: Benchmark indices extended rally, with the Sensex rising 352.01 points to 33,659.15, driven by private banks, FMCG, and technology stocks.The Nifty rallied 111.30 points or 1.09 percent to 10,338.20.
The Nifty Midcap index also gained further, rising 0.8 percent in positive breadth. About two shares advanced for every share falling on the BSE.
ITC, HDFC, Infosys, IOC, HDFC Bank, Reliance Industries, TCS, ICICI Bank and HCL Technologies gained up to 3 percent.
ARSS rallies: Shares of ARSS Infrastructure Projects rose 5 percent as the company received work order worth Rs 15.44 crore.
The company’s JV ARSS-KIPP has received work order worth Rs 15.44 crore for supply of ballast in connection with third and fourth line work between Dhenkanal to Hindol road in KUR-division by East Coast railway.
9:50 am DB on Maruti: Deutsche Bank has maintained its Buy call on Maruti Suzuki with a target price of Rs 10,000 per share.
The research house observed that the stock has declined 10 percent YTD due to the overhang of potential negative surprises. Forex and raw materials pose a risk to margins, but the impact should be low, it feels.
The company continues to be in a sweet spot in its model cycle, it said, adding that it has cut its EPS forecasts by 6-8 percent due to a reset in forex assumptions.
9:40 am PSU banks underperform: PSU banks caught in a bear trap as the Nifty PSU Bank index was the only loser among sectoral indices, falling over a percent after Andhra Bank case.
Andhra Bank itself lost nearly 12 percent, followed by OBC, Canara Bank, IDBI Bank, Union Bank, Allahabad Bank, Indian Bank, Syndicate Bank and SBI which were down 1-4 percent.
9:30 am Andhra Bank in focus: Andhra Bank shares tanked 11 percent after the Enforcement Directorate has filed prosecution complaint against Anup Prakash Garg, ex-director of the bank under PMLA in Rs 5,000 crore bank fraud case involving Sterling Biotech, its directors & others.
9:22 am Buzzing: L&T shares gained nearly a percent after its construction arm has bagged orders worth Rs 2,597 crore.
Transportation infrastructure business has received an order worth Rs 1,047 crore and water & effluent treatment segment has won an order worth Rs 949 crore.
Buildings & factories division has secured an order worth Rs 601 crore.
9:19 am Order Win: Suzlon Group, India’s largest renewable energy solutions provider, announced its order win for development of 75 MW wind power project from a leading Independent Power Producer
(IPP) through Maharashtra State Electricity Distribution Company Limited (MSEDCL) bid.
Suzlon will install around 36 units of S111-140m wind turbine generators (WTGs) with a rated capacity of 2.1 MW each.
Suzlon will execute the entire project on a turnkey basis and will also provide comprehensive operation and maintenance services for the complete project lifecycle.
9:15 am Market Check: Benchmark indices opened the first day of the week on a strong note, following a positive lead from Asian peers and Wall Street after better-than-expected US jobs data.
The 30-share BSE Sensex was up 279.23 points at 33,586.37 and the 50-share NSE Nifty gained 88.10 points at 10,315.
A nifty Midcap index was up 160 points and Nifty Bank gained 121 points.
United Spirits, MOIL, SpiceJet, Ashok Leyland, Castex Technologies, Reliance Communications, Adani Power, Gammon Infra, HDIL, Shree Renuka and Suzlon Energy gained up to 4 percent.
Asian stocks started off on a strong note, tracking stateside gains in the last session on expectation-topping jobs data. The Nikkei 225 was up 1.3 percent while the Kospi index gained 1.2 percent.
Wall Street’s main stock indexes climbed more than 1 percent on Friday, giving investors some solace after a week of huge swings that shook the market out of months of calm.
The Dow Jones Industrial Average rose 330.44 points, or 1.38 percent, to 24,190.9, the S&P 500 gained 38.55 points, or 1.49 percent, to 2,619.55 and the Nasdaq Composite added 97.33 points, or 1.44 percent, to 6,874.49.
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