The News International Team
02:50pm Banks gains strength
The strength in banking & financials, oil & gas, FMCG and auto stocks helped the Sensex rally 268.34 points or 0.98 percent to 27640.18 and the Nifty jump 82.70 points or 1.01 percent to 8307.90.
02:40pm Market Update
The market extended rally with the 30-share BSE Sensex rising 210.33 points to 27582.17 and the Nifty soaring 59.10 points to 8284.30.
About 1444 shares have advanced, 1345 shares declined, and 130 shares are unchanged.
02:30pm Jewellery and Tyre stocks
Jewellery stocks like TBZ, Titan Company, Gitanjali Gems, Shree Ganesh Jewellery, PC Jeweller and Thangamayil Jewellery gained 1-8 percent while tyre stocks like JK Tyre and Ceat fell 4-6 percent.
AK Gupta, CMD, Shipping Corporation of India (SCI) says the fall in Baltic Dry Index (BDI) over the past 30 days impacts both the company and the industry adversely.
The Baltic Dry Index, which tracks global freight rates for ships carrying dry-bulk commodities such as coal, iron ore and grains, has seen a fall of 32 percent. It fell from 1123 to 803 since start of December. The index basically is driven by Capesize vessels, which were unemployed for long a time due to excess supply of these vessels.
Capesize vessels are typically above 150,000 long tonne deadweight (DWT) transporting coal, ore, and other commodity raw materials.
The shipping industry on the whole is also not seeing much stability going forward and this fall in BDI has added to the woes, says Gupta.
However, there are some signs of firming up seen on the tanker side of the business because of fall in crude prices and with winter setting in.
02:00pm Market Check
Equity benchmarks gained strength in afternoon trade supported by FMCG, auto and HDFC twins. The Sensex jumped 125.44 points to 27497.28 and the Nifty rallied 36.55 points to 8261.75.
About 1384 shares have advanced, 1327 shares declined, and 128 shares are unchanged on the Bombay Stock Exchange.
Sanjeev Prasad of Kotak Institutional Equities says Indian equities are in a sweet spot. He expects fresh highs in the market before the Budget and advises buying interest rate sensitives and consumer durable stocks.
State-run NTPC, Coal India, GAIL and BHEL topped the buying list on Sensex, up 2.5-3 percent followed by M&M with 2 percent upside. ITC, HDFC, HDFC Bank, ONGC, HUL and Bharti Airtel climbed 1-1.5 percent while TCS, Infosys, ICICI Bank, L&T, Reliance Industries, Hindalco and Tata Steel declined 0.3-1 percent.
Meanwhile, the rupee traded flat against the dollar at 63.24 versus a close of 63.29 on Friday. Traders say month-end and quarter-end dollar demand will weight on rupee later in the session.
In global markets, European markets like CAC, DAX and FTSE gained 0.5-1 percent while Asian stocks closed mostly higher taking their cue from the Friday’s US market momentum and stability in crude prices.