Sensex Gains for Fifth Day; Ends 283 Points Higher, RIL Surges 5%

Sensex Gains for Fifth Day; Ends 283 Points Higher, RIL Surges 5%
The Indian benchmark indices rose for the fifth straight day on Thursday. The Sensex surged 283 points to close at 27,115 and the Nifty advanced 83 points to shut shop at 8,175 on the back of gains in index heavyweight Reliance Industries, HDFC Bank, ICICI Bank, Tata Motors and Sun Pharma.

Reliance Industries jumped over 5 per cent to close at Rs 979.It was RIL's highest single day gain in 15 months. 

The shares of RIL have been rising after its annual general meeting on Friday on optimism the company would begin 4G phone services in December. The gains in Reliance Industries contributed 96 points towards the 283 points rise on the Sensex.

Lupin, BPCL, Tata Motors, ONGC, Idea Cellular, Wipro, Maruti Suzuki, State Bank of India, HDFC and BHEL were also among the gainers.

On the other hand, Tech Mahindra, Bank of Baroda, Zee Entertainment, Cipla and Coal India were among the notable laggards.

The broader markets also saw buying interest. The BSE mid-cap and small-cap indices jumped 0.8 and 1 per cent each respectively.

The overall breadth was positive as 1,512 stocks advanced while 1,227 stocks declined.

3:30 p.m.: The Sensex provisionally ends 287 points higher at 27,119 and Nifty jumps 85 points to close at 8,177 on the back of gains in Reliance Industries, HDFC Bank and Tata Motors.

3:23 p.m.: Pradip Hotchandani of Prudent Broking Services told NDTV that Glenmark Pharma can touch Rs 1,050-1,060 in couple of days.

3:12 p.m.: The BSE Sensex and Nifty rose more than 1 per cent on Thursday, heading for their highest close in nearly 2-1/2 weeks, led by a surge in index heavyweight Reliance Industries for a fifth day, on optimism the company would begin 4G phone services in December.

"Seems like bulls are trying to put a bottom in place. The herd mentality of being underweight on India is at its peak," G. Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm told Reuters.

2:54 p.m.: Abhishek Anand, fund manager at Centrum Broking, said volatility is likely to continue for some time in the markets with stock-specific movement. After the correction, valuations have down to a comfortable zone while the second half of the year will give an indication about the earnings trajectory, he added. Mr Anand maintains positive stance on private sector banks.

2:45 p.m.: Shares of housing finance companies were in the spotlight today, surging up to 5 per cent, after the government gave its approval to the launch of 'Housing for All by 2022' scheme, paving the way for affordable homes to the urban poor and slum dwellers at lower interest rates.

2:35 p.m.: Shares of Amtek Auto plunge 15 per cent in noon deals to hit intraday low of Rs 129.80 on the back of heavy volumes. Trading volumes on the counter surged seven times as 2.1 million shares changed hands on the Bombay Stock Exchange compared to average of 3 lakh shares traded daily in the past two weeks.

2:26 p.m.: IT stocks were also witnessing buying interest in afternoon deal. The BSE IT index jumped 0.7 per cent; Wipro, HCL Technologies, TCS and Infosys were among the top gainers.

2:11 p.m.: Shares of Torrent Pharmaceuticals rose nearly 5 per cent to hit a new 52-week high of Rs 1,367 on the BSE. The government had on Wednesday approved the company's proposal to increase FII investment limit. (Click here for more)

2:08 p.m.: Sensex trades near day's highest level, up 331 points at 27,164 and Nifty soars 91 points to 8,183.

2:06 p.m.: Ruchit Jain, technical analyst with Angel Broking told NDTV that one can buy Reliance Industries on dips for target of Rs 1,000 in the short term.

1:58 p.m.: Chinese stock markets crash. The Shanghai Composite index cracks 3.6 per cent.

1:37 p.m.: Shares of Orchid Chemicals & Pharmaceuticals surged over 16 per cent on Thursday after the drug firm received nod from the US health regulator for generic anti-bacterial Gemifloxacin Mesylate tablets.

1:26 p.m.: Select metal stocks face mild profit-booking in noon deals, the BSE metal index slipped 0.08 per cent; Jindal Steel was the top loser from this space. The stock fell 2 per cent to Rs 94.20. NMDC, Tata Steel, SAIL and NALCO were also among the laggards.

1:09 p.m.: Sensex jumps 307 points to 27,140 and Nifty rises 82 points to 8,174 on continued buying blue-chip counters such as Reliance Industries, HDFC Bank and ICICI Bank.

1:02 p.m.: Overall breadth was extremely positive as 1,576 stocks advanced while 916 stocks declined.

12:44 p.m.: Piyush Jain of Morningstar told NDTV that the recent rally in RIL has helped the stock reach its fair value of Rs 950, but it's unlikely that the stock could run away from these levels.

"Purely see it as the stock price reaching its fair value... Refining and petrochemical could post good performance, but any significant improvement in refining margins is unlikely to sustain... Exploration and production businesses are not doing great, while new age businesses continue to consume cash and are many quarters away from contributing in terms of free cash flow," Mr Jain said.

