Home / Business / Money / Sensex closes 390 pts up; BHEL, Hindalco surge 6-8%

Sensex closes 390 pts up; BHEL, Hindalco surge 6-8%


The News International Team

03:30pm Market Closing

Equity benchmarks staged smart recovery on Thursday after seeing a fall in previous three sessions. The Sensex climbed 390.49 points or 1.49 percent to 26637.28 and the Nifty rose 117.85 points or 1.50 percent to 7960.55 after the dovish cues from the Fed.

About 2022 shares have advanced, 926 shares declined, and 107 shares are unchanged.

BHEL, Hindalco Industries, SBI, Larsen and Toubro, ICICI Bank, Zee Entertainment, Ambuja Cements and ACC topped the buying list, up 2.4-8.4 percent while Wipro, NTPC, M&M, ITC, NMDC and BPCL were down 0.3-1 percent. Tech Mahindra lost 2.49 percent.

03:10pm Cox & Kings in News

Cox & Kings said the board of directors has approved raising of funds for an amount not exceeding Rs 1,200 crore through issuance of securities including equity shares or equity linked securities, including through a qualified institutions placement and/or issuance of equity shares through convertible bonds, depository receipts and/or any other instrument convertible or exchangeable into equity shares, and/or other securities with or without warrants, to eligible investors.

03:00pm Market Check

The Sensex climbed 408.69 points or 1.56 percent to 26655.48 and the Nifty rose 120.60 points or 1.54 percent to 7963.30.

About 2030 shares have advanced, 877 shares declined, and 113 shares are unchanged.

02:50pm Taneja Aerospace in Focus

Taneja Aerospace and Aviation (TAAL) said the board of directors today approved the scheme of arrangement between TAAL) and TAAL Enterprises (TEL, a wholly owned subsidiary of the company), where the charter business and investments in First Airways Inc. and TAAL Tech India Private Limited (subsidiaries of the company) would be demerged into TEL.

The appointed date of the scheme is October 01, 2014. The shareholding of TEL post demerger would be the same as TAAL.

Shareholders will get one share in TEL for every eight shares held in TAAL.

02:40pm Infosys Q2 expectations

India’s second largest software services exporter Infosys will kick off second quarter (July-September) earnings season on Friday. While the operating numbers will be closely watched, of more interest to the market will be the strategy of newly appointed CEO Vishal Sikka.

According to the average of estimates collated by CNBC-TV18, profit after tax is expected to increase 3.43 percent sequentially to Rs 2,985 crore from Rs 2,886 crore.

Rupee revenue may grow 4.2 percent quarter-on-quarter to Rs 13,307 crore and dollar revenue is seen rising 2.9 percent to USD 2,195 million as against 2 percent growth in previous quarter.

02:20pm Global markets

World stock markets roared their approval of reassurances the US Federal Reserve will not rush into raising interest rates, with risk appetite flooding back into almost every asset class.

The dollar jolted lower, while oil and commodity prices rose. Bond yields in large parts of Europe, which have plunged during years of cheap funding from the Fed and the world’s other major central banks, hit new record lows.

Minutes of the Fed’s September 16-17 meeting published late on Wednesday showed officials were wary about the dual threats of a stronger dollar and recent wobbles in the world economy as they seek an eventual exit from record low rates.

There were big gains on Wall Street and for Asia stocks, and European shares duly followed suit as Britain’s FTSE 100, Germany’s DAX and France’s CAC 40 rose 0.7, 1.2 and 0.8 percent respectively in early trading, reports Reuters.

02:00pm Market Check

Equity benchmarks maintained strong momentum with the Sensex rising 393.79 points or 1.50 percent to 26640.58 and the Nifty climbing 113.80 points or 1.45 percent to 7956.50 while the BSE Midcap and Smallcap indices jumped 1.8 percent and 1.6 percent, respectively.

About 1965 shares have advanced, 856 shares declined, and 103 shares are unchanged on the Bombay Stock Exchange.

Shares of ICICI Bank, HDFC, HDFC Bank, L&T, Reliance Industries, Axis Bank, Maruti Suzuki and Tata Power rallied 2-3 percent while PSU lender State Bank of India was up 3.5 percent.

Hindalco Industries surged over 5 percent, reacting to Alcoa’s Q3 numbers which beat estimates while BHEL spike 8 percent after the company bagged an EPC order worth Rs 7,800 crore from Tamil Nadu Generation & Distribution Corporation.

However, ITC, Wipro and NTPC lost ground, down 0.3-1 percent.

In the midcap space, Amtek India, Monsanto India, United Bank, Den Networks and Federal Bank rose 7-15 percent whereas Trinity Trade, Mindtree, Pfizer, Risa International and Responsive Industries slipped 1-5 percent.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...