Market extends gains on positive global cues

Gains in global stocks boosted sentiment on the domestic bourses, with the barometer index, the S&P BSE Sensex, and the 50-unit Nifty 50 index extending gains in afternoon trade. At 13:20 IST, the Sensex was up 226.67 points or 0.94% at 24,449.99. The gains for Nifty index were higher in percentage terms than those for the Sensex. The Nifty was currently up 78.65 points or 1.07% at 7,440.45. The Sensex jumped 290.69 points or 1.2% at the day's high of 24,514.01 in afternoon trade, its highest level since 2 February 2016. The barometer index rose 55.89 points or 0.23% at the day's low of 24,279.21 in morning trade. The Nifty rose 95.25 points or 1.29% at the day's high of 7,457.05 in afternoon trade, its highest level since 2 February 2016. The index rose 20.75 points or 0.28% at the day's low of 7,382.55 in morning trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1,450 shares rose and 921 shares fell. A total of 113 shares were unchanged. The BSE Mid-Cap index was currently up 0.92%. The BSE Small-Cap index was currently up 0.6%. Both these indices underperformed the Sensex.

In overseas stock markets, Asian stocks edged higher as weaker-than-expected US service-sector data pushed the US dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities. US stocks staged a late-day rally yesterday, 3 February 2016, as sharp rebound in oil prices lifted beaten-down energy shares and financials rebounded from initial sharp slide.

Realty stocks rose. DLF (up 1.82%), D B Realty (up 0.31%), Sobha (up 0.52%), Indiabulls Real Estate (up 1.17%), Unitech (up 0.4%), NBCC (up 1.34%), Godrej Properties (up 3.56%), Housing Development & Infrastructure (HDIL) (up 1.46%), and Oberoi Realty (up 1.19%) edged higher.

Auto stocks gained. Mahindra & Mahindra (M&M) (up 0.24%), Ashok Leyland (up 2.13%), Maruti Suzuki India (up 0.89%), Eicher Motors (up 1.65%), and Hero MotoCorp (up 0.82%) gained.

Bajaj Auto gained 0.19% ahead of its Q3 results today, 4 February 2016.

Tata Motors rose 2.42% at Rs 328.25 after Jaguar Land Rover (JLR) North America yesterday, 3 February 2016, said its US sales rose 7% to 7,007 units in January 2016 over January 2015. JLR is the British luxury car unit of Tata Motors.

TVS Motor Company declined 1.17% as the stock turned ex-dividend today, 4 February 2016 for interim dividend of Re 1 per share for year ending 31 March 2016 (FY 2016).

Tata Power Company gained 4.47% after the company announced that its equal joint venture with ZESCO, a Zambian power utility company, has commissioned two units of 60 megawatts (MW) each of its 120 MW Itezhi Tezhi hydro power project in Zambia. The synchronization of both the units was completed in January 2016. ZESCO is the sole off-taker of power from the power plant.

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