Live Stock Market Updates - Sensex rallies over 500 points; Nifty reclaims 7900
The BSE Mid-cap Index is trading up 0.92% at 11,071, whereas BSE Small-cap Index is trading up 0.92% at 10,951. Out of 1,809 stocks traded on the NSE, 392 declined, 1,117 advanced and 300 remained unchanged today.
he Indian equity market extended its gains for the second straight day on firm global cues.
At 2:57 PM, the S&P BSE Sensex is trading at 25,893 up 588 points, while NSE Nifty is trading at 7,886 up 137 points.
The BSE Mid-cap Index is trading up 0.92% at 11,074, whereas BSE Small-cap Index is trading up 0.96% at 10,956.
ICICI Bank, HDFC, Maruti Suzuki, SBI, Tata Motors, Axis Bank and TCS are among the gainers, whereas Cipla, Coal India, GSFC, Amara Raja Battery, Bajaj Finance and Redington India are losing sheen on BSE.
Some buying activity is seen in banking, realty, IT, industrial, oil and gas, auto, utilities and telecom sectors, while consumer durables sector is showing weakness on BSE.
The INDIA VIX is down 3.88% at 15.5900. Out of 1,093 stocks traded on the NSE, 432 declined, 1,117 advanced and 285 remained unchanged today.
A total of 24 stocks registered a fresh 52-week high in trades today, while 30 stocks touched a new 52-week low on the NSE.
The Indian rupee opened higher by 12 paise at 67.63/$ against US Dollar on Wednesday as against the previous close of 67.75/$. The rupee opened higher on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
Skymet has revised higher its forecast for the 2016 southwest monsoon to 109% of the long period average (LPA) from 105% of LPA predicted earlier.
L&T, Tata Steel earnings will be in focus. Asian markets are trading higher. Japan's Nikkei 225 was up 1.77%, with shares receiving an additional boost from a relatively weaker yen against the dollar. Shanghai composite up by 0.33%. Oil prices advanced on Wednesday, with global benchmark Brent futures up 1.15% to $49.17.
Larsen & Toubro rallied 1.7% to Rs.1,262.50 on BSE. The company will announce its Q4 results today. IIFL estimates the company’s net profit to plummet to Rs.1,800 crore, at a rate of 13% yoy; however, the same is likely to rise 73.9% qoq.
Bajaj Auto gained 1% to Rs.2406 on BSE. The auto company will announced its Q4 results today. As per IIFL’s forecast, the company is expected to register a net revenue of Rs.5,189 crore, a rise of 9.5% yoy, but a drop 6.8% on qoq basis. Operating profit margin of the company is likely to be at 20.7%, growing at 314 bps yoy while declining by 34 bps qoq.
Asahi Songwon Colors zoomed 11.5% to Rs.150.75 after the company posted net profit for the March quarter rose 49.2% to Rs.6.38 crore as compared to Rs.4.27 crore a year ago.
Ahluwalia Contracts India Ltd rallied 2.6% to Rs.278.60. The company said its net profit for the March quarter rose 53.2% to Rs.267.05 crore as compared to Rs.174.31 crore a year ago.
Ruchi Soya Industries cracked 15% to Rs.18.80 on BSE. SEBI has banned Ruchi Soya Industries and National Steel and Agro Industries from the commodities and stock markets for their role in manipulating futures trading in castor seeds on NCDEX in January this year.
Ricoh India hit 5% lower circuit at Rs.243.20 on BSE after the company is under the scanner of Sebi for the alleged inconsistencies in financial transactions recorded in the company's book of accounts, as per media reports.
Tech Mahindra jumped 9.5% to Rs.525.45 on BSE. The company reported consolidated net profit of Rs. 897.08 crore for the quarter ended March 31, 2016, registering growth of 18.15% qoq and 90.06% yoy. The company’s revenue stood at Rs. 6,883.73 crore, clocking growth of 2.72% qoq and 12.54% yoy.
Linc Pen & Plastics climbed 10% to Rs.206.40 on BSE. The company reported a consolidated net profit of Rs.6.3 crore, against Rs.3.8 crore in the same period last year. Total Income in the same period rose 13.3% to Rs.105 crore from Rs.92.6 crore in the year ago period.
Gujarat State Fertilizers and Chemicals stock was lower by 8% at Rs. 73. The company reported a 49.50% drop in its net profit at Rs.32.57 crore for the quarter ended March 31, due to higher expenses.
Zee Media Corporation Ltd stock was higher by 16% at Rs.21. The company posted a consolidated net profit of Rs.18.26 crore for the fourth quarter that ended on March 31, 2016.
Cipla stock was lower by 4% at Rs. 476. The company has posted a net profit after minority interest and share of profit of associates of Rs. 808.70 million for the quarter ended March 31, 2016 whereas the same was at Rs. 2596.60 million for the quarter ended March 31, 2015.
Bharti Airtel gained 1.2% to Rs.349.25 on BSE. The telecom company has entered into a definitive agreement to acquire 1800 MHz spectrum from Videocon Telecom for Rs.4,428 crore.