Sensex touches 26,000 level

Soon after piercing the psychological 26,000 mark, the barometer index, the BSE Sensex, fell below that mark in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 266.09 points or 1.04% at 25,972.02. The 50-unit CNX Nifty was up 71.20 points or 0.91% at 7,900.30. Gains in global stocks underpinned sentiment on the domestic bourses. The Sensex hit its highest level in more than two weeks when it jumped 300.82 points at the day's high of 26,006.75 in intraday trade. The Nifty also hit its highest level in more than two weeks when it rose 84.80 points at the day's high of 7,913.90 in intraday trade.

The market breadth indicating the overall health of the market was positive. On BSE, 1,294 shares rose and 1,059 shares declined. A total of 111 shares were unchanged. The BSE Mid-Cap index was up 0.16%. The BSE Small-Cap index was currently unchanged. Both these indices underperformed the Sensex.

In overseas markets, Chinese stocks led gains in Asian markets. In mainland China, the Shanghai Composite jumped 4.89%. European stocks edged higher in early trade taking cues from a rally in Chinese stocks and tracking broad based gains in US stocks overnight. US stocks witnessed broad-based gains yesterday, 15 September 2015, on speculation that the Federal Reserve will hold off on raising interest rates at its two-day policy meeting which concludes on Thursday, 17 September 2015. Amid a recovery in the US economy, the Federal Reserve policy makers are debating the timing of first interest rate increase in the US in nearly a decade.

Closer home, equity markets shrugged off weak exports data. Merchandise exports fell 20.66% to $21.26 billion in August 2015 over August 2014. Non-oil imports rose 7.01% to $26.38 billion whereas oil imports plunged 42.59% at $7.35 billion in August 2015 over August 2014. The trade deficit rose sharply to $12.47 billion in August 2015 from $10.66 billion in August 2014.

In sector trends, realty stocks were mixed. Anant Raj (down 0.9%), Sobha (down 3.02%), Indiabulls Real Estate (down 0.47%), and Unitech (down 0.66%) declined. Housing Development & Infrastructure (HDIL) (up 0.57%), DLF (up 1.79%), Oberoi Realty (up 5.41 %), and Phoenix Mills (up 0.87%) edged higher.

Auto stocks edged higher on renewed buying. Mahindra & Mahindra (M&M) (up 0.74%), Ashok Leyland (up 0.63%), Maruti Suzuki India (up 0.83%), Tata Motors (up 1.17%), Hero MotoCorp (up 2.7%), Bajaj Auto (up 1.96%) and TVS Motor Company (up 2.38%) gained. Eicher Motors declined 1.3%.

GAIL (India) gained 1.12%. The company announced during market hours today, 16 September 2015, announced the first phase implementation of company's Jagdishpur-Haldia pipeline project. This gas network will supply fuel to major industries such as the Barauni refinery and the Barauni fertilizer plant in Bihar. The pipeline will also help in setting up of city gas networks in major cities of Bihar including capital Patna.

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