03:30pm Market Closing
Equity benchmarks saw fresh record
closing high on Friday aided by banking and financials stocks. The 30-share
BSE Sensex rose 267.07 points or 0.95 percent to close at 28334.63 and the
50-share NSE Nifty climbed 75.45 points or 0.90 percent to 8477.35.
However, the broader markets
underperformed benchmarks with the BSE Midcap and Smallcap indices falling
0.1 percent each. About 1371 shares advanced while 1644 shares declined on
the Bombay Stock Exchange.
ICICI Bank, BHEL, SBI, Hindalco Industries, Axis Bank, Kotak Mahindra Bank and Punjab National Bank rallied 2-4 percent whereas Infosys, Tata Power, Sun Pharma, HUL, Tata Steel, Jindal Steel and Tech Mahindra fell 1-2 percent.
3:00 pm: Market Check
It’s been a breathless rally for
the Indian stock market today, with both the Sensex and the Nifty venturing
into uncharted terrain and scaling fresh all-time highs, not for the first
time through this year’s rally.
At the time of this writing, the
Nifty has surged 1.02 percent, or 85 points, to 8,487 and is within sniffing
distance of 8,500. The Sensex is also up 1.02 percent, or 287 points, to
28,355.
Banks have led the charge all day
with Kotak Mahindra Bank rising 4 percent a day to hit a record high after it
announced a USD 2.5 billion worth all-share merger deal that would make it
India’s fourth largest private bank behind ICICI, HDFC and Axis. ICICI (up
2.5 percent) too is trading at fresh lifetime highs,
How ferocious is the bank rally
today can be judged by the fact that the top five gainers in the Nifty and
the top eight gainers in the futures space are all banks. The much-watched
Bank Nifty sector index has jumped 2.5 percent.
Among other sector gainers are
autos, capital goods and banks, rising between 0.3 percent and 0.8 percent
while pharma is having a dull day despite Cipla rising 1.9 percent on a
positive brokerage call.
In news-driven stocks, Yes Bank is
up 4 percent after the central bank allowed fresh FII buying in the counter,
JM Financial is up 1.8 percent after announcing an infusion in its realty
subsidiary and appointing former Citi chief Vikram Pandit to its board and
Financial Technologies, which gained 3.2 percent after Jignesh Shah, accused
of being involved in the NSEL scam, stepped down from its board. More
information please visit this site www.bigprofitbuzz.com
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