Nifty hits 5000, Sensex gains over 400 pts; L&T up 4%

The 30-share BSE Sensex gained more than 400 points while the 50-share NSE Nifty touched the 5000 level on further upmove in global markets.

Hopes of rate cut by the Reserve Bank of India and meeting between all key ministries and prime minister to take stock this evening improved sentiment of the market. Globally all eyes are on European Central Bank's meet; market experts expect some indication from the bank to revive economic growth in eurozone.

The BSE benchmark jumped 440.63 points or 2.75% to 16,461.27 and the NSE benchmark was up 137.40 points or 2.83% at 5,000.7.

France's CAC and Germany's DAX rose 2% each while Britain's FTSE went up 1.5%. The Dow Jones futures climbed 100 points. Commodities too gained - Brent crude and gold were up 0.7% each.

Engineering and construction major by sales Larsen & Toubro surged 4.4% and state-owned BHEL was up 3%. Power stocks like NTPC and Tata Power were up nearly 4%.

India's largest lenders State Bank of India and ICICI Bank gained 2-2.5% while rival HDFC Bank rose nearly 4%.

Top commercial vehicle maker Tata Motors shot up 6% and country's largest two-wheeler manufacturer Hero Motocorp rallied close to 5%.

FMCG majors ITC and HUL climbed 4%. Oil & gas producers Reliance Industries and ONGC were up 1.5-2%.

Among metals stocks, Jindal Steel rose 5%; Tata Steel, Sterlite Industries and Hindalco moved up 3%.

About four shares advanced for every share declining on the National Stock Exchange.

At 13:37 hours IST: Sensex, Nifty surge over 2% on strong global cues

The 30-share BSE Sensex and 50-share NSE Nifty rallied more than 2% led by strong global cues. The Bank Nifty surged 2.5% on hopes that the Reserve Bank of India may cut rates in policy meet that schedule to be announced on June 18.

Country's largest lenders State Bank of India, ICICI Bank, HDFC Bank and Axis Bank gained 2-3%.

The BSE benchmark climbed 379.11 points or 2.37% to 16,400 and the NSE benchmark went up 117.50 points or 2.42% to 4,981.

European shares and the euro gained on Wednesday as the acute financial problems in Spain and recent data confirming a widespread economic slowdown across Europe fuelled hopes that the region's central bank would respond with stimulus measures.

The European Central Bank is not expected to cut rates when it meets later on Wednesday but it could indicate a readiness to take some action as early as next month, given the deteriorating economic outlook and Spain's banking troubles.

France's CAC, Germany's DAX and Britain's FTSE rose 1% each while Dow Jones futures gained 0.5%.

Back home, top commercial vehicle maker Tata Motors and top two-wheeler maker Hero Motocorp were up 6% and 5%, respectively.

FMCG majors ITC and HUL rallied 3-4%. Software services exporters TCS, Infosys and Wipro jumped 1.5-3%.

Infrastructure companies were on buyers' radar ahead of meeting called by finance minister to discuss issues related to infrastructure sector. Larsen & Toubro rose 1.7% and BHEL was up 2.3%.

GMR Infrastructure, GVK Power, Lanco Infratech and JP Associates gained 3-8%. NTPC and Tata Power shot up 3-3.7%. Power Grid Corp was up 4.5%.

Oil & gas producers Reliance Industries and ONGC gained 0.6-1%.

In the second line shares, Sobha Developer, Jai Corp, CORE Education and Karnataka Bank surged 6-8% whereas Monnet Ispat, Hindustan National Glass, Wockhardt, GRUH Finance and KSK Energy Ventures lost 2-4%.

At 12:27 hours IST: Sensex trades at 1-week high, spikes 300 pts

The BSE benchmark Sensex shot up more than 300 points in afternoon trade to trade at one-week high. The NSE benchmark Nifty climbed above the 4950 level, though there was somewhat profit booking.

The 30-share BSE benchmark rose 304.02 points or 1.90% to 16,324.66 and the 50-share NSE benchmark was up 93.10 points or 1.91% at 4,956.40. The broader markets gained more than 1%.

Private sector lender HDFC Bank jumped 2.5% while its rivals State Bank of India and ICICI Bank were up nearly 2%.

Software services exporters Tata Consultancy Services and Wipro gained more than 2%; Infosys was up nearly 1%.

Shares of country's largest commercial vehicle maker Tata Motors surged 5% on short covering as it had fallen 20% in last five out of six sessions.

Top two-wheeler manufacturer Hero Motocorp too rose 5%. FMCG majors ITC and HUL shot up nearly 4% and 3%, respectively.

Among metals stocks, Tata Steel, Sterlite Industries, Jindal Steel and Hindalco Industries jumped 2.5-3.5%.

Cement producer Ambuja Cements bounced back, rising close to 4%.

However, shares of Cipla, BPCL, Grasim, Ranbaxy Labs, Dr Reddy's Labs and Bharti Airtel caught in bear's grip, falling 0.2-0.7%.
 
Shree Cements was the most active stock on BSE, rising 3.65%. Its trading volumes increased 342% to 1,19,474 shares as compared to its 5-day average of 27,042 shares.

At 11:05 hours IST: Sensex, Nifty up 1.7%; ITC, Tata Motors top gainers

The BSE Sensex and NSE Nifty extended gains to 1.7% each on further buying in index heavyweights. Broadbased rally may be on hopes that the Reserve Bank of India may surprise the street due to falling crude oil prices.

