Sensex gains 258 points, Nifty ends above 8200

The Indian stock market rallied to a near 3-week high as a gauge of lenders snapped its two-day losing streak and automakers extended their rally. The key benchmark extended their gains in the late afternoon session and was hovering near the highest point of the day on continued buying by domestic institutional investors amid higher opening among European counterparts. Sentiments remained upbeat on expectations of positive Gross Domestic Product (GDP) data to be released later in the day.

Further, Oil markets edged up ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.

The BSE Sensex ended with a gain of 258.80 points at 26652.81. The benchmark indices opened at 26441.02, touched an intra-day high of 26680.55 and low of 26395.50.

The NSE Nifty closed 82.35 points higher at 8,224.50. It opened at 8,172.15 points, hitting a high of 8,234.25 and low of 8,139.25.

The India VIX (Volatility) index was down 4.84% at 16.8500. The BSE Midcap closed at 12498.62 and Smallcap indices closed at 12329.65, both indices ending up by 1%. Out of 1487 stocks traded on the NSE, 389 declined and 1028 advanced today.

A total of 23 stocks registered a fresh 52-week high in trade today, whereas 11 stocks touched a new 52-week low on the NSE.

At the close of day, ICICI Bank, Maruti Suzuki, Ambuja Cement, Yes Bank, Ultra Cement were the top gainers while Idea, Lupin, GAIL, Reliance, Zee Entertainment, Cipla, Tata Motors were among the losers on NSE.

The rupee was trading at 68.48 per US dollar. Gold was trading at Rs 28,645 per 10 gms and silver was trading at Rs 40,712 per kg.

On the global front, most Asian indices closed in green and marginally up. However, The Shanghai Composite index slipped 0.99%. In Europe, the FTSE 100 was up 0.35%. CAC 40 and DAX was up 0.36% and 0.24% respectively, where all indices were trading in green while, the US Nasdaq was also up 0.21%.

Nifty hits 8,200 mark

The Indian equity market extended gains for a fourth straight day tracking positive global market setup, with an advance in automakers offsetting losses in select metal stocks and also on continued buying by domestic institutional investors amid expectations of positive GDP data to be released later in the day.

At 2:05 PM, the S&P BSE Sensex is trading at 26,474 up 80 points, while NSE Nifty is trading at 8,190 up 48 points. Out of 1,800 stocks traded on the NSE, 447 declined, 1,095 advanced and 338 remained unchanged today.

A total of 20 stocks registered a fresh 52-week high in trade today, while eight stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading up 0.50% at 12,429, whereas BSE Small-cap Index is trading up 1% at 12,295.

Ambuja Cement, Grasim, ACC, ICICI Bank, Adani Ports, Maruti are among the gainers, whereas Idea, Infratel, BPCL, Hindalco, ITC are losing sheen on NSE.

Buying activity is seen in Banking, Healthcare, Consumer Durables, Auto, Capital Goods sectors while Metal, Telecom, Oil & Gas, FMCG, Energy sectors are showing weakness on BSE.

The INDIA VIX is down 0.48% at 17.6225.

Idea Cellular fell 3%.  Axiata is looking to sell its 20% stake in Idea Cellular as the Malaysian company believes the Indian telecom provider's valuation will remain subdued for at least the next three years given the likelihood of a pricing onslaught stemming from the entry of Reliance Jio Infocomm, as per media report.

Tata Power gained 1.2%. Tata Power posted a consolidated net profit of Rs 336 crore for the quarter ended on September 30, 2016. It had posted a consolidated net loss of Rs 96 crore in the corresponding quarter last year.

Welspun Corp jumps 15.8% on the BSE. The company experienced a spurt in volumes by more than 13.51 times.

IDFC Bank  tanked 4% on the BSE. According to TV reports, 4.3 crore shares have changed hands in a single block deal.

GVK Power & Infrastructure slipped 1% after the company has posted a net loss of Rs 13 crore for the quarter ended September 30, 2016 as compared to net loss of Rs 8.1 crore for the quarter ended September 30, 2015.

NATIONAL FERTILIZER Fertilizer gained 1.5%. The company reported an 11% decline in net profit at Rs 46.5 crore for the quarter ended September 30. Its net profit had stood at Rs 52 crore in the year-ago period.

HCC advanced 1.2%. Hindustan Construction Company said its board would consider issuance of equity shares as well as optionally convertible debentures to lenders under the scheme for sustainable structuring of stressed assets.

LUPIN is trading flat on the BSE. The pharma company has received approval from the US health regulator to market its Armodafinil tablets, indicated to improve wakefulness, in the American market.

VIVIMED LABS zoomed 8.5% The company on Wednesday said the US health regulator has completed the inspection of its manufacturing facility in Alathur. The company's 'Finished Dosage Form' manufacturing facility has had a favourable outcome post its US Food and Drug Administration (USFDA) inspection.

Quess Corp slipped 1.7%.  Quess Corp is acquiring the facility management and catering businesses of Manipal Integrated Services. The purchase will help strengthen its market position in integrated facility management, the company said.

UCO BANK inched up 1%. The bank has raised Rs 270.59 crore by issuing over 7 crore shares to LIC on preferential basis. “Bank has issued and allotted 7,17,00,000 shares of Rs 10 each to LIC at an issue price of Rs 37.74 per share, including a premium of Rs 27.74 on preferential basis," it said in a regulatory filing.

PUNJ LLOYD gained 2%. The company will announce its Q2 numbers today. 

The Indian rupee opened lower by two paise at 68.67/$ against the previous close of 68.65/$.

Asian markets opened mixed as oil weakness saw exporters fall while importers saw rise in indices. Overnight the US indices rallied with the tech heavy Nasdaq hitting fresh 52 week highs as risk on trade returns with any fall being an opportunity to buy.

A boost in prices could resurrect not just energy stocks but many other asset classes. US GDP numbers came in at 3.2pc in the September quarter raising hopes of a rate hike next month.

In India, September quarter domestic GDP growth will be in focus; the impact of demonetisation will be known only next quarter. The fiscal deficit numbers and infrastructure output data are also on tap today. Fitch Ratings has cut the GDP growth forecast for FY17 to 6.9 pc from 7.4 pc, citing the demonetisation effect.

Nifty above 8,150 mark; Realty, Banking stocks lead

At 9:15 AM, the S&P BSE Sensex is trading at 26,441, up by 47 points, while NSE Nifty is trading at 8,172 up by 30 points.

The Indian rupee opened lower by two paise at 68.67/$ against the previous close of 68.65/$.

Asian markets opened mixed as oil weakness saw exporters fall while importers saw rise in indices. Overnight the US indices rallied with the tech heavy Nasdaq hitting fresh 52 week highs as risk on trade returns with any fall being an opportunity to buy.

A boost in prices could resurrect not just energy stocks but many other asset classes. US GDP numbers came in at 3.2pc in the September quarter raising hopes of a rate hike next month.

In India, September quarter domestic GDP growth will be in focus; the impact of demonetisation will be known only next quarter. The fiscal deficit numbers and infrastructure output data are also on tap today. Fitch Ratings has cut the GDP growth forecast for FY17 to 6.9 pc from 7.4 pc, citing the demonetisation effect.