3:00 pm Market Update 2:45 pm Buzzing:
3:00 pm Market Update: Equity benchmarks extended rally in late trade with the Sensex rallying 308.80 points or 1.21 percent to 25803.17 and the Nifty rising 91.55 points or 1.18 percent to 7842.45.
2:45 pm Buzzing:Investors queued up for buying shares of Deccan Gold Mines on Thursday as the subsidiary will start drilling operations at its Karnataka blocks. The stock is locked at 10 percent upper circuit at Rs 32.65 on the BSE (at 14:29 hours IST) and there are pending buy orders of 285,377 shares, with no sellers available.
“Subsidiary Deccan Exploration Services (DESPL) plans to commence core and RC drilling at Ganajur-Karajgi PL and Mangalagatti PL blocks in Karnataka by third week of December 2015,” says the company in its filing to exchange.
DESPL has entered into an agreement with South West Pinnacle Exploration for drilling services. It has proposed to undertake drilling program in a phased manner including 5000-7000 meters in phase-I.
2:25 pm Rupee check: Traders suspect The Reserve Bank of India (RBI) bought bonds and actively intervened in the rupee to support sentiment ahead of the US Federal Reserve’s decision to raise interest rates, several market participants told Reuters.
The RBI was estimated to have sold USD 500 million to USD 1 billion today to prop up the rupee in the lead-up to the Fed meeting.
Traders also cited active buying of bonds in secondary markets over the previous few days. The suspected intervention was seen as unusual given that the rupee had already been trading stronger today, tracking gains in local shares, while bonds had also been gaining.
2:15 pm Market Expert: Vibhav Kapoor of IL&FS says with the Fed hiking rates, one big expected market mover event is now out of the way and the hike is done with atleast for the time being. He expects the next hike to take place in March.
On the domestic front, Kapoor says the Nifty will bottom out around levels of 7300-7500, adding that he doesn’t expect the current midcap to continue outperforming.
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2:00 pm Market Check
Equity benchmarks gained momentum again in afternoon trade, getting support from index heavyweights Reliance Industries and HDFC twins. A 2 percent rally in European markets following first interest rate hike by the US Federal Reserve in almost a decade also supported Indian equities.
The 30-share BSE Sensex rallied 196.60 points or 0.77 percent to 25690.97 and the 50-share NSE Nifty rose 64.30 points or 0.83 percent to 7815.20. The market breadth was strong as nearly 4 shares advanced for every share declining on the National Stock Exchange.
Reliance Industries, HDFC Bank, HDFC, Infosys, SBI, Sun Pharma, L&T, Bajaj Auto, Hindalco and Hero Motocorp rose 1-2 percent. Tata Steel was up 3.4 percent. ONGC, Axis Bank and Lupin were only losers.