12:20 pm Nifty hits 7900:
The market extended rally in afternoon trade with the Sensex rising 254.42 points or 0.99 percent to 25960.35 and the Nifty climbing 72.40 points or 0.92 percent to 7901.50.
About 1227 shares have advanced, 1052 shares declined, and 115 shares are unchanged on the BSE.
12:10 pm Interview: Sanjay Agarwal, MD & CEO, Century Plyboard said second quarter of the fiscal is likely to be better than the first quarter but could not commit on 17 percent revenue growth for FY16.
Performance in Q1 of FY15 was exceptional but Q3 and Q4 were subdued so the company has now renewed its focus to catch up on growth going forward.
Price increases would likely happen around October 1, he said.
He said if the new product plant in Chennai was a success, they would look at putting up a similar plant in the North.
The capacity utilisation for FY15 stood at 80-85, he said.
12:00 pm Market Check
Benchmark indices extended rally in last half an hour of trade following further upside in Asian peers ahead of Federal Reserve’s two-day meet that will begin tonight. The BSE Sensex rose 210 points or 0.8 percent to 25916 and the Nifty climbed 56.95 points or 0.73 percent to 7886.05.
Axis Bank (2.5 percent), Hero Motocorp (2.5 percent), Bharti Airtel (2.2 percent) and Sun Pharma (2.2 percent) were top gainers in Nifty. However, losers were BHEL (down 0.8 percent), Larsen (down 0.6 percent) and HUL (down 0.5 percent).
In sectoral performance as reflected by the respective indices, healthcare (0.9 percent), bank (0.8 percent), metals (0.8 percent) and IT (0.7 percent) gained, while consumer durables (-0.9 percent) and capital goods (-0.4 percent) were under pressure.
Indiabulls Housing (down 4 percent), Container Corporation (-4 percent), Emami (-3 percent), Havells India (-3 percent) and UPL (-2 percent) were big losers in midcap space. Other notable laggards included GE Shipping (-2 percent), Motherson Sumi (-2 percent), Just Dial (-2 percent), Oil India (-2 percent) and Reliance Capital (-2 percent).
Gaining stocks outnumbered losers 1180:1025.
The rupee was quoting at 66.46 to the dollar, down 10 paise over its previous close. In other asset classes, gold was trading at USD 1105.4/ounce, up USD 0.10.
Among key Asian markets, Hong Kong’s Hang Seng was up 466 points or 2.2 percent at 21921, China’s Shanghai was up 80 points or 2.67 percent at 3085, and Singapore’s Straits Times was up 24 points at 2865. Japan’s Nikkei 225 closed at 18171, up 145 points over its previous close, Korea’s KOSPI closed at 1975, up 37 points or 2.0 percent, and Taiwan’s Taiwan Index closed at 8333, up 73 points.