Nifty hits 8,000 level

Key benchmark indices extended gains in the morning trade. At 10:19 IST, the barometer index, the S&P BSE Sensex, was up 452.61 points or 1.74% at 26,416.58. The 50-unit CNX Nifty was up 135.15 points or 1.71% at 8,034.30. The Sensex was currently trading above the psychological 26,000 level after surpassing that level in early trade. The Nifty was currently trading above the psychological 8,000 level.

Broad market depicted strength. There were more than four gainers against every loser on BSE. 1,472 shares rose and 361 shares declined. A total of 57 shares were unchanged. The BSE Mid-Cap index was up 1.66%. The BSE Small-Cap index was up 1.49%. Both these indices underperformed the Sensex.

In overseas markets, Asian markets outside Japan edged higher. US stocks closed lower yesterday, 17 September 2015, after the Federal Reserve cited concerns about global economic growth in its decision to hold off on raising interest rates. At the end of the two-day monetary policy meeting yesterday, 17 September 2015, the US central bank held rates steady amid concerns about the global economic growth, financial market volatility and sluggish inflation at home, but it left open the possibility of a modest policy tightening later this year.

Closer home, the Reserve Bank of India (RBI) has granted in-principle approval to 10 applicants to set up small finance banks under the "Guidelines for Licensing of Small Finance Banks in the private sector" (Guidelines) issued on 27 November 2014. The in-principle approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI.

In sectoral stocks, bank stocks gained. Among PSU banks, Union Bank of India (up 5.11%), Canara Bank (up 4.17%), Bank of India (up 3.93%), IDBI Bank (up 4.13%), Bank of Baroda (up 4.38%), State Bank of India (up 3.34%), Punjab National Bank (up 3.92%), UCO Bank (up 4.41%), Syndicate Bank (up 3.87%), United Bank of India (up 2.39%) and Corporation Bank (up 1.27%) edged higher.

Among private sector banks, Axis Bank (up 4.31%), ICICI Bank (up 3.24%), HDFC Bank (up 2.85%), Yes Bank (up 1.91%), IndusInd Bank (up 2.07%) and Kotak Mahindra Bank (up 1.8%) edged higher.

Cement stocks rose. UltraTech Cement (up 2.6%), ACC (up 1.61%), Shree Cement (up 0.57%) and Ambuja Cements (up 0.64%) edged higher.

Grasim Industries was up 1.2%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

NBCC rose 2.59% at Rs 943.75 after the company said it is intending to foray into new business venture of e-commerce. The announcement was made after market hours on Wednesday, 16 September 2015.

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