Indian stocks rallied for the third consecutive day today after theReserve Bank of India (RBI) cut its key lending rate or the repo rate by 25 basis points to a six-year low of 6.25%, from 6.5% earlier.
The RBI Governor, Urjit R. Patel said in the policy review that global growth has been slowing more than anticipated through 2016 so far, with weak investment and trade damping aggregate demand.
Coming back to domestic action, oil & gas stocks staged a strong rally as is reflected in the gain of over 2% today in the BSE oil & gas index. The BSE telecom index was up 1.3% in today’s trade. Realty, utilities, IT, finance and banking indices were up 1% each and the pharma index was up by 0.5%.
On the other hand, capital goods and consumer discretionary stocks were among the major losers.
Finally, the BSE Sensex ended with a gain of 91 points at 28,335. It opened at 28,378, touched an intra-day high of 28,405 and low of 28,242.
The NSE Nifty closed with a gain of 31 points at 8,769. It opened at 8,770, hit an intra-day high of 8,784 and low of 8,736.
Sentiments were on optimistic note after World Bank stated that India’s GDP growth will remain strong at 7.6% in 2016 and 7.7% in 2017.
The mid-cap and small-cap stocks’ representative indices on the BSE gained by 0.50% and 0.66% respectively.
Among the 50 stocks of the Nifty, ONGC, GAIL, Tata Steel, SBI, Tata Motors and Bharti Infratel were among the gainers, whereas Zee, Coal India, M&M, L&T, HUL and Ambuja Cement were among the losers today.
The India VIX (Volatility) index was down 4.01% to 14.9925. Out of 1,406 stocks traded on the NSE, 574 declined and 777 advanced today.
The rupee was trading up by 5 paise at 66.53 per US dollar.
On the global front, Asian stocks traded firm with the Hong Kong’s Hang Seng advancing 0.82% and China’s Shanghai Composite too ending marginally higher.
In Europe, the FTSE 100 and DAX have gained 1% each, while the CAC 40 is up 0.60%.
Amtek Auto rallied 7.2% to Rs.48.45 on the BSE after Mahindra CIE Automotive was interested in buying the assets of the debt-ridden auto component maker.
Majesco climbed 4% after the company announced a five-year partnership with IBM to jointly offer a new cognitive, cloud based platform to help insurance carriers worldwide to create new services on IBM Cloud.
HPL Electric shares got listed on the NSE at a discount, ie at Rs.190 to an issue price of Rs.202. The stock ended at Rs.189.05, lower by Rs.12.95 or 6.41% to its issue price.
Piramal Enterprises slipped 1%. SEBI has fined Piramal Enterprises Ltd and its promoters - Ajay G. Piramal, Swati A. Piramal, Nandini Piramal and N. Santhanam - for violating insider trading norms while selling its healthcare business to Abbott Laboratories Ltd in May 2010.
Wockhardt rallied 3% after the pharma company said the US health regulator has excluded Ceftriazone Sodium from import alerts issued earlier against its active pharmaceutical ingredient manufacturing facility at Ankleshwar.
Hero MotoCorp inched up 0.24% on the BSE. The company reported an 11.24% increase in sales at 6,74,961 units in September.
A total of 116 stocks registered a fresh 52-week high in trades today, whereas 13 stocks touched a new 52-week low on the NSE.
The RBI Governor, Urjit R. Patel said in the policy review that global growth has been slowing more than anticipated through 2016 so far, with weak investment and trade damping aggregate demand.
Coming back to domestic action, oil & gas stocks staged a strong rally as is reflected in the gain of over 2% today in the BSE oil & gas index. The BSE telecom index was up 1.3% in today’s trade. Realty, utilities, IT, finance and banking indices were up 1% each and the pharma index was up by 0.5%.
On the other hand, capital goods and consumer discretionary stocks were among the major losers.
Finally, the BSE Sensex ended with a gain of 91 points at 28,335. It opened at 28,378, touched an intra-day high of 28,405 and low of 28,242.
The NSE Nifty closed with a gain of 31 points at 8,769. It opened at 8,770, hit an intra-day high of 8,784 and low of 8,736.
Sentiments were on optimistic note after World Bank stated that India’s GDP growth will remain strong at 7.6% in 2016 and 7.7% in 2017.
The mid-cap and small-cap stocks’ representative indices on the BSE gained by 0.50% and 0.66% respectively.
Among the 50 stocks of the Nifty, ONGC, GAIL, Tata Steel, SBI, Tata Motors and Bharti Infratel were among the gainers, whereas Zee, Coal India, M&M, L&T, HUL and Ambuja Cement were among the losers today.
The India VIX (Volatility) index was down 4.01% to 14.9925. Out of 1,406 stocks traded on the NSE, 574 declined and 777 advanced today.
The rupee was trading up by 5 paise at 66.53 per US dollar.
On the global front, Asian stocks traded firm with the Hong Kong’s Hang Seng advancing 0.82% and China’s Shanghai Composite too ending marginally higher.
In Europe, the FTSE 100 and DAX have gained 1% each, while the CAC 40 is up 0.60%.
Amtek Auto rallied 7.2% to Rs.48.45 on the BSE after Mahindra CIE Automotive was interested in buying the assets of the debt-ridden auto component maker.
Majesco climbed 4% after the company announced a five-year partnership with IBM to jointly offer a new cognitive, cloud based platform to help insurance carriers worldwide to create new services on IBM Cloud.
HPL Electric shares got listed on the NSE at a discount, ie at Rs.190 to an issue price of Rs.202. The stock ended at Rs.189.05, lower by Rs.12.95 or 6.41% to its issue price.
Piramal Enterprises slipped 1%. SEBI has fined Piramal Enterprises Ltd and its promoters - Ajay G. Piramal, Swati A. Piramal, Nandini Piramal and N. Santhanam - for violating insider trading norms while selling its healthcare business to Abbott Laboratories Ltd in May 2010.
Wockhardt rallied 3% after the pharma company said the US health regulator has excluded Ceftriazone Sodium from import alerts issued earlier against its active pharmaceutical ingredient manufacturing facility at Ankleshwar.
Hero MotoCorp inched up 0.24% on the BSE. The company reported an 11.24% increase in sales at 6,74,961 units in September.
A total of 116 stocks registered a fresh 52-week high in trades today, whereas 13 stocks touched a new 52-week low on the NSE.
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