A rally in global markets took Indian stocks higher for the second straight trading session. The barometer index, the S&P BSE Sensex, jumped 365.71 points or 1.44% at 25,683.58, as per the provisional closing data. The 50-unit CNX Nifty rose 130.35 points or 1.7% at 7,818.60, as per the provisional closing data. However, both these key benchmark indices trimmed gains after a sharp intraday surge. The Sensex jumped 502.69 points at the day's high of 25,820.56 in afternoon trade. The Nifty jumped 157.80 points at the day's high of 7,846.05 in afternoon trade.
Stocks from mining, metal and auto sector led the rally for key indices. Metal & mining stocks surged after China announced measures to stimulate economic growth.
Equities saw broad based gains. On BSE, there were more than two gainers against every loser. 1,974 shares rose and 716 shares fell. A total of 111 shares were unchanged. The BSE Small-Cap and Mid-Cap indices, both, outperformed the Sensex. The BSE Mid-Cap index was up 1.94%. The BSE Small-Cap index was up 1.84%.
The total turnover on BSE amounted to Rs 2768 crore, higher than turnover of Rs 2667.83 crore registered during the previous trading session.
In overseas markets, Asian and European stocks surged after China said it would allocate additional funds to finance infrastructure projects, implement tax cuts for small businesses and accelerate the use of the public-private-partnership model to stimulate economic growth. In Japan, the Nikkei 225 Average rose a staggering 7.71% in a single trading session after reported comments from Prime Minister Shinzo Abe that the government plans to reduce the corporate tax rate by a cumulative 3.3 percentage points over two years. Trading in US index futures indicated that the Dow could jump 186 points at the opening bell.
Telecom stocks jumped after the Union Cabinet approved guidelines allowing telecom spectrum trading. Reliance Communications (up 11.21%), Idea Cellular (up 2.09%), Bharti Airtel (up 2.52%) and Tata Teleservices (Maharashtra) (up 5.1%) surged. Spectrum trading will allow better spectrum usages as the idle spectrum from the hands of one service provider gets transferred to the other service provider who is facing spectrum crunch.
Metal & mining stocks surged after China announced measures to stimulate economic growth. Bhushan Steel (up 5.19%), Hindustan Copper (up 3.22%), Vedanta (up 6.63%), Hindalco Industries (up 7.49%), Hindustan Zinc (up 3.64%), Jindal Steel & Power (up 2.97%), Tata Steel (up 4.33%), Steel Authority of India (Sail) (up 4.25%), National Aluminum Company (up 1.62%) and NMDC (up 8.69%) gained. China is the world's largest consumer of steel, copper and aluminum.
JSW Steel rose 3.86%. The company said during market hours today, 9 September 2015, that its crude steel production fell 4% to 10.66 million tonnes in August 2015 over August 2014. Production of flat rolled products dropped 4% to 8.46 million tonnes in August 2015 over August 2014. Production of long rolled products rose 3% to 2.03 million tonnes in August 2015 over August 2014.
NTPC jumped 5.19% to Rs 120.50. The stock hit high of Rs 121.30 and low of Rs 115.40.
Shares of index heavyweights and IT major Infosys rose 1.71% at Rs 1,088. The stock hit high of Rs 1,099 and low of Rs 1,072.50.
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