10:55AM: The BSE Sensex is trading up 367 points at 25,061, while S&P Nifty is trading up 104 points at 7,471. The last time Sensex crossed 25,000 was on 16 May, the day of election results.
BSE Mid-cap is up 1.58% at 8,804, while BSE Small-cap is up 1.6% at 9,273.
All sectoral indices are in green. BSE Capital Goods index is up 3.28%, Auto Index gains 3% and Metal Index increased 2.04%.
M&M, Maruti Suzuki, Coal India, L&T and ONGC are among the gainers, whereas Hindalco, Dr Reddy's Lab and Cipla are losing sheen on BSE.
Stock news:
State Bank of India (SBI) is likely to enter the capital market if loan growth exceeds 15%. "We are all optimistic about the new government. We should grow as per the economy," SBI Chairperson Arundhati Bhattacharya said. The bank would go for either a rights issue or a follow-on offer, after discussions with the government, she added. SBI is trading up 0.66% on BSE.
JSW Steel is planning to diversify the sourcing of its iron ore, including from imports. The company is considering Goa as an alternative source to meet its raw material requirements for both Vijayanagar in Karnataka and Dolvi in Maharashtra. JSW Steel is trading up 1.15% on BSE.
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