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Markets extended gains in late morning deals led by state-owned banking major SBI after the Finance Minister Arun Jaitley on Thursday said that the government was working towards bringing in more professionalism in the functioning of banks and improving risk management, amid the backdrop of the recent scams in some public sector banks.
At 11AM, the 30-share Sensex was up 142 points at 26,502 and Nifty was up 37 points at 7,928.
Apart from SBI, other Sensex gainers include, Reliance Ind, Infosys, ONGC, TCS and L&T.
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Among other shares, sugar manufactures are in demand and trading higher by up to 7% on the bourses on reports that the government may give some relaxations to the sugar industry after the World Trade organization (WTO) rejected India's contention on raw sugar export subsidy.
Market breadth was strong with 1,365 gainers and 1,001 losers on the BSE.
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(Update at 10:35AM)
Markets continued to trade higher in the first hour of trade with IT major Infosys leading the gains on the back of upbeat US economic data. Further, gains in bank and oil shares also helped boost sentiment.
At 10:35AM, the 30-share Sensex was up 97 points at 26,457 and the 50-share Nifty was up 24 points at 7,915.
In the IT space, Infosys was up 1% and TCS was up 0.5% on the back of improving economic scenario in the US. IT majors earn most of their revenues from exports to the US.
In the oil and gas sector, Reliance Industries was up 0.8% and ONGC gained 1.8%.
PSU bankking major SBI was up 1.8% after the Finance Minister Arun Jaitley on Thursday said that the government was working towards bringing in more professionalism in the functioning of banks and improving risk management, amid the backdrop of the recent scams in some public sector banks.
Among other shares, Tilaknagar Industries is trading higher by 3% at Rs 46.30 on media reports that Allied Blenders and Distillers, the country’s third-largest spirits company, is in talks to buyout the company.
United Spirits has dipped nearly 4% to Rs 2,317 on the National Stock Exchange (NSE), after the exchange has excluded the company from its equity derivatives segment, since the company has not submitted results for 2013-14 and the quarter ended 30 June.
Market breadth was strong with 1,307 gainers and 955 losers on the BSE.
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(Updated at 10:30AM)
Markets opened higher, amid firm global cues, led by index heavyweights Reliance Industries and Infosys.
At 9:25AM, the 30-share Sensex was up 104 points at 26,464 and the 50-share Nifty was up 25 points at 7,916 after hitting a record high of 7,925.
US stocks ended higher on Thursday, with the S&P 500 at a record after a flurry of positive economic data, as investors hoped for signs from an annual meeting of central bankers that interest-rate hikes are not imminent.
The S&P 500 broke two records during Thursday's session, climbing past its previous intraday all-time high of 1,991.39 and ending above its previous record close of 1,987.98. Both had been set on July 24. Investors are anticipating that the benchmark index will touch the 2,000 level, which it has yet to breach.
Asian shares rose in early trading on Friday, after upbeat U.S. data sparked another record close on Wall Street.
U.S. home resales rose to a 10-month high in July, factory activity in the mid-Atlantic region hit its highest level since March 2011 in August, and a gauge of future economic activity grew solidly last month.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1% in early trading, on track for a weekly gain of 0.4 percent. Japan's Nikkei stock average added 0.2%, poised for a robust 1.9% weekly rise.
BSE IT index was the top sectoral gainer on the BSE along with Bankex, Oil and Gas, Metal, Capital Goods among other. The BSE Healthcare index was the sole loser in early trades.
HDFC, Reliance Ind, Infosys, SBI, TCS and L&T contributed the most to the Sensex gains in opening trades.
Auto shares witnessed profit taking with Bajaj Auto trading marginally lower.
Among other shares, Promoters of no-frills airline SpiceJet will make a fresh infusion in the cash-strapped airline. Board approves increase in authorised share capital to Rs 1,500 crore from Rs 1,000 crore. The stock was up 3%.
Axis Bank-country's third largest private sector bank-has now joined the bandwagon of lenders that will be raising money via long term bonds. The stock was up nearly 1%.
Market breadth was strong with 910 gainers and 288 losers on the BSE.
