The S&P BSE Sensex pared some gains to trade 100 points higher after surging over 200 points in opening trade on Tuesday. The 50-share Nifty index was testing its crucial psychological level of 8,150.
Dr. Reddy’s Lab was the top gainer on the BSE benchmark, up 2.15 per cent followed by Tata Motors and Coal India that were up by 2 per cent each. The shares of Gujarat NRE surged over 19 per cent while that of Metalyst Forgings gained 5 per cent.
The S&P BSE midcap index gained 0.4 per cent while the BSE small cap index was up by 0.8 per cent. Among the sectoral indices, the BSE Healthcare index was the top gainer, up by 1.55 per cent. Jubilant Lifesciences and Orchid Chemicals contributed most to the gains on the index.
The sentiment on the Street was positive with seven of the ten BSE stocks trading with gains. Continuing the rally for the sixth straight session, the rupee inched up by 1 paise to 65.27 against the US dollar in Tuesday’s trade amid hopes that the US Federeal Reserve (Fed) would find it difficult to hike interest rate at least in 2015, following a less-than-expected jobs data released last week.
The domestic currency had settled at 65.28 on Monday. This was the highest close for the local unit since August 19. Most Asian markets traded with gains. Japan’s Nikkei was trading higher by 1.25 per cent while the South Korean Kospi was up by 0.62 per cent. Hong Kong’s Hang Seng index was trading with mild gains. Chinese market remain close for the day on account of public holiday.
Markets @ 10:00
Sensex: 26876.18, up 90 points; Nifty: 8138.35, up 19 points
DR. REDDYS LAB (2.7%), COAL INDIA (2.2%), TATA MOTORS (2.1%), ONGC (2.0%), GAIL (1.9%)
BHEL (1.2%), HDFC BANK (0.8%), BAJAJ AUTOBSE -0.40 % (0.4%), MARUTI SUZUKI (0.4%), HDFC (0.4%)
Gujarat NRE surged over 19 per cent in intraday trade.
Hindustan Copper gained over 5 per cent in intraday trade.
HMT surged over 11 per cent in intraday trade.
Indiabulls Real Estate climbed about 5 per cent in intraday trade.
Rajesh Exports was up about 5 per cent intraday trade.
Dr. Reddy’s Lab climbed about 3 per cent in intraday trade.
Jubilant Lifesciences gained over 5 per cent in intraday trade.
WHAT TOP EXPERTS ARE SAYING:
Likely to see continued rally in EMs as conditions favourable now: Mark Matthews
Upgrade NTPCBSE 0.08 % to ‘Outperform’ from ‘Neutral’; raises target to Rs 160 from Rs 140: Credit Suisse
Maintain Buy on DLF; set target of Rs 372: Citi
Here is a list of fourteen stocks that are in focus today:
Sun Pharma: Ranbaxy Pharmaceuticals Inc., a unit of Sun Pharmaceutical Industries Ltd, has settled a patent litigation with Actavis over the generic version of Absorica, a drug used to treat acne.
HDFC: HDFC, country’s largest commercial refinance lender, cut benchmark lending rate on housing loans by 0.25 per cent to 9.65 per cent, a move which will lower the EMI for borrowers.
Indian Overseas Bank: IOB on Monday informed stock exchanges that the Reserve Bank of India (RBI) had initiated a “Prompt Corrective Action” on the lender to improve internal controls and consolidate its business activities.
Gujarat NRE Coke Ltd: The company on Monday said its board has approved a plan to sell its 62 windmills in Gujarat for about Rs. 218.75 crore, subject to satisfactory due diligence.
Canara Bank: The bank reduced its benchmark lending rates by up to 0.25 per cent, making home and auto loans cheaper. “The Board of the bank has approved reduction in the base rate by 25 bps from 9.90 per cent to 9.65 per cent for loans/advances, effective from October 7, the bank said.
Tech Mahindra Ltd: Bombardier Commercial Aircraft and Tech Mahindra on Monday announced that they have signed an agreement under which the latter will develop the Aircraft Ground Support System (AGSS) for Bombardier’s Aircraft Health Management System (AHMS) for the C Series family of aircraft.
Edelweiss Financial Services Ltd: Domestic investment bank Edelweiss Financial Services is raising Rs 500 crore from domestic institutions, high networth individuals and family houses for a fresh fund to invest in mid and large-cap stocks.
Jubilant FoodWorks Ltd: Copthall Mauritius Investment offloaded 3.78 lakh shares worth over Rs 63.50 crore in Jubilant FoodWorks in an open market transaction.
Tata SteelBSE 0.24 % Ltd: Tata Steel said it will review its agreement with the Alberta-based New Millennium Iron Corporation (NML) on developing iron ore sites in Canada.
Bank of Baroda: India’s second largest lender Bank of Baroda is investigating a bill discounting fraud running into Rs 350 crore.
Bajaj Auto Ltd: The two-wheeler maker reported 3.76 per cent decline in total sales in September at 3,84,400 units as against 3,99,450 units in the same month last year.
Wockhardt Ltd: Drug firm Wockhardt today said the UK health regulator MHRA has completed inspection of its plant at Chikalthana in Maharashtra without issuing any critical observations on the facility.
Bharti AirtelBSE 0.63 % Ltd: Apple is roping in top telcos Bharti Airtel and Vodafone India as vendor partners and pulling out all stops to make its iPhone 6s launch in India a blockbuster that will build on record sales of 1.7 million units in its last financial year in the world’s fastest-growing smartphone market.
MARKETS THROUGH THE DAY:
Markets @ 9: 20
The 30-share index pared some of the morning gains but was still trading at 26,907.91, up 122 points or 0.46 per cent. It touched a high of 27,010.27 and a low of 26,893.56 in morning trade.
The Nifty was at 8,145, up 21 points or 0.27 per cent. It touched a high of 8,180.95 and a low of 8,139.40 in the first 30 minutes of trade.
The S&P BSE Midcap Index was up 0.32 per cent and BSE S&P Smallcap Index edged higher by 0.50 per cent.
Tata Motors (up 2.4 per cent), Dr Reddy’s Laboratories (up 1.9 per cent), NTPC (up 1.3 per cent), and Sun Pharma (up 1.09 per cent) were among the major Sensex gainers.
Bajaj Auto (down 0.7 per cent), BHEL (down 0.42 per cent), and Maruti Suzuki (down 0.38 per cent), were among the major Sensex losers.