Mumbai: Indian equity benchmarks gained strength in the last couple of hours of trade. Upmove was led by Reliance Industries and ICICI Bank. Rise in European markets ahead of ECB & BoE meet as well as Obama speech too helped.
The 30-share BSE Sensex rose 100.54 points, to close at 17,165.54 and the 50-share NSE Nifty went up 28.60 points, to end at 5,153.25 amid volatility.
Mohan Krishnaswamy, Head of Equity Research, RBS Equities (India) is positive on the market. "We believe the rate cycle is close to the peak, therefore we are positive on the market" he said. He sees more upside for India in the next 6-12 months.
On the global front, European markets like France's CAC, Germany's DAX and Britain's DAX were trading 1 per cent higher ahead of meeting of Bank of England and European Central Bank for interest rate decision on Thursday.
US President Barack Obama and Federal Reserve chairman Ben Bernanke will deliver their speech Thursday. Market has been speculating that President Barack Obama may propose $300 billion job package. The Dow Jones futures too turned into green.
On the home turf, Reliance Industries was the main leader behind this bounce back in market. The stock had lost 2 per cent when CAG report announced; but it bounced back in later part of day with 2.6 per cent gain.
Infosys, ICICI Bank, Wipro, Tata Motors and L&T were other major gainers; rallied 1.5-2.5 per cent. Technology stocks remained on buyers' radar throughout the session - TCS rose 0.5 per cent.
Cairn India was the top gainer as crude prices climbed above $115 a barrel. Ranbaxy Labs was another biggest gainer as Daiichi Sankyo Ranbaxy will start US generic Lipitor sales by November as expected. Both stocks jumped 4 per cent each.
However, the selling in HDFC, HDFC Bank, ITC, Bharti Airtel, BHEL, ONGC and NTPC, which fell 0.5-1 per cent, has limited the upside. JSPL, Tata Steel, Coal India and Tata Power were down over 1 per cent.
In the midcap space, Madras Cements, Delta Corp, VIP Industries, KEC International and Jubilant Life shot up 6-9 per cent. However, Eicher Motors, HT Media, Anant Raj Industries, Motherson Sumi and SpiceJet fell 4-5 per cent.
Nectar Life Sciences locked at 20 per cent upper circuit as company received US FDA nod for Punjab site.
About 1774 shares advanced as against 1116 shares declined on BSE. Total traded turnover was more than Rs 1.04 lakh crore.
Comments
0 comment