The only surprise could come if domestic gas production starts showing meaningful improvement and that could be a big positive, he added.

12:36 p.m.: Orchid Chemicals jumps 13.3 per cent to Rs 55.90 after the company got US FDA nod for Gemifloxacin Mesylate tablets.

12:20 p.m.: Reliance Industries shares have seen strong buying interest since the company held its 41st AGM on Friday. RIL shares have notched up 11 per cent gains in the previous five sessions, including Thursday's intraday high of Rs 974. (Click here for more)

12:16 p.m.: CLSA has upgraded Asian Paints to 'buy' from 'sell' for target price of Rs 850 per share.

12:13 p.m.: Cipla, NMDC, Zee Emtertainment, Tech Mahindra, Tata Power, UltraTech Cement and Cairn India were among the top losers.

12:09 p.m.: The Sensex was up 263 points at 27,095 and the Nifty advanced 66 points to 8,158. Banking, oil & gas, capital goods and consumer durable stocks were among the top gainers.

11:55 a.m.: BSE capital goods index was up 0.85 per cent; Suzlon Energy, Havells, SKF India, AIA Engineering, BHEL and Larsen & Toubro were among the top gainers.

11:50 a.m.: BSE realty index was down 0.1 per cent; Unitech, DLF, Sunteck Realty, IndiaBulls Real Estate and Sobha were among the top losers.

11:43 a.m.: K R Bharat, MD with Advent Advisory Services told NDTV that the worst seems to be over for the Indian markets.

11:37 a.m.: Nifty 8,100 put option was the most active options contract on the National Stock Exchange. The premium on the put option fell 45 per cent to Rs 49. Open interest on the contract saw a huge spike as 1.7 million shares were added to the open interest of 4.4 million shares.

11:25 a.m.: Essar Oil, LIC Housing Finance, MRPL, HPCL, J P Power, Castrol India and IndiaBulls Housing Finance were among the top mid-cap gainers, up 2.5-5 per cent each.

11:20 a.m.: BSE FMCG index slip into the negative territory, down 0.06 per cent; Britannia Industries, United Spirits, Dabur India, HUL and Ememi among the laggards.

11:10 a.m.: NMDC, Cipla, Bosch, Zee Entertainment, Tech Mahindra and NTPC were among the prominent laggards on the Nifty.

10:58 a.m.: Reliance Industries was the top Nifty gainer, the stock jumped 4% to hit intraday high of Rs 968.70. 

Avinnash Gorakssakar, CIO & Head of Research of Precision Investment Services, expects RIL to post strong Q1 earnings, led by higher gross refining margins. The telecom business holds the potential of getting RIL re-rated, he adds.

10:52 a.m.: The Sensex has rallied nearly 300 points to hit intraday high of 27,124 and the Nifty touched high of 8,166 on the back of gains in blue-chip stocks such as Reliance Industries, HDFC Bank and ICICI Bank.

10:47 a.m.: Shares of Strides Arcolab recovered after falling sharply in early trade. Shares of Strides Arcolab slumped 5.4 per cent to Rs 1,090.80 on the BSE after the government rejected a proposal of the pharmaceutical company. (Click here for more)

10:42 a.m.: Tech Mahindra shares came under selling pressure on Thursday following Nomura's downgrade from "buy" to "neutral". The brokerage cut its target price on Tech Mahindra by 10 per cent from Rs 625 to Rs 560. (Click here for more)

10:38 a.m.:CLSA has maintained its 'buy' call on ICICI Bankfor target price of Rs 440 per share. CLSA expects company to post strong growth in retail profits and expects profits to grow at compounded annual growth rate of 17 per cent over FY15-18.  It says that ICICI Bank will benefit from stronger deposits.

10:25 a.m.: Unitech, Adani Power, Suzlon Energy, Dish TV, Orchid Chemicals and HDIL were among the highly traded counters on the NSE on the back of heavy volumes.

10:16 a.m.: Reliance Industries jumps for the fifth straight day; the stock has jumped 8.3 per cent after it concluded its AGM on Friday. In intraday deals, the stock moved above its 200-day moving average of Rs 915 and was up 1.4 per cent at Rs 943.75.

10:10 a.m.: Banking and oil & gas stocks were seen leading the market rally. From the banking space, HDFC Bank, ICICI Bank, Punjab National Bank, Kotak Mahindra Bank and State Bank of India were top gainers. And, from the oil & gas space, Indian Oil, BPCL and Reliance Industries jumped 1.4-3 per cent each.

10:00 a.m.: Markets extend gains with Sensex up over 250 points while Nifty rises above 8,150. ICICI Bank, HDFC Bank and RIL among top Nifty gainers, up between 1.25 per cent and 1.5 per cent.

9:37 a.m.: Shares of Bharti Airtel fell nearly 2 per cent in early trade on Thursday after a tower sale deal related to its African operations fell through. (Click here for more)

9:30 a.m.: The broader markets were in-line with the benchmark indices. The BSE mid-cap index was up 0.7 per cent and the small-cap index advanced 0.8 per cent.

