The Sensex is up 309.19 points or 1.1 percent at 27186.67 and the Nifty is up 99.70 points or 1.2 percent at 8226.65. About 1477 shares have advanced, 1005 shares declined, and 165 shares are unchanged. Axis Bank and GAIL are up 4 percent while M&M, SBI and ICICI Bank are top gainers in the Sensex. Among the losers are NTPC, Hindalco, Bharti Airtel, Vedanta and HUL.Firm buying is in bank, auto and capital goods shares. Bank Nifty is up over 200 points. GAIL is up 4 percent while Axis Bank, M&M, ICICI and SBI are top gainers in the Sensex. Among the losers are Hindalco, Bharti Airtel, Bajaj Auto and HUL. Shares of NTPC and Indian Oil are under selling pressure as Union Cabinet has approved proposals to divest its stake in both the companies. Eight companies including Bharti Infratel, Eicher Motors, Lupin and Bharat Forge will be added to MSCI India Index, while Reliance Infrastructure is being removed. There are, at present, 64 stocks in MSCI India index, including Infosys, HDFC, TCS, RIL, Sun Pharma and ITC. The other companies being added to the index include Container Corp of India, Marico, Shree Cement and UPL. All the changes would come into effect from May 29.
L&T and BHEL have gained up to 1%. Media reports suggest that L&T and Hyundai Heavy Industries have signed a Memorandum of Understanding to enable participation in expected GAIL tender for LNG carrier.
Shares of Hindalco have dropped over 3% after the quarterly earning of its subsidiary Novelis missed expectations. Vedanta is down 1.5%.
RIL is trading lower by 0.8%. Reliance Jio Infocom, a subsidiary of RIL has raised a $750 million loan backed by Korea Trade Insurance Corporation on May 7, 2015 which is guaranteed by RIL.
Among auto stocks, M&M has gained nearly 2% on reports of the carmaker's plans to launch a new variant of its sports utility vehicle XUV500. Hero Motocorp has gained 1.5% while Tata Motors and Maruti Suzuki have dropped nearly 0.5% each. Maruti Suzuki has produced a cumulative 1.5 crore units in the three decades it has been selling cars in India.
RIL is trading lower by 0.8%. Reliance Jio Infocom, a subsidiary of RIL has raised a $750 million loan backed by Korea Trade Insurance Corporation on May 7, 2015 which is guaranteed by RIL.
Among auto stocks, M&M has gained nearly 2% on reports of the carmaker's plans to launch a new variant of its sports utility vehicle XUV500. Hero Motocorp has gained 1.5% while Tata Motors and Maruti Suzuki have dropped nearly 0.5% each. Maruti Suzuki has produced a cumulative 1.5 crore units in the three decades it has been selling cars in India.
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