Benchmark indices have extended gains and are trading near day’s high led by strong rally among metal, auto and financial shares. The Sensex is up 354.00 points or 1.3 percent at 27459.39, and the Nifty is up 112.30 points or 1.4 percent at 8303.80. About 1548 shares have advanced, 657 shares declined, and 136 shares are unchanged. Vedanta is up over 4 percent while SBI and Hindalco gain 4 percent. Hero and HDFC are other top gainers in the Sensex. HUL is still down 2 percent.
SBI is up 4 percent while Vedanta, Hindalco, Hero and Coal India re top gainers in the Sensex. Among the losers are HUL, Reliance, HDFC Bank and Wipro. Bank of Baroda is up 9 percent after its gross non-performing asset (NPAs) improved to 3.7 percent in March quarter. Its net profit fell to Rs 598 crore on a yearly basis while net interest income was at Rs 3171 crore in Q4 FY15.
Asian shares rose on Monday as investors cheered China's latest cut to interest rates to bolster its flagging economy and after Wall Street rallied on a robust headline reading for U.S. employment.
BSE Metal index has surged by 2.5% followed by counters such as Auto, Healthcare, Banks, Realty, Capital Goods, IT, Oil & Gas, Power and TECk, all gaining 1-2% each. Apart from Consumer Durables, all the major BSE sectoral indices are trading in positive zone.
The main gainers on the Sensex are Vedanta, Hindalco, Tata Steel, Hero Moto, Coal India, Cipla, ICICI Bank and HDFC.
Metal and mining stocks gained after China cut interest rates for the third time in six months on Sunday, 10 May 2015 to stimulate growth. China is the world's largest consumer of steel, copper and aluminum.
Morgage lender Housing Development Finance Corporation (HDFC) has emerged as the only Indian company among the world's 10 biggest consumer financial services firms, after giants like American Express, Visa and Mastercard.
Shares of Siyaram Silk Mills have moved higher by 10% to Rs 1,050 on the NSE after reporting a strong 59% year-on-year jump in net profit at Rs 32.14 crore for the fourth quarter ended March 2015 (Q4).
Shares of Nucleus Software Exports have surged 19% to Rs 265, extending Friday’s 13% rally on the BSE, after the information technology (IT) company reported a strong 63% quarter-on-quarter growth in operating profit at Rs 24.75 crore for the fourth quarter ended March 2015 (Q4).
Shares of Federal Bank were trading higher by 3% at Rs 135 in early morning trades on the NSE after the private sector lender announced a bonus issue plan.
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