This Article is From Aug 31, 2016

Sensex Rises 109 Points, Led By Gains In Banking Shares

Sensex Rises 109 Points, Led By Gains In Banking Shares

Sensex and Nifty rose for third straight session on Wednesday led by gains in banking and capital goods stocks.

The Sensex ended 109 points higher at 28,452 and Nifty advanced 42 points to settle at 8,786.

Earlier in the day, the Sensex and Nifty registered their fresh 52-week highs.

From the Nifty basket of shares, 26 ended higher while 25 ended lower.

Shares of Kotak Mahindra Bank rose 2.64 per cent to end at Rs 807 after the Reserve Bank of India granted approval to the Canada Pension Plan Investment Board to acquire shares in excess of 5 per cent but below 10 per cent of the paid-up capital of the company.

UltraTech Cement ended 3.5 per cent higher at Rs 4,029 after the RBI said foreign investors could invest up to 30 per cent in the company.

Banking and capital goods stocks were among the biggest gainers in trades today both the indices closed over 1 per cent higher.

The overall market breadth was neutral as 1,315 stocks ended higher while 1,359 closed lower on the BSE.

3:16 p.m.: The stock markets came off the intraday highs on the back of selling in metal shares. Sensex was up 74 points at 28,417 and Nifty was at 8,775, up 30 points.

2:57 p.m.: UltraTech Cemet was the top Nifty gainer, up 4.14 per cent to Rs 4,053. Kotak Mahindra Bank, Larsen & Toubro, Hero MotoCorp, IndusInd Bank, Tata Motors DVR, Zee Entertainment, Tata Motors and Tata Power were also among the gainers.

2:48 p.m.: Capital goods stocks were witnessing buying interest. The BSE Capital Goods index was up 1.55 per cent; Larsen & Toubro, Crompton Greaves, Bharat Electronics, ABB, Siemens, VA Tech Wabag, BHEL and Solar Industries were among the gainers.

2:39 p.m.: UltraTech Cement shares jumped as much as 3.4 per cent to hit a fresh-52 week high of Rs 4,063.9 on Wednesday, after the company received RBI's nod to raise the investment limit for foreign portfolio investors. UltraTech Cement was the top gainer in the Nifty50 index. 

"The Reserve Bank of India has issued a press release dated 30th August, 2016 relating to increase in the limit for investment in the equity share capital of the company by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) up to 30% of the paid up capital of the company," UltraTech Cement said in a release to Bombay Stock Exchange.

2:32 p.m.: The broader markets were in-line with the benchmark indices. The BSE Mid-cap index advanced 0.78 per cent while the Small-cap index was up 0.5 per cent.

2:17 p.m.: Real estate stocks were witnessing selling pressure. The Nifty Realty index was down 0.6 per cent; DLF and Indiabuls Real Estate were among the laggards from this space.

2:13 p.m.: Market breadth was neutral as 1,341 stocks were advancing while 1,204 were declining on the BSE.

2:05 p.m.: Bank Nifty advances 1.32 per cent or 259 points to 19,790. Kotak Mahindra Bank, Federal Bank, IndusInd Bank, Bank of India, Punjab National Bank, ICICI Bank, State Bank of India and HDFC Bank were among the gainers, up 1.11-3.33 per cent each.

1:53 p.m.: Stock markets extended gains in afternoon deals on the back of strong gains in capital goods, auto and banking shares. Sensex advances 173 points to 28,516 and Nifty jumps 71 points to 8,815.

1:48 p.m.: Shares of Cox & Kings fell as much as 4.5 per cent to hit intraday low of Rs 184.60 after the tour and travel firm reported weaker-than-expected June quarter earnings.

The Indian unit of global travel company Cox & Kings Group reported a 23.67 per cent dip in consolidated net profit at Rs 108.07 crore on sales of Rs 2,065 crore.

12:44 p.m.: European markets open on a weak note. Germany's DAX falls 0.3 per cent, Britain's FTSE100 declines 0.1 per cent and France's CAC40 index slips 0.03 per cent.

