 "National Stock Exchange")
Markets finish the first day of the truncated week on a firm note on fresh buying interest as investors heave a sigh of relief after the uncertainty around the US Federal Reserve interest rate hike got over previous week. A stellar rally was seen across the metal stocks after the government decided to slate a minimum import price (MIP) for steel in order to prevent cheap imported steel from flooding the market.
Provisionally, the S&P BSE Sensex gained 215 points to end at 25,734 and the Nifty50 climbed 7 1points to close at 7,833.
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(updated at 2:45 PM)
(updated at 2:45 PM)
Markets have gained strength and are trading near day’s high led by a firm rally in the metal stocks after the government decided to slate a minimum import price (MIP) for steel in order to prevent cheap imported steel from flooding the market. Meanwhile, fresh buying in banks, realty and power stocks aided the rally.
At 2:45 pm, the S&P BSE Sensex was up 198 points at 25,717 and the Nifty50 was up 65 points at 7,827.
ICICI Bank, ITC, M&M, ONGC and Axis Bank are the top 5 gainers on the Sensex and have gained between 2%-3.5%.
Further, in the metal pack, Tata Steel, Vedanta and Hindalco have surged between 1.8%-2.5%.
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(updated at 11:30 am)Markets continued to trade firm in late morning deals on Monday led by financials and select index heavyweights even as losses in Sun Pharma post the warning letter from USFDA capped upside gains.
At 11:30am, the S&P BSE Sensex was up 124 points at 25,643 and the Nifty50 was up 42 points at 7,803.
Further, traders continue to remain cautious on account of the truncated week. The stock exchanges will be closed for trading on Friday on account of Christmas Day.
In the macro-economic front, the Finance Minister Arun Jaitley will table the Insolvency and Bankruptcy Bill in the parliament later today.
Further, uncertainty over the GST Bill continues following the stand off between the government and the Congress. The winter session of the parliament ends on Wednesday, December 23.
The Indian rupee was trading higher at 66.32 to the US dollar compared to its Friday close of 66.40 after exporters pressed sales in the US currency.
STOCKS IN FOCUS
BSE Metal index was the top gainer up nearly 2% followed by Bankex, Realty and Power among others. Healthcare was the top loser along with Consumer Durables index.
In the metal space, Tata Steel, Vedanta and Hindalco were up 1.6%-2.2% each. Meanwhile, Adani Ports and Special Economic Zone (APSEZ) and Asian Paints have replaced Vedanta and Hindalco Industries from the 30-share S&P BSE Sensex with effect from today.
ICICI Bank was the top Sensex gainer up 3% contributing the most to the Sensex gains along with index heavyweights ITC and Infosys.
Selling pressure continued in Sun Pharma after the company said it has received a warning letter from the United States Food and Drug Administration (USFDA) post the September 2014 inspection of its facility located at Halol in Gujarat.
Among others, Kesoram Industries shares were locked in 5% upper circuit at Rs 115 on the BSE after the company announced a fund raising plan by up to Rs 650 crore through qualified institutional placement.
