Sensex gains most in 1 month; Nifty at 5200
The BSE benchmark ended above the key 17,000 mark on the back of a global rally in equities. The Sensex soared 304 points or 1.8 per cent, its biggest rally in over one month, while the broader Nifty index advanced 100 points to 5,199.80.
Markets ended near the day's high, signalling further bullishness ahead. Global cues helped sentiments today. Asian stocks closed higher and European markets also traded with strong gains.
Global stocks started rallying ever since the ECB president resolved to save the Eurozone last Thursday. Analysts also expect the US Federal Reserve to announce monetary easing action later this week after US GDP grew at 1.5 per cent in Q2, the weakest since the third quarter of 2011.
Domestically, the Reserve Bank will announce its monetary policy on Tuesday. Economists expect the central bank to hold rates because of high inflation.
"The markets are ending near the day's high and that's a significant indication. For the short term, I am not bearish on the markets even if the RBI doesn't do anything," Ashu Madan, COO of Religare Securities told NDTV Profit.
Markets ended near the day's high, signalling further bullishness ahead. Global cues helped sentiments today. Asian stocks closed higher and European markets also traded with strong gains.
Global stocks started rallying ever since the ECB president resolved to save the Eurozone last Thursday. Analysts also expect the US Federal Reserve to announce monetary easing action later this week after US GDP grew at 1.5 per cent in Q2, the weakest since the third quarter of 2011.
Domestically, the Reserve Bank will announce its monetary policy on Tuesday. Economists expect the central bank to hold rates because of high inflation.
"The markets are ending near the day's high and that's a significant indication. For the short term, I am not bearish on the markets even if the RBI doesn't do anything," Ashu Madan, COO of Religare Securities told NDTV Profit.
The Sensex gained 304 points to 17,144, while the Nifty advanced 100 points higher at 5,200.
Power, realty and capital goods shares were the top gainers, rising over 3 per cent. Banking stocks also rebounded sharply, gaining 2.7 per cent on the BSE.
On the Nifty index, infra major Jaiprakash Associates was the top gainer, rising 5.7 per cent. Reliance Infra gained 5.4 per cent. Oil and gas major Cairn India and infra lender IDFC were the other big gainers, rising 4-5 per cent.
Shares in state-run lenders like SBI rebounded after some PSU lenders like Oriental Bank of Commerce reported better than expected earnings today. Bank of Baroda met Street estimates. These lenders did not report a sharp rise in asset quality, like PNB and Central Bank did last Friday.
State Bank of India gained 4.7 per cent, while Bank of Baroda rose 3.5 per cent.
ICICI Bank, India's biggest private lender, was among the top Nifty gainers, rising 3.9 per cent. ICICI Bank had reported strong set of results for the June quarter on Friday. The restructured loans had also declined. Other private sector lenders like Axis Bank also saw strong gains.
"PSU banks have been disappointing. Private sector banks have been on a positive note on fee income and select credit growth. The commentary of ICICI Bank says they are here to maintain the net interest margin and growth in business. Private sector banks give confidence vis-a-vis PSU banks," Deven Choksey, MD of KR Choksey Securities told NDTV Profit.
On the Nifty, only 4 of the 50 stocks closed lower. Ambuja Cements was the top loser, down 1.3 per cent. IT major Wipro, which expects to grow at the lower end of analysts' expectations in the September quarter, shed 0.5 per cent. State run oil explorer ONGC and IT major HCL Tech also saw minor losses.
Among other stocks, SpiceJet soared 22 per cent, after the domestic carrier swung into profit after five straight quarterly losses. It was also the top traded stock on the BSE 500 index.
The market breadth continued to remain strong with nearly 80 per cent shares rising on the broader BSE 500 index.
Power, realty and capital goods shares were the top gainers, rising over 3 per cent. Banking stocks also rebounded sharply, gaining 2.7 per cent on the BSE.
On the Nifty index, infra major Jaiprakash Associates was the top gainer, rising 5.7 per cent. Reliance Infra gained 5.4 per cent. Oil and gas major Cairn India and infra lender IDFC were the other big gainers, rising 4-5 per cent.
Shares in state-run lenders like SBI rebounded after some PSU lenders like Oriental Bank of Commerce reported better than expected earnings today. Bank of Baroda met Street estimates. These lenders did not report a sharp rise in asset quality, like PNB and Central Bank did last Friday.
State Bank of India gained 4.7 per cent, while Bank of Baroda rose 3.5 per cent.
ICICI Bank, India's biggest private lender, was among the top Nifty gainers, rising 3.9 per cent. ICICI Bank had reported strong set of results for the June quarter on Friday. The restructured loans had also declined. Other private sector lenders like Axis Bank also saw strong gains.
"PSU banks have been disappointing. Private sector banks have been on a positive note on fee income and select credit growth. The commentary of ICICI Bank says they are here to maintain the net interest margin and growth in business. Private sector banks give confidence vis-a-vis PSU banks," Deven Choksey, MD of KR Choksey Securities told NDTV Profit.
On the Nifty, only 4 of the 50 stocks closed lower. Ambuja Cements was the top loser, down 1.3 per cent. IT major Wipro, which expects to grow at the lower end of analysts' expectations in the September quarter, shed 0.5 per cent. State run oil explorer ONGC and IT major HCL Tech also saw minor losses.
Among other stocks, SpiceJet soared 22 per cent, after the domestic carrier swung into profit after five straight quarterly losses. It was also the top traded stock on the BSE 500 index.
The market breadth continued to remain strong with nearly 80 per cent shares rising on the broader BSE 500 index.
SOURCE : http://profit.ndtv.com