The market remained strong in morning trade, rising over a percent led by short covering in banking & financials, FMCG, health care, select auto and oil stocks. The Sensex climbed 284.54 points to 27295.85 and the Nifty jumped 79.45 points to 8260.95. Nearly four shares advanced for every share declining on the Bombay Stock Exchange. The BSE Midcap and Smallcap indices gained 0.5 percent and 1.2 percent, respectively. ONGC and Oil India gained 3.5-4 percent after finance ministry official said the government will bear entire fuel subsidy from now and upstream oil companies will not have to share fuel subsidies anymore. They see fuel subsidy for entire fiscal at Rs 40,000 crore.
All the sectoral indices are trading in the green this morning, with the auto, metal and pharma indices seeing the most action.
The auto sector is in the limelight in early trades post the release of auto sale numbers. Maruti Suzuki has zoomed by 2.5% at Rs 3,826 to lead the gainer's list on the BSE after its domestic sales increased by 27.3% during the month to 1,00,709 units. M&M has jumped by 2% at Rs 1,168 and Tata Motors has edged higher by 0.7% at Rs 512.
In the metal space, Hindalco, NMDC, Vedanta and Jindal Steel have added between 1% and 2% each.
In the pharma space, Dr Reddy's, Divi's Lab and Wockhardt have added 1-2% each.
The Aditya Birla group stocks are in the focus after the Kumar Mangalam Birla-controlled group on Sunday announced a plan to merge its Aditya Birla Nuvo Ltd (ABNL)-operated fashion retailing business with Pantaloons Fashion & Retail. This will create India’s largest branded apparel player, valued at Rs 12,000 crore. Aditya Birla Nuvo has strengthened by 6.7% at Rs 1677 and Pantaloons Fashion & Retail has hit the upper circuit of 20% at Rs 136.
Infrastructure finance company IDFC has added 0.3% at Rs 168 after reporting a 48.17% jump in consolidated net profit at Rs 382.21 crore for the fourth quarter ended March 31, 2015.
The market breadth is strong. Out of 1,243 stocks traded on the BSE, there are 975 advancing stocks as against 227 declines.
All the sectoral indices are trading in the green this morning, with the auto, metal and pharma indices seeing the most action.
The auto sector is in the limelight in early trades post the release of auto sale numbers. Maruti Suzuki has zoomed by 2.5% at Rs 3,826 to lead the gainer's list on the BSE after its domestic sales increased by 27.3% during the month to 1,00,709 units. M&M has jumped by 2% at Rs 1,168 and Tata Motors has edged higher by 0.7% at Rs 512.
In the metal space, Hindalco, NMDC, Vedanta and Jindal Steel have added between 1% and 2% each.
In the pharma space, Dr Reddy's, Divi's Lab and Wockhardt have added 1-2% each.
The Aditya Birla group stocks are in the focus after the Kumar Mangalam Birla-controlled group on Sunday announced a plan to merge its Aditya Birla Nuvo Ltd (ABNL)-operated fashion retailing business with Pantaloons Fashion & Retail. This will create India’s largest branded apparel player, valued at Rs 12,000 crore. Aditya Birla Nuvo has strengthened by 6.7% at Rs 1677 and Pantaloons Fashion & Retail has hit the upper circuit of 20% at Rs 136.
Infrastructure finance company IDFC has added 0.3% at Rs 168 after reporting a 48.17% jump in consolidated net profit at Rs 382.21 crore for the fourth quarter ended March 31, 2015.
The market breadth is strong. Out of 1,243 stocks traded on the BSE, there are 975 advancing stocks as against 227 declines.
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