12:40 p.m.: Auto stocks witness buying interest for second consecutive day. The BSE Auto index rises 1 per cent; Tata Motors, Hero MotoCorp, Bajaj Auto, Mahindra & Mahindra and Maruti Suzuki were among the gainers.

12:35 p.m.: BSE Metal index falls 0.78 per cent. Vedanta, Coal India, Tata Steel, JSW Steel, Hindalco, NALCO, Jindal Steel and SAIL among laggards.

12:30 p.m.: Zee Entertainment sells sports business to Sony Pictures for $385 million. Zee Entertainment shares rise as much as 2.8 per cent to Rs 543.95.

12:20 p.m.: Selling pressure seen in select metal, power, IT and FMCG shares.

12:05 p.m.: Crompton Greaves shares extended gains to the second straight day on Wednesday after the capital goods maker's June quarter earnings met the Street's estimates. Crompton Greaves shares jumped over 4 per cent to hit an intraday high of Rs 85.45, on top of yesterday's 1.93 per cent gains.

11:45 a.m.: Market update: Sensex off day's high, trading 90 points higher; some weakness seen in IT and metal stocks

11.30 a.m. The Sensex is trading off the day's high, up 75 points or 0.3 per cent at 28,418. The Nifty is up 35 points at 8,780. IT stocks pared losses, but metal, energy, power and realty indices slipped in the red, leading to pressure on the broader Sensex and Nifty.

UltraTech Cement rallied 4 per cent and traded at the top of the Nifty50. Tata Motors and IndusInd Bank shares were up 2-3 per cent. Kotak Mahindra Bank shares came under profit taking and were up 1.8 per cent. (Read)

09.20 a.m. Markets have opened on a positive note, with the BSE Sensex rising over 50 points above 28,400 and the Nifty marching past 8,750 levels.

IT stocks slipped and underperformed the broader markets. Most other sectoral indices were trading higher.

UltraTech Cement (up 3 per cent) was the top Nifty50 gainer, followed by private lender Kotak Mahindra Bank (up 2 per cent).

Asian Paints, Cipla, Ambuja Cements, Bharti Airtel, HCL Tech and Grasim traded with 1-2 per cent gains.

09:00 a.m.: Rupee opens lower at 67.09 per dollar against Tuesday's close of 67.02 

08:40 a.m.: Indian stock markets are likely to open flat on Wednesday, following a sharp rally yesterday, which took the Sensex and Nifty indices to new 52-week highs. The Nifty futures trading on Singapore Exchange were flat at 8,804 as of 08.25 a.m., indicating a lacklustre start for markets.

The Nifty broke out of its over month-long trading range, ending close to the 8,750 mark. Nifty's breakout from the trading range has led to hopes of further rally in equities.

"Finally, the month-long consolidation phase in Nifty ended with a decisive break above 8,700 on Tuesday. It's now clear that we're heading toward 8850 in Nifty in near term, but traders should maintain extra caution in stock selection post this surge," said Jayant Manglik of Religare Securities.

Tuesday's rally was supported by buying from foreign as well as domestic institutional investors. FIIs bought cash shares worth Rs 391 crore, while DIIs were net buyers to the tune of Rs 485 crore.

Investors would be closely tracking June quarter GDP data that will be released post market hours today. According to a Reuters poll, GDP growth slowed to 7.6 per cent in the June quarter as compared to 7.9 per cent in the March quarter.

RBL Bank, who's IPO was subscribed 70 times, will make its stock market today. The issue price of RBL was Rs 225.

Aditya Birla Fashion, GVK Power, Hathway Cable, MCX and UB Holdings are some of the companies that will report their June quarter numbers today.

Asian markets traded mixed, with Japan's Nikkei rallying and South Korea's Kospi index edging lower. Global stock markets are anticipating Friday's release of official US figures on monthly job creation, which could help determine the timing of the next rise in US interest rates.

On Wall Street on Tuesday, the Dow closed 0.3 per cent lower while the broad-based S&P 500 and tech-rich Nasdaq were both down 0.2 per cent.