Market surges in early trade

Key benchmark indices surged in early trade tracking strong gains in Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 195.52 points or 0.74% at 26,786.11. The 50-unit CNX Nifty was up 48.55 points or 0.6% at 8,109.25. All the twelve sectoral indices on BSE were in the green. Auto and realty stocks led gains on the bourses.

The market breadth indicating the overall health of the market was strong. On BSE, 935 shares rose and 260 shares fell. A total of 33 shares were unchanged. The BSE Mid-Cap index was currently up 0.36%. The BSE Small-Cap index was currently up 0.51%. Both these indices underperformed the Sensex.

In overseas markets, Asian stocks jumped tracking overnight gains in US stocks. US stocks rose for a second straight day yesterday, 3 November 2015, with Nasdaq Composite Index finishing at a record closing high, helped by a rally in energy companies.

Tech Mahindra gained 0.33% after the company reported strong Q2 results. Tech Mahindra's consolidated net profit rose 16.2% to Rs 785.60 crore on 5.1% rise in revenue to Rs 6615.50 crore in Q2 September 2015 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 16.5% to Rs 1101 crore in Q2 September 2015 over Q1 June 2015. The result was announced after market hours yesterday, 3 November 2015.

GAIL (India) declined 1.77% after the company announced weak Q2 results. The company's net profit dropped 66.19% to Rs 440.51 crore on 0.33% growth in total income to Rs 14466.68 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015. There was no subsidy sharing burden for GAIL (India) in Q2 September 2015. There was no subsidy sharing burden for the company during the corresponding quarter of the previous year.

Power Grid Corporation of India rose 0.99% after the company reported good Q2 results. The company's net profit rose 20.54% to Rs 1448.04 crore on 16.65% rise in total income to Rs 5026.90 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015.

Tata Motors (up 4.54%), Vedanta (up 1.55%) and Mahindra & Mahindra (up 1.15%) were the biggest gainers from the Sensex pack.

Powered by Capital Market - Live News