Sensex jumps 400 pts, Nifty eyes 7850; ICICI, M&M soar 4-5%

The market extended rally in morning with the Sensex climbing 400 points and the Nifty eyeing 7850 level. All sectoral indices continued to be positive, tracking good monsoon forecast, better-than-expected CPI & IIP data and positive global cues.

The 30-share BSE Sensex rallied 398.43 points or 1.58 percent to 25544.02. The 50-share NSE Nifty rose 121.45 points or 1.58 percent to 7830.40 that recovered 1000 points from February low of 6825.

The broader markets also participated in rally with the BSE Midcap and Smallcap indices rising more than 1 percent. About four shares advanced for every share declining on Bombay Stock Exchange.

ICICI Bank and Mahindra & Mahindra were top contributors to Sensex's rally, up 4-5 percent followed by HDFC, ITC, HDFC Bank, Tata Motors, L&T, SBI, Wipro, Bharti and Maruti Suzuki with 1-3.6 percent.

BUZZING : -Wipro shares gained more than 4 percent intraday ahead of board meeting for discussion of buyback proposal next week.

Analysts expect the buyback of shares to be around 2.5 percent of total paid-up equity.
As of March 31, 2015, Wipro had shareholders equity of Rs 37,092 crore and cash on books of Rs 16,619 crore. Its current market capitalisation is more than Rs 1.4 lakh crore. On April 20, the company will also announce its audited standalone financial results under Indian GAAP and consolidated financial results under IFRS for the fourth quarter and the year ending March 31, 2016.

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