Firmness continued on the domestic bourses in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex was up 316.20 points or 1.25% at 25,634.07. The 50-unit CNX Nifty was currently up 103.45 points or 1.35% at 7,791.70. A rally in global markets boosted sentiment on the domestic bourses. The broad market depicted strength. On BSE, there were more than three gainers against every loser. 1,710 shares rose and 491 shares fell. A total of 76 shares were unchanged. The BSE Mid-Cap index was up 1.71%. The BSE Small-Cap index was up 1.72%. Both these indices outperformed the Sensex.
Earlier during the trading session, the Nifty hit its highest level in almost a week when it jumped 133.65 points at the day's high of 7,821.90. The Sensex jumped 436.06 points at the day's high of 25,753.93 hit in early trade.
Indian stocks took cues from rally in global stocks. Stocks in Japan and Hong Kong led rally in Asian markets after China said it would allocate more funds to support some infrastructure projects and implement tax cuts for small businesses to stimulate economic growth. The Nikkei 225 Average was currently up more than 7.29%. Trading in US index futures indicated further gains for US stocks after a rally overnight triggered by speculation that China may announce further measures to boost the country's sluggish economy.
In sector trends, capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 1.3%), Havells India (up 2.06%), ABB India (up 0.81%), Bharat Electronics (up 3%), L&T (up 0.57%), Thermax (up 1.72%), and Siemens (up 2.57%) gained.
Metal & mining stocks surged. JSW Steel (up 3.22%), Bhushan Steel (up 4.86%), Hindustan Copper (up 2.54%), Vedanta (up 7.92%), Hindalco Industries (up 5.08%), Hindustan Zinc (up 3.41%), Jindal Steel & Power (up 3.14%), Tata Steel (up 3.72%), Steel Authority of India (Sail) (up 0.87%), National Aluminum Company (up 1.92%) and NMDC (up 3.19%) gained.
Shares of Navkar Corporation were trading at Rs 159.35 on BSE, a premium of 2.81% over the initial public offer price of Rs 155. The stock debuted at Rs 152 on BSE, a discount of 1.94% to its initial public offer (IPO) price. The stock hit a high of Rs 163.80 and a low of Rs 152 so far during the day. On BSE, 42.76 lakh shares were traded on the counter so far during the day. Navkar Corporation is a container freight stations (CFSs) operator in India with three CFSs. The company operates in close proximity to the Jawaharlal Nehru Port (JNP), the largest container port in India.
Hero MotoCorp gained 1.9%. The company said during market hours today, 9 September 2015, that its first global manufacturing facility at Villa Rica, in Colombia has become operational from 8 September 2015. The plant will have initial production capacity of 80,000 units per annum. The capacity will be expanded to 1.5 lakh units the next phase. The new plant will manufacture company's best-selling and globally successful range of motorcycles and scooters.
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