BSE Sensex rallies over 240 points on global cues; bank stocks rise

Tracking positive gains, the BSE Sensex extended gains and was trading over 130 points up on Thursday’s afternoon trade following sustained foreign funds inflows and across-the-board buying by investors.

At 3:20 pm, Sensex was up 245.95 points at 28,444.24. Similarly, Nifty was up 84.70 points at 8,608.50 during the same time.

At 12:48 pm, Sensex was up 132.42 points at 28,330.71. Similarly, Nifty was up 43.70 points at 8,567.50 during the same time.

At 10.54 am, Sensex was up 152.85 points at 28,351.14. Similarly, Nifty was up 47.45 points at 8,571.25 during the same time.

Indian markets trading steady were maintained their early gains, with benchmarks adding half a percent to their last session’s rally. Till now there was not even iota of profit taking and apart from blue-chips broader markets too participated equally in the upmove.

The rally mood that started with Iran reaching a deal with the world powers which would allow the country to sell its crude without sanction, got supported with Petroleum Minister Dharmendra Pradhan’s statement that International oil prices will come down with the imminent lifting of sanctions against Iran and benefit India.

Traders have even overlooked the disappointing export data; value of exports for June was $22.89 billion, down 16 percent year-on-year.

Trade deficit in June increased by 4% to $10.83 billion, compared to $10.41 billion in May. The weakness in rupee too was unable to deter the sentiments of the markets and the benchmarks were trading near their three months high. On the sectoral front, the oil & gas pack has taken the lead followed by the banking stocks, till now none of the sectoral indices were showing any weakness.

Investors also look towards the monsoon session of parliament next week where key proposals including land acquisition and national tax reforms are expected to be debated.

The BSE index was up 0.51 percent while the NSE index gained 0.52 percent, heading towards their highest close since April 17.

Housing Development Finance Corp gained 1.9 percent.

Banking stocks such as HDFC Bank rose 1.5 percent, while Axis Bank was up 2.8 percent, Kotak Mahindra Bank was up 1.5 percent.

Meanwhile, oil refiners such as Reliance Industries rose 1.24 percent, BPCL gained 1.9 percent. State-run coal miner Coal India rose 0.54 percent.

Among the gainers were Axis Bank, Tata Steel, Bajaj Auto, HDFC Ltd, Sun Pharma, Coal India, Infosys, ICICI Bank, Wipro, ONGC, ITC Ltd, Tata Motors and Dr Reddy.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)