Metal stocks led rally as key benchmark indices surged in mid-afternoon trade tracking gains in global markets. The barometer index, the S&P BSE Sensex, was currently up 377.08 points or 1.48% at 25,830.64. The 50-unit CNX Nifty was up 120.25 points or 1.56% at 7,837.25. Key indices have remained in green right from the beginning of the trading session.
The broad market depicted strength. On BSE, there were more than two gainers against every loser. The BSE Small-Cap index was up 1.47%. The BSE Mid-Cap index was up 1.46%. Both these indices underperformed the Sensex.
In sector trends, shares of power generation and power distribution firms edged higher. IT stocks also moved higher. Among individual stocks, shares of index heavyweight and housing finance major HDFC surged. Caplin Point Laboratories surged after the company received approval from Brazil's National Health Surveillance Agency for the company's sterlite injectable manufacturing site at Chennai.
At 14:19 IST, the S&P BSE Sensex was up 377.08 points or 1.48% at 25,830.64. The index jumped 380.96 points at the day's high of 25,834.52 in mid-afternoon trade. The index rose 102.21 points at the day's low of 25,555.77 in early trade.
The CNX Nifty was up 120.25 points or 1.56% at 7,837.25. The index hit a high of 7,845.35 in intraday trade. The index hit a low of 7,754.05 in intraday trade.
The BSE Mid-Cap index was up 151.93 points or 1.46% at 10,589. The BSE Small-Cap index was up 158.16 points or 1.47% at 10,907.79. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong. There were more than two gainers against every loser on BSE. 1,736 shares rose and 834 shares declined. A total of 82 shares were unchanged.
Shares of power generation and power distribution firms edged higher. JSW Energy (up 4.63%), Adani Power (up 4.5%), Tata Power (up 2.39%), Torrent Power (up 1.58%), NTPC (up 1.46%), NHPC (up 2.48%), Reliance Power (up 3.15%), Reliance Infrastructure (up 1.67%), GVK Power & Infrastructure (up 0.57%) and Power Grid Corporation (up 1.8%) edged higher.
IT stocks gained. Wipro (up 1.27%), HCL Technologies (up 1%), Tech Mahindra (up 0.39%), MindTree (up 0.43%), TCS (up 0.19%) and Infosys (up 0.12%) edged higher. Oracle Financial Services Software (down 3.44%) edged lower.
Shares of index heavyweight and housing finance major HDFC surged. The stock was up 4.1% at Rs 1,172.50.
Caplin Point Laboratories surged after the company received approval from Brazil's National Health Surveillance Agency for the company's sterlite injectable manufacturing site at Chennai. The stock surged 10.19% at Rs 1,535. The approval to the said facility by Brazil's National Health Surveillance Agency ANVISA (Agencia Nacional de Vigilancia Sanitaria) grants access to the company to register and market its products at the large and growing Brazilian pharmaceutical market.
A favourable outcome of a monthly survey on the services sector boosted sentiment on the domestic bourses. The seasonally adjusted Nikkei Services Business Activity 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.
Meanwhile, the IMF said in research paper on global growth prospects published yesterday, 2 September 2015, that near-term growth prospects remain favorable for India and that the country's external vulnerabilities have decreased. The IMF said that policy reforms, a consequent pickup in investment and lower commodity prices will boost India's growth. But, IMF cautioned that India continues to face some macroeconomic imbalances.
In overseas markets, European stocks surged on speculation that the European Central Bank (ECB) will announce further stimulus for the eurozone at a monetary policy meeting later in the global day. Asian stocks nudged higher after a rally in US stocks overnight.
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