Global rally and the 7th pay commission cheer markets

 

The benchmark BSE Sensex surged over 200 points on Wednesday on a buying build-up by participants, tracking a global rally. Moreover, short-covering of positions by speculators in view of June monthly derivatives contract expiry contributed to the surge said a report in the Mint. Spending stimulus anticipated after the cabinet approved 24% salary hikes for 1 crore government employees also lifted spirits on the bourses.

Here are the updates:

3:30pm: The S&P BSE Sensex closes 0.81%, or 215.84 points, higher at 26,740.39, while the Nifty 50 closes 0.94%, or 76.15 points, higher at 8,204. Shares of Hero MotoCorp Ltd, PowerGrid and Wipro Ltd lead Sensex gains, rise 3.95%, 2.60% and 2.42%, respectively.

3:15pm: The S&P BSE Sensex is trading 0.80%, or 212.98 points, higher at 26,737.53, while the Nifty 50 is trading 0.89%, or 72.50 points, higher at 8,200.35.

Shares of paint companies are trading higher on the back of higher volumes. Asian Paints Ltd is up 1.3%, Berger Paints India Ltd 1%, Kansai Nerolac Paints Ltd 0.5%, Shalimar Paints Ltd 1% and Akzo Nobel India Ltd is up 1%.

2:35pm: BSE Sensex is up 202 points, or 0.76%, to 26,725.23, while the Nifty gains 70 points, or 0.86%, to 8,198.15.

2:20pm: Logistics companies are trading higher on the back of higher volumes. VRL Logistics Ltd rises 2.7%, Patel Integrated Logistics Ltd 2.3%, Gati Ltd 1%, Snowman Logistics 1.2%, Transport Corporation of India 2.9%, Sical Logistics 1.5%.

2:00pm: The rupee is trading at 67.65, up 0.45%, its maximum gain since 24 May, from its previous close of 67.95. The local currency opened at 67.80 a dollar and touched a high of 67.63, a level last seen on 23 June.

1:55pm: The Indian rupee notched its biggest single-session gain in over one month against the US dollar as a rebound in global equities and currencies buoyed sentiment.

1:45pm: MOIL Ltd rises 4% to Rs.242.65. The company said in a notice to BSE that its board approved investment proposal worth around Rs.460 crore.

1:40pm: Shilpa Medicare Ltd rises 1.6% to Rs.501 after huge block deal. Around 7.6 lakh shares of the company changed hands in two block deals. However details of buyer and sellers were not available, according to CNBC report.

1:30pm: BSE Sensex is up 156 points, or 0.59%, to 26,680.75, while the Nifty gains 52 points, or 0.65%, to 8,180.70.

1:25pm: BSE Healthcare Index gained nine out of 13 trading sessions. The index is trading up 0.6% to 15410.80 points.

1:15pm: Shares of Hindalco Industries Ltd and Vedanta Ltd gained more than 100% in the last four months, hitting over a one-year high, on the back of higher volumes. Hindalco Industries Ltd rises 2% to Rs.120.20, while Vedanta Ltd up 3.7% to Rs.127.60.

1:10pm: Bajaj Finserv Ltd rises 7.3% to Rs.2,357. The stock gained 10 out of 12 trading sessions.

1:05pm: Housing finance companies are trading lower. Indiabulls Housing Finance Ltd falls 1.1%, GIC Housing Finance Ltd 1.1%, LIC Housing Finance Ltd 1%, Repco Home Finance Ltd 1.4%.

1:00pm: BSE Sensex is up 120 points, or 0.49%, to 26,653.86, while the Nifty gains 50 points, or 0.62%, to 8,178.05.

12:55pm: JP Group stocks are trading higher. Jaiprakash Associates Ltd rises 4%, Jaypee Infratech Ltd 3%, Jaiprakash Power Ventures Ltd 2.3%.

12:50pm: Metal stocks are trading higher. Vedanta Ltd rises 3.1%, Hindalco Industries Ltd 2%, Hindustan Zinc Ltd 2%, NMDC 1.7%, Steel Authority of India 1.2%, Tata Steel Ltd 1%, Jindal Steel and Power Ltd 0.8%.

12:45pm: Dhanlaxmi Bank Ltd rises 4.1% to Rs.24.15. The bank said in a notice to BSE that its board will meet on 4 July to consider the proposal for raising further equity shares on preferential allotment basis and seek shareholders’ approval for the same.

12:42pm: Shares of Sugar companies surged in last one year. Dwarikesh Sugar Industries Ltd surged 1147%, Upper Ganges Sugar and Industries Ltd surged 1000%, Mawana Sugars Ltd jumped 764%, Oudh Sugar Mills surged 661%, Uttam Sugar Mills Ltd 650%, Ugar Sugar Works Ltd 610%, Dalmia Bharat Sugar and Industries Ltd 583%, Rana Sugars Ltd 570%, KM Sugar Mills Ltd 381%.

12:40pm: Banking stocks are trading higher on the back of higher volumes. Indian Overseas Bank rises 2%, Canara Bank up 2%, IDBI Bank 2%, Karnataka Bank 1.8%, Indusind Bank 1.6%, Union Bank of India 1.2%, Andhra Bank 1.2%, Yes Bank 1%, ICICI Bank up 1%, Federal Bank up 0.9%, Bank of India 0.9%, Syndicate Bank 0.6%.

12:30pm: BSE Sensex is up 115 points, or 0.44%, to 26,640.50, while the Nifty gains 42 points, or 0.52%, to 8,170.05.

12:20pm: Dabur India Ltd falls 2.3% to Rs.304.45. The stock fell for the second consecutive sessions. On Tuesday, Japanese broking firm Nomura has downgraded the stock to Neutral as compared to Buy earlier.

12:10pm: Indiabulls Housing Finance Ltd falls 1.4% toRs.656.10. The stock fell 13 out of 18 trading sessions.

12:00pm: BSE Sensex is up 110 points, or 0.43%, to 26,638.46, while the Nifty gains 36 points, or 0.45%, to 8,164.70.