The BSE benchmark advanced 270.40 points to 16,291.04 and the NSE benchmark rose 82.65 points to 4,945.95.

Anil Manghnani of Modern Shares & Stock Brokers feels the market will stage a pullback rally before crashing to 4500 levels by Diwali this year.

His view is that the rupee will start to recover a little, which will trigger a rally in the stock market. ''My belief is that the damage on the rupee has been done, at least for the short-term. So I think if the rupee does pullback to 53.5-54 levels that should allow the market to inch back up,'' he explained.

The Indian rupee gained 17 paise to trade at 55.46 as against the US dollar.

Country's largest commercial vehicle maker Tata Motors shot up 4% after falling more than 20% in previous sessions. Top two-wheeler manufacturer Hero MotoCorp surged over 3% while Maruti, M&M and Bajaj Auto gained 1-1.6%.

India's largest lender State Bank of India and private sector lender HDFC Bank were up 2% each on hopes that the Reserve Bank of India may cut repo rate by 50 basis points. Meanwhile, their rival ICICI Bank was up 1.4%.

According to Saurabh Mukherjea of Ambit Capital, the minimum expectation the market has from the RBI on June 18th is 25 bps cut in rates. He feels there is a growing chance of 50 bps cut especially if Brent crude stays south of USD 100 a barrel between now and the policy announcement date.

The BSE Auto, FMCG, Power, Realty and Metal indices gained 2% each. Bank and Capital Goods indices were up 1.8% each.

Cigarette major ITC jumped over 3% and FMCG company HUL rose 2%. Capital goods majors Larsen & Toubro and BHEL were up 2% each ahead of meeting called by Finance Minister to discuss issues about infrastructure sector.

Index heavyweight Reliance Industries moved up 1% and top software services exporter TCS went up 1.75%.

The market breadth too strengthened; about four shares advanced for every share declining on the National Stock Exchange.

At 10:16 hours IST: Sensex gains 200 pts on broadbased buying; ITC, HUL up 2%

The 30-share BSE Sensex gained more than 200 points led by consistent buying interest across the board. Asian markets stayed higher with 1-1.7% gains, but only Shanghai was marginally down.

Realty and Power indices outperformed others, rising 2% each. Metal, FMCG, Bank, Capital Goods, Auto, IT and TECk indices were up 1-1.7%.

The BSE benchmark climbed 213.27 points or 1.33% to 16,233.91 while the NSE benchmark moved up 65.10 points or 1.34% to 4,928.40. The broader markets too were following the same trend - BSE Midcap and Smallcap indices rose 1% each.

FMCG majors ITC and HUL jumped 2% each. Country's largest lender State Bank of India rallied 2% while its rivals ICICI Bank and HDFC Bank were up 1.3% and 1.6%, respectively.

Reliance Industries, India's most valued stock was up 0.8% and top telecom operator Bharti Airtel gained 1%.

Top software services exporters TCS and Infosys moved up 1.3% and 0.6%, respectively. Capital goods majors Larsen & Toubro and BHEL went up 1.5% each.

However, Dr Reddy's Labs and BPCL underperformed, falling 0.9% and 0.4%, respectively.

In the second line shares, S Mobility, Jai Corp, SREI Infra, AstraZeneca and Gujarat Pipavav gained 3.5-10% whereas Shree Global, Jubilant Foodworks, Wockhardt, Bombay Rayon and Edelweiss Capital lost 1-5%.

The Indian rupee appreciated by 18 paise to 55.46 a dollar.

About three shares gained for every share declining on the National Stock Exchange.

At 9:20 hours IST: Sensex, Nifty up 1% on positive Asian cues

The BSE Sensex and NSE Nifty started off trade with a 1% gap up following a rally in Asian markets (except Shanghai). Banks, FMCG, technology, capital goods and technology stocks were supportive.

Hang Seng, Nikkei, Straits Times, Kopsi and Taiwan Weighted gained 1-1.5% while Shanghai was flat.

The BSE benchmark rose 173.09 points to 16,193.73 and the NSE benchmark went up 50.50 points to 4,913.80.

Among the frontliners, ITC, ICICI Bank, HDFC Bank, Infosys, SBI, TCS, HUL, L&T, Reliance Infrastructure, Bharti Airtel, BHEL, JP Associates, Tata Motors, M&M, Wipro and Tata Steel were on the buyers' radar.

Oil & gas producers ONGC and Reliance Industries were up 0.6% each.

The CNX Midcap Index rose 55 points to 6,856. About three shares advanced for every share falling on the National Stock Exchange.

In the second line shares, Gujarat Pipavav was up 4.5% as the Board of Directors approved the project expansion plan for Pipavav Port at a total cost of Rs 1,097 crore.

Chambal Fertiliser and RCF gained 1.6-2% on reports that government may consider urea price hike of 10%.

Lanco Infratech jumped 4.5% as Morgan Stanley Infrastructure Partners is in early discussions with the company to buy its 401 km of highway projects.

Unity Infraprojects shot up 7%. Noida Toll, NCC, HDIL and Indiabulls Real were up 2-3%.

Educomp Solutions was up 0.5% and Edserv Softsystems surged 5%.

Essar Oil rose 3% as The Economic Times reported that promoters of company plan to dilute stake in the refinery to increase the liquidity of the company stock on the bourses.

Elder Pharma climbed 1.5% as it launched 'Zalain', a medicine used to treat fungal skin infections, in India in association with Spain-based drug firm Ferrer.

However, Future Capital Holdings went down over 1% on profit booking.