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Markets finished the session on a firm note on the back of a broad based rally among the bluechip comapnies amid a strong rupee. Strenghth in the global peers further bolstered the rally.
Provisionally, the Sensex surged 233 points to end at 27,349 levels and the Nifty closed at 8,234 levels up by 59 points.
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After trimming its gains for a while, markets have again gathered momentum and continue to trade higher in the late noon trades on the back of sustained buying across the board with RIL displaying a spectacular rally for the sixth straight session on optimism concerning the company's 4G telecom services that is likely to roll out under the Reliance Jio brand in December.
At 2.:25 PM, the Sensex was higher by 250 points at 27,365 and the Nifty gained 65 points at 8,239.
In broader markets, BSE Midcap index is trading in line with the larger peers, however BSE Smallcap index is under performing the larger peers by 0.3%. The market breadth is firm with 1,346 shares advancing and 1,154 shares declining on the BSE.
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Above-normal monsoons, positive macroeconomic numbers coupled with a dovish stance by the Fed have bolstered the rally. Also, a modest hike in the Minimum Support Price (MSP) for the Kharif crops by the Government in order to contain inflation has proved to be a key driver for the markets as investors anticipate a further rate cut by the RBI in the near term.
STOCKS ON THE RADAR
On the sectoral front, barring BSE Power and Realty indices down up to 0.5% all other indices are trading in the positive territory with BSE Oil & Gas, IT, Healthcare, FMCG, Teck indices are trading higher up to 1%.
Shares of M&M are trading higher by 3% as the tractor sales are expected to see growth on the back of bountiful rains. Following the tandem, some of the notable auto stocks which have gained across the exchange include Hero Motocorp, Maruti Suzuki and Bajaj Auto up between 0.5-1.5%.
A smart rally in the IT stocks is evident in today’s trade after Nasdaq hit record highs, a day after the Federal Reserve indicated it would raise the interest rates slowly. Meanwhile, a declining rupee has aided the rally. TCS, Wipro and Infosys are trading higher between 0.5-2.5%.
Tata Steel climbed 1.6% on reports stating that the company is likely to set up a new company, Tata Steel SEZ in the Special Economic Zone in Odisha.
Shares of Aditya Birla-led Hindalco are trading higher by 1.5% after the state-run Life Insurance Corporation (LIC) increased its stake in the company to over 13%.
Engineering conglomerate L&T bagged orders worth Rs 2,278 crore across business verticals in May and June. The stock is up 0.6%.
Shares of DB Realty have surged 8% after the company signed a Joint Venture (JV) with ECC and Konark to develop residential project namely DB Skypark in Mumbai.
Sun TV Network shares jump 9% on reports that the Supreme Court attorney general has approved security clearance to Sun TV Network.
GLOBAL MARKET
Asian shares gained for a third consecutive day while China's Shanghai Composite bucked the trend and cracked 6%, extending a weekly drop to 13% as the tight market liquidity caused by new share listings triggered a heavy sell-off across the counters.
A firm trend is observed across the European peers after the US Federal Reserve tempered expectations for the pace of interest rate rises.
