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Sensex surges over 600 points; Nifty tops 8,450

Benchmark indices have extended gains, rallied by the surprise rate-cut by RBI, and have touched fresh intra-day highs boosted by the strong buying in financials, auto and index heavyweight stocks among others.  
At 11:48AM, the 30-share Sensex was up 607 points at 27,954 and the 50-share Nifty was up 181 points at 8,459.
Earlier, the Sensex touched an intra-day high of 27,984 and the Nifty surged to an intra-day high of 8,468.
In the broader market, both the BSE Midcap and Smallcap indices have under-performed than the front-liners with gains of 1.2% each.  Market breadth in BSE is positive with 1,578 advances against 847 declines.  
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 69.74 crore on Wednesday, as per provisional stock exchange data.
Buzzing Stocks
All the 12 sectoral indices of BSE are in green. BSE Realty index has surged over 6% and is the top gainer followed by BSE Bankex, up 3.2%, BSE Capital Goods index, up 2.2%, BSE Power index, up 1.8%, BSE Auto index, up 1.6% and BSE Metal and Oil & Gas indices which have gained over 1%.
Rate-sensitive stocks have rallied in today’s session boosted by the surprise early morning cut of 25 basis points in repo rate by the Central Bank for the first time since May, 2013. Financials have benefitted the most with mortgage lender HDFC and India’s largest private sector bank  ICICI Bank emerging as the top gainers in Sensex with over 4% of gains followed by Public-sector lender SBI which has gained around 4%.  Axis Bank and HDFC Bank have gained around 2.5% each.
Auto stocks too are trading firm with M&M emerging as the top gainer with over 3% of gains followed by Maruti Suzuki, 1.7%, Hero Motocorp, up 1.2%, Tata Motors up over 1% and Bajaj Auto, up 0.7%.
According to media reports, Tata Motors has set its eyes on the small car market and is going to launch its small car model ‘Bolt’ in 100 cities simultaneously. The company has also spruced up 200 new showrooms and added 1276 sales representatives, media reports suggest.
Capital Goods stocks are trading higher. L&T has gained over 2% and BHEL is up 1.3% after bagging an Rs 1,202 crore order for 370 MW gas-based combined cycle power project.
Among index heavyweights, RIL has gained over 2%, ITC is up 1.6% and Infosys is marginally up by 0.2%.  According to media reports, ITC is planning to set up a biscuits and confectionary manufacturing plant in Odisha with an investment of around Rs 440 crore.
Bharti Airtel has gained over 1%. Media reports suggest that Airtel may have to cough up around Rs 436 crore for merging Airtel Broadband Services which holds the 4G serivces enabling spectrum in Delhi, Mumbai, Kerala and Haryana with itself. Airtel Broadband Services was founded by US company Qualcomm under the name Wireless Business Services Private Limited was acquired by Bharti Airtel in 2013.
Coal India has gained over 1%. According to media reports, CIL is in talks with Australian companies to access the technologies necessary for mining the coal trapped in loss-making mines.
Among other shares, PC Jeweller rallied 6% after the company said the government has designated the company as nominated agency for direct import of precious metals to be used for domestic business.


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