Sensex trades above 27,000 level

Gains in banking and auto stocks aided further upmove for key benchmark indices. At 12:19 IST, the barometer index, the S&P BSE Sensex, was up 225.73 points or 0.84% at 27,005.39. The 50-unit CNX Nifty was up 71.95 points or 0.89% at 8,179.85. The Sensex was currently trading above the psychological 27,000 level. Earlier, the Sensex had fallen below the psychological 27,000 level soon after piercing that mark in morning trade. Gains in Asian stocks and US index futures underpinned sentiment on the domestic bourses.

The Sensex surged 247.45 points or 0.92% at the day's high of 27,027.11 in early afternoon trade, its highest level since 12 October 2015. The Nifty rose 78.75 points or 0.97% at the day's high of 8,186.65 in intraday trade, its highest level since 12 October 2015.

The market breadth indicating the overall health of the market was strong. On BSE, 1,517 shares rose and 844 shares fell. A total of 140 shares were unchanged. The BSE Mid-Cap index was up 0.83%. The BSE Small-Cap index was up 0.66%. Both these indices underperformed the Sensex.

In overseas stock markets, Chinese stocks led gains in Asian markets amid fresh signs of reform for Chinese state-owned firms. Asian markets also gained as expectations build that the Federal Reserve will delay raising interest rates soon after disappointing US economic data and that the Fed's delay in raising interest rates will slow capital flight from emerging markets. Trading of US index futures indicated a recovery in US stocks at the opening bell today, 15 October 2015. US stocks edged lower yesterday, 14 October 2015, after weaker-than-expected economic reports and a gloomy earnings forecast from Wal-Mart Stores, the world's biggest retailer.

Closer home, bank stocks edged higher on renewed buying. Among PSU banks, Syndicate Bank (up 2.82%), State Bank of India (up 1.94%), Canara Bank (up 1.65%), Bank of India (up 1.17%), IDBI Bank (up 1.72%), Bank of Baroda (up 1.76%), Punjab National Bank (up 1.47%), Andhra Bank (up 1.16%), United Bank of India (up 0.67%) and Corporation Bank (up 0.56%) edged higher.

Among private sector banks, Yes Bank (up 2.57%), IndusInd Bank (up 1.43%), Axis Bank (up 1.27%), Kotak Mahindra Bank (up 0.84%), HDFC Bank (up 0.86%) and ICICI Bank (up 1.08%) gained.

Telecom stocks edged higher. Idea Cellular (up 0.93%), Tata Teleservices (Maharashtra) (up 1.26%), Reliance Communications (up 0.64%) and Bharti Airtel (up 1.21%) gained. Mahanagar Telephone Nigam (down 0.27%) declined.

Shares of four Adani Group companies edged higher on reports Australia's environment ministry reissued environment-related clearance to Adani Group's Carmichael mega coal mine and rail project in Australia. Adani Enterprises (up 11.43%), Adani Transmission (up 5.82%), Adani Power (up 4.1%) and Adani Ports & Special Economic Zone (up 1.48%) gained. According to reports, the new Australian government has approved Adani Group's Carmicheal coal mine and rail project in accordance with the Australian environment law subject to 36 conditions. Adani Group initiated the Carmichael coal project in 2010 with plans to develop a coal mine and a rail link with Abbot Point port, but the project soon ran into opposition from environmentalists. The Carmichael mine would be among the largest coal mines in the world.

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