Sensex Surges 470 Points Led By Banks, Recoups Friday’s Losses
Indian equity benchmarks rebounded from Friday's losses led by HDFC twins, ICICI Bank and State Bank of India.
The S&P BSE Sensex rose 1.4 percent or 470 points to 33,066 and the NSE Nifty 50 index surged 1.3 percent or 133 points to 10,131.
Today’s recovery was led by short covering rally and these kinds of rallies are an opportunity to reduce positions.AK Prabhakar, head of research, IDBI Capital
Sixteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Bankex index's 2.3 percent surge. On the flipside, the S&P BSE Information Technology index was the top sectoral loser, down 0.68 percent.
Mid- and small-cap shares also ended higher. The S&P BSE MidCap index advanced 1.2 percent and the S&P BSE SmallCap index gained 0.7 percent.
Block Deal Alert
- Carborundum Universal has 20 lakh shares change hands in a block on BSE. Stock up 0.15 percent at Rs 337.50.
Buyers and sellers were not immediately known
Fab Four Stocks of The Day
- Cadila Healthcare: The Ahmedabad-based drug maker rose as much as 5.3 percent to Rs 390 after it received final approval from the U.S. drug regulator for Metoprlol Succinate extended release tablets used in treatment of heart failure, high blood pressure and chest pain. Meanwhile, CLSA has upgraded the stock to ‘Buy’ from ‘Underperform’ and raised its target price to Rs 450 from Rs 440.
- MMTC: The Delhi-based government-owned trading corporation rose as much as 10 percent after Commerce and Industry Minister Suresh Prabhu said that merger of STC and MMTC is on cards and the matter is under process, news agency Press trust of India reported.
- Adani Enterprises: The Gujarat-based coal mining, cargo handling and power generation company rose as much as 3 percent, the most since March 21, to Rs 157 after its subsidiary Talabira Mining signed a coal mining pact with NLC India. The project is expected to generate revenue of Rs 12,200 crore, Adani Enterprises said in an exchange filing.
- Jubilant FoodWorks: The Noida-based operator of Domino's Pizza and Dunkin' Donuts rose for sixth straight day. The stock in today's trade gained as much as 3.14 percent to hit record high of Rs 2,348 amid heavy volumes. Trading volume was 2.5 times its 20-day average for this time of the day.
Media Stocks See Buying Interest In Last Hour Of Trade
Shares of media companies were witnessing good buying interest in the last hour of trade. Gauge of media stocks on the National Stock Exchange — Nifty Media index rose 3.4 percent led by Den Networks, Network 18 Media and Hathway Cable and Datacom.
- Indian equity benchmarks staged a sharp upmove led by strong gains in banking shares.
- The S&P BSE Sensex rose 0.9 percent or 311 points to 32,906 and the NSE Nifty 50 index gained 0.7 percent or 76 points to 10,074.
- All sector gauges barring the Nifty IT index were trading higher led by the Nifty PSU Bank index's 3.7 percent surge. Meanwhile, the Nifty Bank index also rose 1.6 percent.
Top Sensex gainers
- Yes Bank up 4 percent
- State Bank of India up 3.9 percent
- Mahindra & Mahindra up 2.1 percent
- HDFC up 2 percent
- Hindustan Unilever up 1.6 percent
Top Sensex losers
- Wipro down 4 percent
- Infosys down 1.1 percent
- Tata Motors DVR down 0.7 percent
- Tata Motors down 107 percent
- TCS down 0.2 percent