The Nifty gained as much as 0.8% on Wednesday, recovering from two days of losses and nearing a key psychological level of 9,000, as a much stronger-than-expected quarterly economic growth lifted sentiment. India’s annual gross domestic product (GDP) grew 7% in the October-December quarter, slower than 7.4% in the previous quarter but much faster than the 6.4% expansion forecast in a Reuters poll. The data released late on Tuesday boosted markets, while economists were puzzled, as many had expected that the government’s shock crackdown on cash would have a much bigger negative impact on growth.
The market sentiment was also underpinned by a private survey on Wednesday that showed Indian factory activity expanded for a second straight month in February. “The Indian market has been generally confident for a while,” said Dipen Shah, senior vice president and head of private client group research at Kotak Securities. “Certain triggers include optimism surrounding the proposed roll-out of the Goods and Services Tax (GST) bill,” Shah said, adding that the progress of the ruling Bharatiya Janata Party (BJP) in the key northern state of Uttar Pradesh was also lifting market sentiment.
The Nifty rose as much as 0.8% to 8,950.25, while the benchmark Sensex gained as much as 0.9% to 29,001.35. Financial stocks recovered, with the Nifty Financial Services Index rising as much as 1.2%, after declining for four straight sessions. Axis Bank was up 2.5%, Bajaj Holdings and Investment rose 2% and ICICI Bank gained 1.3%. Among decliners, shares of manganese ore miner Moil Ltd fell to a two-month low, after the company cut prices for different grades of manganese ore for the fourth quarter, its second consecutive cut after a series of price hikes.
2.05pm: BSE Sensex trades higher by 203 points, or 0.71%, to 28,947, while the Nifty 50 rises 61 points, or 0.69%, to 8,941.
1.40pm: Shares of Intellect Design Arena Ltd gained as much as 8.78% to Rs 121.40 per share on a turover of Rs5.86 crore and 4.95 shares were traded.
1.20pm: Jindal Stainless Hisar Ltd shares gained as much as 4.28% to Rs 119.50 per share as it has signed a License Agreement with Defence Research & Development Organisation (DRDO) which entails Transfer of Technology for manufacturing High Nitrogen Steel (HNS) for armour applications.
1.00pm: BSE Sensex trades higher by 186 points, or 0.65%, to 28,929, while the Nifty 50 rises 54 points, or 0.61%, to 8,934. The realty and banking stocks rise. The BSE realty index rises by 2.07% and BSE healthcare index spikes by 1.09%.
12.30pm: Sobha Ltd shares gained as much as 18.74% to Rs345 per share on a turnover of Rs 3.57 crore and 1.08 lakh shares were traded at the counter.
12.10pm: Gayatri Projects Ltd shares gained as much as 2.95% to Rs142.85 per share after its JV with RNS Infra and sadguru Infratech won an irrigation project valued at Rs1360 crore.
11.44am: BSE Sensex trades higher by 199 points, or 0.69%, to 28,942, while the Nifty 50 rises 51 points, or 0.58%, to 8,931. Tata Teleservices (Maharashtra) Ltd shares rise 16% to trade at Rs9.34.
10.42am: BSE Sensex trades higher by 219 points, or 0.76%, to 28,962, while the Nifty 50 rises 58 points, or 0.65%, to 8,938.
10.15am: Indiabulls Real Estate shares rose as much as 2.55% to Rs 82.60 after the company said it has received a no objection certificate for 163 meters Sky Suites project.
10.00am: Majesco shares rose as much as 9.80% to Rs376.90 after the company said that its insurance arm and a subsidiary launched two new solutions. The stock had underperformed the market over the past one month till 28 February 2017, sliding 10.67% compared with 3.09% gains in the Sensex. The scrip had also underperformed the market in past one quarter, declining 13.65% as against Sensex’s 9.08% rise.
9.45am: MOIL shares lost as much as 3.77% to Rs340.80 per share after it cuts prices by 15-25% across products.MOIL produces and sells different grades of manganese ore.
9.30am: BSE Sensex trades higher by 151 points, or 0.53%, to 28,895, while the Nifty 50 rises 41 points, or 0.46%, to 8,921.
9.28am: Tata Teleservices (Maharashtra) Ltd shares gain 14.46% to Rs9.18 per share after a proposed a resolution to the Delhi High Court on settling a dispute over the $1.17 billion due to the Japanese telco for exiting their joint venture, Tata Teleservices, ending two years of public acrimony.
9.25am: Amtek Auto share gain as much as 5.91% to Rs40.30 per share as it is planning to raise Rs117.5 crore by issuing equity shares to promoters on a preferential basis for which it will seek shareholders’ approval.
9.20am: Prism Cement shares gain as much as 8.55% to Rs103.50 per share after it said it has secured supply of 18,300 tonnes per annum of coal from state-owned CIL arm Southern Eastern Coalfields Ltd.
9.15am: DLF Ltd shares gained as much as 3.02% to Rs155 per share after it announced buyer for unit DLF Cybercity Developers after audit committee meets today. DLF is in talks with Blackstone, GIC to sell the stake.
9.10am: The home currency opened at 66.79 against the US dollar. At 9.10 am, rupee was trading at 66.80 per US dollar—down 0.16% from its previous close of 66.69. So far this year, it has risen 1.69%.
9.05am: The 10-year bond yield was trading at 6.907%, compared to Tuesday’s close of 6.871%. Bond yields and prices move in opposite directions.
9.00am: Among the Asian currencies, South Korean won lost 0.807%, Japanese yen up 0.371%, Indonesian rupiah 0.187%, Malaysian Ringgit 0.173%, Singapore dollar 0.164, China renminbi 0.128%, Taiwan dollar 0.085%, China Offshore 0.095%, Philippines peso 0.087%, Thai Baht 0.0907%, Hong Kong Dollar 0.003%.
With inputs from Reuters
