Sensex up over 250 points, Nifty nears 8,500, Maruti up about 2%, Sun TV down 3%
Reclaiming its crucial psychological level of 28,000, the S&P BSE Sensex surged over 200 points in trade on Wednesday, even as cues from Asian markets were largely mixed.
The 50-share index Nifty was trading above the crucial 8,500-level.
Investors were keenly waiting for the US Fed Chair Janet Yellen’s two-day testimony before the US Congress and voting on reform measures by the Greek parliament, both scheduled later in the day.
There were expectations that Yellen could give more cues on the timing of the beginning of Fed rate hikes later this year. She was also expected to talk about the state of the US economy.
Seven out of 10 Sensex stocks were trading in the green.
The gains in the benchmark indices were led by index heavyweights such as Reliance Industries, L&T, ITC and TCS.
Stocks of Zee Entertainment surged nearly 3 per cent after the company released data of its June quarter earnings. The company's Q1 PAT stood at Rs 243 crore against Rs 210 crore YoY.
Sun TV fell over 3 per cent in intraday trade as company failed to get nod for FM auctions. DLF added 2 per cent in intraday trade on reports of fund raising.
Asian markets were trading mixed. Chinese mainland index Shanghai Composite cracked over 4 per cent, trading below the 3,800-mark. Hong Kong’s Hang Seng fell over 100 points in trade. Japan’s Nikkei gained over 0.5 per cent and was trading well above the 20,400-level.
Markets @ 11:00
Sensex: 28,183, up 253 points; Nifty: 8,521 up 67 points
MARUTI SUZUKI (2.5%), TATA MOTORS (1.7%), M&M (1.5%), ONGC (1.5%), WIPRO (1.5%)
No Losers currently
Capital First surged over 9 per cent in intraday trade.
Eros International rallied nearly 6 per cent in intraday trade.
DCB Bank plunged over 4 per cent in intraday trade.
Castex Technologies slipped nearly 5 per cent in intraday trade.
Maruti Suzuki rose over 2 per cent in intraday trade to hit 52-week high.
WHAT TOP EXPERTS SAY
Greece issue was not a major concern for Indian markets: Shankar Sharma
Markets will be looking for actual terms of bailout: Madhur Jha, Standard Chartered. Watch here
Structural appeal and market positioning remain strong: Nomura on Bharti Infratel
Nifty to trade in 8,300-8,550 range: Ashwani Gujral, Fund Manager, Ashwanigujral.com. Read here
Unless 8,400 on Nifty is broken, stay long: Mitesh Thacker, Technical Analyst, miteshthacker.com. Read here
Here is a list of twelve stocks which will remain in focus today:
Sun TV Ltd: An inter-ministerial panel is learnt to have rejected the Sun Group's application to participate in the next-stage FM radio auctions, indicating that the licence renewal request of the Chennai-based network's 33 TV channels - hanging fire after home ministry denied them security clearance - could suffer the same fate.
Pennar Industries Ltd: Pennar Engineered Building Systems has received approval from market regulator Sebi to float an initial public offer (IPO). The company, a subsidiary of Hyderabad-based Pennar Industries.
L&T Finance Ltd: Non-banking finance company, L&T Finance has acquired a 26 % stake in Grameen Capital India, enaged in credit enhancement and advisory services.
DLF Ltd: Realty major DLF is likely to raise about Rs 2,500-3,000 crore by next month via private equity and is in talks with Singapore government's investment arm GIC to sell stake in a new housing project here.
India Cements Ltd: India Cements Ltd (ICL), owner of Chennai Super Kings (CSK) is planning to move the Supreme Court against the order of the court appointed committee suspending the team from Indian Premier League for two years, TNN reported.
Tata Motors Ltd: Luxury car maker Jaguar Land Rover (JLR) reported a record June for sales in the UK and Europe, but suffered a big fall in its figures for China.JLR's performance for the year-to-date shows 18% growth in the UK, 16% in Europe and 15% in North America, with overseas sales down 11%, said media reports.
ONGC: Buoyed by Iran's historic nuclear accord with world powers to end sanctions, India will ask Tehran for rights to develop ONGC-discovered Farzad-B gas field in the Persian Gulf even as it prepares to pay $ 6.5 billion in past oil dues.
Coal India Ltd: The world's biggest coal miner, on Tuesday said it has decided to relinquish about three-fourths of a coal mine it was allotted in Mozambique.
Adhunik Metaliks Ltd: The company has informed the exchanges that Orissa Manganese & Minerals, a wholly owned subsidiary, has been granted extension of lease for its three manganese ore mines (Patmunda, Orahuri and Kusumudhi) till March 31, 2020 under the merchant category.
JSPL: JSPL said one of its promoter has pledged 3.49 per cent stake in the company with Axis Trustee Services Ltd.
PVR Ltd: PVR has opened a seven-screen multiplex at VED Transcube Plaza, taking its count to three in the city.
Ashok Leyland ltd: Hinduja Group flagship company Ashok Leyland said the sales of its small commercial vehicle DOST, the first product to be launched under the joint venture with Nissan Motor Company, had crossed the one lakh mark.
MARKETS THROUGH THE DAY
Markets @ 10:00
Sensex: 28,158, up 225 points; Nifty: 8,513 up 59 points
MARUTI SUZUKI (2.1%), ONGC (1.6%), WIPRO (1.4%), M&M (1.4%), RELIANCE IND. (1.1%),