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Markets have gained momentum in the late noon trades with Nifty trading above the 7,800 mark led by HDFC twins contributing over 100 points to the rise on the Sensex. Meanwhile, weak GDP data, cooling inflation along with mixed PMI data has created room for RBI rate cut which has further lifted the trading sentiments.
At 2:20 PM, the 30-share Sensex was up 375 points at 25,828 and the 50-share Nifty was up 125 points at 7,842.
Top 5 gainers on the Sensex include Tata Steel, HDFC, Vedanta, Tata Motors and BHEL are up between 3-4.5%.
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(updated at 11:50 AM)
After the recent plunge, markets have bounced back in today’s trade as investors buy bluechips at attractive valuations amid firm global cues. Meanwhile, weak GDP data, cooling inflation along with mixed PMI data has created room for RBI rate cut which has further lifted the trading sentiments.
At 11:50 AM, the 30-share Sensex was up 241 points at 25,694 and the 50-share Nifty was up 81 points at 7,798. The broader markets also firmed up on bargain hunting in fundamentally sound mid-cap and small-cap indices. The BSE Mid-cap and Small-cap indices were up over 1% each. Market breadth improved further with 1,599 gainers and 645 losers on the BSE.
Back home, the Nikkei/Markit Services Purchasing Managers' Index rose to 51.8 in August from July's 50.8, marking a second month above the 50-level that separates growth from contraction.
STOCK TRENDS
All sectoral indices are trading in the positive territory with BSE Realty index surging over 4%.
Shares of real estate companies have rallied by up to 8% on the bourses after falling sharply in past couple of months.
DLF, Housing Development and Infrastructure (HDIL), Indiabulls Real Estate, DB Realty and Oberoi Realty are up between 5%-8% while Unitech, Godrej Properties, Sobha, Delta Corp, Ashiana and NBCC have gained between 1%-4%.
Shares of Jet Airways are up over 2% after the airline's board at its meeting on Wednesday approved a scheme of merger of its loss-making wholly-owned subsidiary Jet Lite (India) Ltd.
Cipla is up 1% after it acquired the exclusive rights to market skincare products of the country’s leading derma and cosmeceutical player Percos India, in a deal worth approximately Rs.90 crore.
HCL Technologies has climbed 1.1% after the company said in a notice to BSE that Manchester United has announced a global partnership with HCL Technologies.
Va Tech Wabag is trading 6.4% higher after the company said in a notice to BSE that its joint venture has got an order worthRs.1,500 crore from Petronas.
Hindustan Unilever has lost 0.5% after the company cut its shampoo prices in response to rival Procter and Gamble’s recent moves.
Ambuja Cements, the largest gainer among the cement pack, has rallied nearly 6% after media reports suggest that foreign brokerage Nomura raised rating on the stock to ‘Buy’ from ‘Neutral’. The stock surged 12% from its 52-week low of Rs 198 touched on August 28, 2015.
Beaten down financials are trading firm today on value buying. Axis bank, HDFC twins, ICICI Bnak and SBI are up between 1-3%.
Tata Motors' Sanand plant will roll out first non-Nano model in December. The stock is trading higher by 2.8%.
