The News International Team
02:50pm Nifty races towards 8700
The 30-share BSE Sensex spiked 495.02 points or 1.75 percent to 28757.03 and the 50-share NSE Nifty jumped 139.85 points or 1.64 percent to 8690.55.
HDFC topped the buying list on the Sensex, up 6.5 percent followed by Sesa Sterlite and Tata Steel with 4.6 percent gains. ITC, SBI, HDFC Bank, Reliance Industries, Tata Motors, Axis Bank and Hindalco rallied 2-3.6 percent.
About 1533 shares have advanced, 1366 shares declined, and 300 shares are unchanged on the Bombay Stock Exchange.
02:45pm Tata Teleservices shares in demand
Norway-based Telenor is doing a due diligence of Tata Teleservices to acquire a majority stake in the company, reports Kritika Saxena of CNBC-TV18, quoting unnamed sources.
The sources said Telenor, which is into communications, media and IT, may look to merge its Indian subsidiary with Tata Teleservices.
Telenor CEO Fredrik Baksaas is expected to come down to India for negotiations, the sources said.
Telenor was unavailable for comment, and a Tata Sons spokesperson said the company did not comment on such matters.
Last month, the RBI had allowed Tata Sons to buy out NTT Docomo’s 26 percent in Tata Teleservices for USD 1.1 billion. The stock gained 7 percent.
02:30pm India looks promising?
A sharp plunge in oil prices is likely to transfer USD 1.5 trillion of wealth to consumers, bringing the US back as global growth engine while India is the most promising story among emerging markets, says a study. India may outsmart China in terms of growth rate in a few years, global analytics and information services major IHS said here on the first day of WEF annual meeting. Overall, the BRICS gap has widened as developed economies are taking the lead.
“With many of today’s economic trends reminiscent of the 1980s and 1990s, we are looking at a ‘Back to the Future’ scenario for the global economy,” IHS Chief Economist Nariman Behravesh said. “Once again the US is a locomotive of global growth, the dollar is resurgent and US oil production is set to be the highest in the world,” he said at the World Economic Forum in Davos, Switzerland. “Everyone right now is talking about the impact of the oil price plunge,” Behravesh said, reports PTI.
02:00pm Market Check
It is a crackling day on Dalal Street today as the frontline indices gained more than a percent higher led by banking & financials and metals stocks. Reliance Industries, ITC and Infosys too played supportive role.
The Sensex rallied 401.14 points or 1.42 percent to 28663.15 and the Nifty scored a century, up 111.70 points or 1.31 percent at 8662.40 while the broader markets lagged frontline indices, up half a percent.
About 1542 shares have advanced, 1306 shares declined, and 290 shares are unchanged on the Bombay Stock Exchange.
It’s a blue chip led rally today. HDFC contributed nearly 40 percent to the Nifty’s gain, up 6 percent. Shares of ITC and Reliance Industries gained 2.7 percent and 1.7 percent, respectively. State Bank of India, ICICI Bank and HDFC Bank climbed 1 percent each while rival Axis Bank jumped 3.4 percent. Tata Motors gained 1.7 percent.
Sesa Sterlite, Tata Steel and Hindalco Industries surged 3-4 percent whereas TCS, HUL, GAIL, Maruti Suzuki, Bajaj Auto and Hero Motocorp fell 0.5-2 percent.
Nandan Chakraborty of Axis Capital says all eyes are on the Budget. It’s extremely important for the fiscal math to be credible in the Budget, capex plays like EPC companies will give maximum delta, he adds.
Global markets are upbeat today. Asian markets like Japan close with 350-point gain while Shanghai rallied almost 2 percent after reporting Q4 GDP better-than-expected at 7.3 percent against forecast of 7.2 percent.
The rupee traded flat to marginally lower as the dollar strengthened overseas. The rupee slipped from a two-month high , currently at 61.77 against a close of 61.71 yesterday.