interest rates.

US stocks close slightly higher yesterday, sharply paring earlier losses, as minutes from the Federal Reserve's July meeting showed policy makers remain divided on prospects for a near-term rate increase.

Stocks bounced off session lows after St. Louis Federal Reserve President James Bullard said that with US growth trending below 2%, interest rates can stay low.

Back home, foreign portfolio investors (FPIs) bought shares worth net Rs 0.05 crore yesterday as per provisional data released by the stock exchanges.

India needs to do additional work for having a comprehensive macro prudential policy framework with "clearer boundaries" for various authorities including the Reserve Bank of India (RBI), while ensuring a balance between financial stability and inclusion, global body Financial Stability Board (FSB) said on Wednesday.

Top gainers from the Sensex pack are Adani Ports, ICICI Bank, BHEL, SBI, Axis Bank and TCS, all up between 1%-2%. On the losing side, Coal India, Wipro, GAIL, L&T and Tata Steel slipped between 0.5%-1%.

L&T turns ex-dividend today for dividend of Rs 18.25 per share for the year ended 31 March 2016. The stock is down almost 1%.

Shares of Bharat Electronics turn ex-dividend today for final dividend of Rs 14.50 per share for the year ended 31 March 2016. The stock is down almost 1%.

With Capital Market inputs