The News International Team
01:30pm Market Update: The market moved up further following rally in global peers. The Sensex surged 363.11 points or 1.32 percent to 27821.75 and the Nifty rose 104.15 points or 1.25 percent to 8445.55.
About 1848 shares have advanced, 703 shares declined, and 140 shares are unchanged on the BSE.
01:20pm Crompton in News: Avantha Group company Crompton Greaves has bagged an order worth Rs 115 crore from central transmission utility Power Grid Corporation for supply of power equipment.
“The scope of this Rs 115 crore contract from Power Grid, to be executed in 20 months, include design, engineering, manufacture, shop testing, supply, erection testing and commissioning at site, and other associated civil works,” Avantha Group said in a statement.
These reactors will be installed at Power Grid’s Vemagiri and Srikakulam sub-stations in Andhra Pradesh.
01:00pm Market Check
It is a strong day of trade on Dalal Street as the equity benchmarks gained more than a percent led by telecom and FMCG stocks.
“Downside risks to the market are limited to 3-4 percent from here, while we forecast 15 percent upside potential for the Nifty to 9,600 from 9,940 earlier,” says Rakesh Arora, Macquarie.
The Sensex gained 324.40 points at 27783.04 and the Nifty surged 88.80 points to 8430.20. Advancing shares outnumbered declining ones by a ratio of 1807 to 697 on the Bombay Stock Exchange.
Telecom stocks like Idea and Bharti Airtel spiked more than 4 percent each. Bank of America Merril Lynch upgraded Idea to a buy with a revised target of Rs 205. MD and CEO Himanshu Kapania of Idea told CNBC-TV18 that a significant jump in debt will be balanced by cash flows.
Shares of ITC, HDFC, Larsen & Toubro, ONGC, Axis Bank and Coal India continued to lead the market higher. However, Reliance Industries, Tata Motors, Hindalco and Tata Power remained under pressure.
The Indian rupee fell 22 paise to 62.63 a dollar in afternoon trade.