The Indian stock market opened higher for second straight day to a two-month high on Wednesday. Sentiments remained bullish with Prime Minister Narendra Modi’s statement that India is on threshold of becoming most digitised economy in the world.
NSE Nifty is trading higher by 93 points at 8,381 mark., while BSE Sensex surged by 241 points at 27,140.
IndusInd Bank rules the sectoral index i.e. BSE Bankex on Wednesday by gaining more than 4% on intraday basis. HDFC Bank and ICICI Bank are contributing heavily to the BSE Bankex which is up by 1.75% trading at 21,404 levels.
Some buying was observed in metal, Banking, media, financial services, FMCG and realty sectors, while IT stock showed weakness on NSE.
The INDIA VIX was down 3.4% at 14.68..
Suzlon Energy rallied 3% after the company bagged an order for 226 MW wind power project in Andhra Pradesh. This was awarded by a leading IPP company.
Tata Consultancy Services Ltd is currently trading at Rs 2294.55, down by Rs 20.9 or 0.9% from its previous closing of Rs 2315.45 on the BSE. The IT Company will announce its Q3 results on Jan 12, 2017.
With markets trading firm and trading in green housing finance companies are soaring on bourses by recording impressive gains. Tamil Nadu based Repco Homes is buzzing with gains of more than 4.5% on Wednesday’s session. DHFL is up by more than 3%, GRUH finance is up by more than 2.4% whereas India bulls housing finance is up by more than 2%.
Along with the housing finance companies other finance companies such as Shri Ram Transport Finance is up by more than 3% and Mannapuram Finance is up by more than 2.8%.
Market is recovering from the demonetisation blues after it was widely expected that the harsh policy decision on monetary front by banning Rs 500 and Rs 1000 notes will have a negative impact on the health of the Indian economy.
Nifty Metal is Wednesday’s leading index across sectoral indices. Nifty Metal opened today at 2855.20, gaining 0.75%. It is currently trading up by 2.84%. Following are the top stocks from Metal sector today: JSW Steel has touched its 52-week high today at Rs 191.15, gaining 7.11%. Gujarat based, large diametre pipes manufacturer, Welspun Corporation is also in focus today. Welspun has gained 0.6% at the time of opening. It is currently trading up by 1.85% at Rs 82.65.
India’s largest manufacturer of Auto-grade steel, Bhushan Steel Limited has touched high of Rs 45.65, gaining 7.28%. The company’s revenues have been growing at an average rate of 5% over the last five years.
Steel Authority of India Limited (SAIL) has touched a high of Rs 55.45, gaining 4.92%. The stock is near its 52-week high of Rs 56.10. It is currently trading up by 3.88%. SAIL has witnessed spurt in volumes by 1.02 times. Its revenues has grown at an average of 10% over the last five quarters.
The rupee was trading at 68.25 against the US dollar.
Out of 1,902 stocks traded on the NSE, 456 declined, 1,055 advanced and 391 remained unchanged today.
Top 5 Nifty Gainers: Coal India (5.56%), Tata Steel (3.85%), Lupin Ltd. (2.24%), ICICI Bank (1.81%) and SBI (1.53%).
Top 5 Nifty Losers: Bajaj Auto (-1.09%), ITC Ltd. (-0.76%), Reliance Ind. (-0.47%), Wipro (-0.31%) and Infosys Ltd. (-0.16%)
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