Nifty hits highest level in three weeks

Firmness continued on the bourses in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was up 490.56 points or 1.89% at 26,454.53. The 50-unit CNX Nifty was up 149.40 points or 1.89% at 8,048.55. 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. The Sensex hit its highest level in more than 2-1/2 weeks when it jumped 506.65 points at the day's high of 26,470.62 in intraday trade. The Nifty hit its highest level in three weeks when it rose 155.85 points at the day's high of 8,055 in intraday trade.

Broad market depicted strength. There were more than three gainers against every loser on BSE. 1,701 shares rose and 563 shares declined. A total of 85 shares were unchanged. The BSE Mid-Cap index was up 1.87%. The BSE Small-Cap index was up 1.58%. Both these indices underperformed the Sensex.

In overseas markets, Asian markets outside China and 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, power generation and power distribution firms gained. Torrent Power (up 3.22%), Adani Power (up 2.99%), Jaiprakash Power Ventures (up 1.69%), Reliance Power (up 2.01%), GVK Power & Infrastructure (up 1.61%), Reliance Infrastructure (up 1.6%), JSW Energy (up 1.61%), NTPC (up 1.33%), NHPC (up 1.24%), Power Grid Corporation of India (up 1.22%) and Tata Power (up 1.29%) edged higher.

Auto stocks advanced. Mahindra & Mahindra (up 3.5%), Hero MotoCorp (up 2.94%), Eicher Motors (up 2.39%), Ashok Leyland (up 2.24%), Maruti Suzuki India (up 2.59%), TVS Motor Company (up 0.97%) and Bajaj Auto (up 0.04%) edged higher.

Tata Motors was off 1.81%. Tata Steel during market hours today, 18 September 2015 said that the company as part of its portfolio restructuring has today, 18 September 2015, sold 3.85 crore shares of Tata Motors to institutional investors over the stock exchange for a total consideration of Rs 1250.69 crore.

Shares of Tata Steel were up 1.43% at Rs 233.50.

GMR Infrastructure rose 4.15% at Rs 12.81 after GMR Energy's two power plants in Andhra Pradesh were awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India. GMR Energy today, 18 September 2015 announced that two of its gas based plants - GMR Vemagiri Power Generation (GVPGL) and GMR Rajahmundry Energy (GREL) - in Andhra Pradesh have been awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India, on 15 September 2015.

Entertainment Network (India) (ENIL) surged 4.98% at Rs 689.25 after the company said it won new licences in the electronic auctions for private FM radio. ENIL said its radio channel Radio Mirchi has expanded its footprint into seven new cities -- Chandigarh, Kochi, Kozhikode, Jammu, Srinagar, Guwahati and Shillong -- by participating in the auction of the first batch of FM Phase III Radio channels. Besides, the company said it has received permission from the Ministry of Information and Broadcasting to acquire four stations - Amritsar, Patiala, Shimla and Jodhpur - from TV Today Network, which will be re-branded as Mirchi shortly, ENIL said in a filing. With these 11 stations, the core Mirchi brand will now be available in 43 cities from 32 earlier, the company said. The company said it has won second frequency in Bangalore, Hyderabad, Ahmedabad, Pune, Kanpur, Lucknow, Jaipur, Nagpur and Surat. In addition, the company hopes to get Ministry of Information & Broadcasting's approval for TV Today's three metros in Delhi, Mumbai and Kolkata, it added.

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