Sensex ends with gains of 373.62 points to vault past 27K; Nifty above 8200; what experts said
The market swayed in indecision on Wednesday, slipping in and out of the green during large parts of the trading session, before the benchmark Sensex made up its mind to sweep past the 27000 levels, with closing gains of over 373 points.
The markets, smarting from the recent persistent batterings, rose more than 1 per cent on Wednesday in a volatile session, led by gains in financial stocks after soft inflation and industrial output data fuelled hopes of an interest rate cut by the RBI.
The BSE Sensex had surged over 400 points in early trade, but gave up entire gains and slipped in the red after global investment bank HSBC downgraded Indian equities to "underweight" from overweight earlier on earnings growth concerns.
The markets, after paring gains, were undecided and traded in a very narrow range, but as the session progressed, the Sensex notched incremental gains, in the hope that the RBI may be forced to cut rates sooner than later.
Investors initially also also appeared to fret over lingering worries vis-a-vis delay in passage of key land buy bill, and the retrospective capital gains tax demand on foreign portfolio investors.
Markets @ close
Sensex 27,251.10, up 373.62 points
Nifty 8,235.45, up 108.50 points
* Domestic investors should take advantage of the current weakness to buy equities: Deven Choksey
* Passage of GST, land bill crucial for confidence to return to markets, says Ambit Capital
* Latest corrections set the stage for a robust mkt in next 2-3 years, says Franklin Templeton
* Global monetary policy stance to be accommodative; see benign interest rates regime globally, says Nomura Capital India
* Cabinet approves 10% stake sale in IOC and 5% in NTPC: Govt source.
The Union Cabinet today approved proposals to divest its 5 per cent stake in state-owned NTPC BSE -2.76 % and 10 per cent in Indian Oil (IOC), which may fetch the government over Rs 13,000 crore at current market price.
"The Cabinet has approved 5 per cent disinvestment in NTPC and 10 per cent in Indian Oil Corporation (IOC)," a source said after the Cabinet meeting here.
Markets @ 15:08
Sensex - 27,255.0, up 378.0 points; Nifty - 8,242.2, up 115.2 points
Top Gainers
Axis Bank - (5.2%) GAIL - (3.1%) ICICI Bank - 2.6%
Top Losers
Hindalco - (-2.7%) NTPC - (-2.6%) Bharti Airtel - (-1.8%)
Markets @ 14:30
Sensex - 27,210.2, up 333.2 points; Nifty - 8,233.3, up 106.3 points
Top Gainers
Axis Bank - (5.4%) GAIL - (3.5%) M&M - (3.3%)
Top Losers
Hindalco - (-2.8%) NTPC - (-2.6%) Bharti Airtel - (-1.1%)
Markets @ 13:30
Sensex 27,200.23, up 322.75 points. Nifty 8,228.70, up 101.75 points
Top Gainers
Axis Bank - (4.8%) GAIL - (3.4%) M&M - (3.1%)
Top Losers
Hindalco - (-2.9%) NTPC - (-2.6%) Bharti Airtel - (-1.2%)
Markets @ 12:30
Sensex - 26,898.26, up 20.78. Nifty - 8,134.00, up 7.05 points
Top Gainers
GAIL (3.3%), Axis Bank (2.1%), M&M (1.9%)
Top Losers
NTPC - Rs 136.5, (-3.6%) Hindalco - Rs 133.1, (-3.2%) Bharti Airtel - Rs 384.0, (-1.9)
Markets @ 11:00 A.M.
Sensex - 26,812, down 64 points Nifty - 8125, down 28 points
Top Gainers
GAIL - Rs 377.7, 3.0% M&M - Rs 1,200.2, 2.0% Axis Bank - Rs 543.0, 1.9%
Top Losers
NTPC -Rs 134.7, (-4.8%) Hindalco- Rs 132.2, (-3.9%) Vedanta Ltd -Rs 215.0, (-1.6%)
Markets @ 10 A.M.
Sensex - 27,271.56, up 394.08 points Nifty - 8,252.00, up 125.05 points
Top Gainers
IDFC Ltd - Rs 159.3, 3.6% GAIL - Rs 379.7, 3.4% M&M -Rs 1,213.0, 3.0%
Top Losers
HINDALCO - Rs 134.1, (-2.5%) NTPC - Rs 139.0, (-1.9%) Vedanta Ltd - Rs 215.5, (-1.3%)
At 09:30 a.m; the 30-share index was at 27,195, up 317 points or 1.18 per cent. It touched a high of 27249.05 and a low of 26989.49 in trade today.
The Nifty was at 8217 up 91 points or 1.12 per cent. It touched a high of 8240.95 and a low of 8153.80 in trade today.
The S&P BSE Midcap Index was up 1.55 per cent and BSE S&P Smallcap Index edged higher by 0.98 per cent.
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