9:27 a.m.: The banking stocks came back in demand after yesterday's mild sell off. The Bank Nifty was up 0.7 per cent. Bank of India, ICICI Bank, State Bank of India, Axis Bank, Punjab National Bank, Canara Bank and Kotak Mahindra Bank were among the top gainers.

9:20 a.m.: Sensex advanced over 200 points to move above 27,000 and the Nifty surged to high of 8,142 on the back of broad-based buying. 

Buying was visible across the sectors. Banking, oil & gas, realty, capital goods, pharma and IT indices were up 0.5-0.8 per cent each.

From the Nifty-50 basket of stocks, the advancing stocks outnumbered the declining stocks as 42 stocks advanced while 8 stocks were losing.

Asian Paints was the top Nifty gainer, 1.9 per cent to Rs 724. BPCL, Reliance Industries, ICICI Bank, Cipla, Sun Pharma, Infosys and HCL Technologies were also among the gainers.

9:15 a.m.: Sensex jumps 100 points to 26,934 and the Nifty gains 17 points at 8,109.

9:08 a.m.: Pre-market session- Nifty jumps 22 points to 8,114 and the Sensex jumps 85 points to 26,917.

9:06 a.m.: Rohit Srivastava of Sharekhan says that the market is likely to head lower and the Nifty can temporarily bounce back up to 8,200. He says that the Nifty is not likely to go to new highs this year and if the Nifty breaks 7,700 then it can fall to 7,000 odd levels.

9:00 a.m.: Rupee opens higher at 63.94 per dollar against Wednesday's close of 64.10.

8:35 a.m.: Below are the stocks which will be in focus today:

Bharti Airtel: Bharti Airtel's deal with Helios Towers Africa for sale of tower assets has been called-off partially. The deal was for divesting 3,100 telecom tower assets in four African countries. The deal has been called off only for towers in Tanzania & Tchad. Overall deal was valued at Rs 2,600 crore.

Sun Pharma: Sun Pharma has asked 18 top executives of Ranbaxy Labs to leave firm. The executives have been given a severance package and this order comes a year after the Sun Pharma acquired Ranbaxy.

Yes Bank: The Bombay High Court on Wednesday held that the right to nominate Board of directors of private sector lender Yes Bank has to exercise jointly by the promoters and not individually.

The court also held that the right of the wife of deceased co-promoter Ashok Kapur to nominate her daughter on the bank's Board could not be exercised without the consent of the other promoter, Rana Kapoor, who is currently the managing director and chief executive of the bank.

Orchid Chemicals: Orchid Chemicals has got US FDA nod for Gemifloxacin Mesylate tablets.

Torrent Pharma: FIPB has approved proposal to hike FII limit in Torrent Pharma to 35 per cent from 13.09 per cent.

Cipla: Cipla expects to double its sales of respiratory drugs by 2020.

SpiceJet: SpiceJet is offering 50,000 tickets on concessional rates for international travel.

8:20 a.m.: Asian equities rose early on Thursday after the Federal Reserve sounded more dovish than many had expected and led investors to push back their expected timing of a rate hike, while the dollar was put on the defensive on the same token. (Click here for more)

8:15 a.m.:
The dollar extended losses against the euro and yen, while US stocks gained in volatile afternoon trading, after the Federal Reserve indicated there would be a rate hike by the end of the year.

The Dow Jones industrial average rose 30.26 points, or 0.17 per cent, to 17,934.74, the S&P 500 gained 3 points, or 0.14 per cent, to 2,099.29 and the Nasdaq Composite added 8.63 points, or 0.17 per cent, to 5,064.19. (Click here for more)

8:12 a.m.: International brokerages expect the Federal Reserve to start raising interest rates from September following Janet Yellen's statement post the FOMC meet. Deutsche Bank said that it continues to favour first rate hike at September meet and Morgan Stanley said that September rate hike cannot be ruled out. While, Goldman Sachs said that the September rate hike is still likely but expect a slower rise.

Rate hike in US can lead to sell off in the Indian markets as it will lead to outflow of funds from the emerging market equities to US bonds.

8:07 a.m.: Overnight, the US Federal Reserve left its benchmark interest rate unchanged at near zero. The Federal Open Market Committee trimmed its economic growth forecast for 2015 to just 1.8-2.0 per cent, down from March's 2.3-2.7 per cent outlook, to account for the unexpected contraction in the first quarter of the year. Fed chair Janet Yellen said that the inflation still remains below than its long term target of 2 per cent. (Click here for more)

8:05 a.m.: The foreign institutional investors (FIIs) continued to sell Indian shares. The FIIs sold shares worth Rs 940 crore on Wednesday and the domestic institutional investors purchased shares worth Rs 1,447 crore.

8:00 a.m.: The Indian benchmark indices are likely to open on a flat note in trades today tracking subdued trading of Nifty on the Singapore Stock Exchange. The Nifty which is traded on the Singapore's Exchange also known as the SGX Nifty was up 0.04 per cent or 3.5 points at 8,075.

(With agency inputs)

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