The BSE Sensex and NSE Nifty gained more than 2 per cent on Monday, posting their biggest single-day percentage gain in nearly nine months as expectations for a US rate hike faded after weaker-than-expected US jobs data. The Sensex gained 2.15 per cent to end at 26,785.55, while the Nifty rose 2.12 percent to end at 8,119.30. Both posted their biggest single daily gains since January 2015.

In the 50-share index, Tata Steel, Tata Motors, ICICI Bank, Bosch and HDFC gained between 5 per cent and 6.25 per cent. On the other hand, Maruti Suzuki India, Dr Reddy’s Laboratories and Lupin slid between 1 per cent and 3.50 per cent.

Among the sectoral indices on the Bombay Stock Exchange, the BSE Capital Goods index gained the most — 3.28 per cent at 15721.95, followed by BSE Bankex (up 2.80 per cent), BSE Metal index (up 2.49 per cent), BSE Power index (up 2.31 per cent) and BSE Auto index (up 2.12 per cent). Rest all other indices also closed in green. A surge in Glencore stocks in international markets lifted the mining sector stocks back at home too.

Alex Mathews, head, research, Geojit BNP Paribas Financial Services, said, “The domestic markets on Monday remained in the positive zone as of revived sentiments in the global front and on the consistent buying in almost all counters.”

Traders also took cues from the strength in rupee which surged to its one month high, though the undertone remained positive after the bigger-than-expected rate cut from the Reserve Bank of India last week. Traders also drew some support with economic affairs secretary Shaktikanta Das’ statement that India is rolling out the red carpet for overseas investors with sweeping foreign investment policy reform and quicker approvals. He said that Foreign Investment Promotion Board (FIPB) will now meet twice a month to speed up approvals, signaling the clear intent of the government to push ahead with reforms on a wide range of issues.

Market breadth for the day remained positive as advances to declines ratio for Nifty stood at 45:5 for the day.

In the BSE Midcap space, Jindal Steel and Torrent Pharma advanced 15.22 per cent and 5.89 per cent at Rs 69.25 and Rs 1,582, respectively.

Gaurav Jain, director, Hem Securities, said, “Buying till the last leg of trade along with firm global markets registered smart gains for the Indian benchmarks. Government’s expectation of exceeding 7.5 per cent GDP growth, rupee appreciation and US macro economic numbers hinting a tough situation for rate hike in 2015 were some positive cues which played a booster dose for indices and enhancing investors confidence.” Rupee jumped 0.40 per cent at 65.29 on Monday.

In overseas markets, Asian stocks rose after prospects of a near-term interest rate hike by the Federal Reserve ebbed in the wake of the last week’s weaker-than-expected US employment data. Hang Seng, Straits Times, Nikkei and Taiwan closed up by 1.62 per cent, 2.08 per cent, 1.58 per cent and 0.57 per cent, respectively, while Chinese market was closed for a holiday.

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Markets through the week

3.30 pm: Tracking positive cues from other Asian markets, the benchmark BSE Sensex closed 564.60 points, or 2.15 per cent, up at 26,785.55. Nifty closed 168.40 points up at 8,119.30.

3.02 pm: Bajaj Auto, the second-largest motorcycle manufacturer, has registered fall of 4 per cent in total sales to 3,84,400 units in September 2015 against 3,99,450 units in September 2014. The share price of the company was up 3.40 per cent at Rs 2,392.60.

2.50 pm: Sensex was up 567 points at 26,789. Maruti Suzuki was trading 4 per cent down at Rs 4,397. Nifty was up 168 points at 8,122.

2.36 pm: German Chancellor Angela Merkel and Prime Minister Narendra Modi on Monday held talks on stepping up bilateral cooperation in a range of key areas with a
special emphasis on ramping up trade and investment when global slowdown is emerging as a major concern. Motherson Sumi gained over 3 per cent in the afternoon trade. Meanwhile, GN Gauba, chief financial officer, Motherson Sumi Systems told Financial Express Online that Volkswagen controversy will not impact Motherson Sumi business and the company is not going to change its guidance for 2020. For full interview click here

2.32 pm: Meanwhile, Corporation Bank has revised the Base Rate for lending by 20 basis points (bps) from 9.90 per cent per annum to 9.70 per cent per annum with effect from October 8, 2015. The share price of Corporation Bank was up 0.57 per cent at Rs 43.90. The BSE Bankex was up 2.64 per cent at 20,124.92. Sensex was up 530 points at 26,751.

2.22 pm: Sensex jumped 522 points at 26,743. Nifty was up 153 points at 8,104. The Foreign portfolio investors (FPIs) bought shares worth a net Rs 48.60 crore last Thursday, as per provisional data released by the stock exchanges.

2.16 pm: The BSE Midcap and BSE Smallcap indices were up 1.55 per cent and 1.52 per cent, respectively. Jindal Steel was up over 9 per cent at Rs 65.80. Small caps Kellton Tech Solutions and Uttam Galva surged 19.96 per cent and 19.88 per cent  to Rs 93.15 and Rs 39.80, respectively.

2.06 pm: Sensex was up 478 points at 26,699. Nifty was up 144 points at 8,094. Meanwhile, European shares climbed higher on Monday, with a surge in Glencore lifting the mining sector and firmer oil prices giving energy stocks a boost. The pan-European FTSEurofirst 300 index rose 1.7 per cent while the euro zone’s blue-chip Euro STOXX 50 index also advanced 1.6 per cent.

1.50 pm: Shares of Tata Motors gained over 8 per cent on Monday on smart sales data for September and reports that its Jaguar Land Rover unit’s US sales surged. The stock jumped 8.41 per cent to Rs 322 on BSE. The BSE Auto index was up 1.93 per cent at 17,645.66. Sensex was up 464 points at 26,685.

1.41 pm: Sensex was up 456 points at 26,677. Educomp Solutions’ subsidiary Educomp Intelliprop Ventures has sold its entire stake in Wiz Learn Technology, Singapore to V-cube Global Services. Further, corresponding to such sale the investment of Wiz Learn Technology in three subsidiaries naming Singapore Learning, Pave Education and Wiz Learn will also get sold. Shares of Educomp Solutions were trading 12.91 per cent up at Rs 12.86.

1.10 pm: None of the sectoral indices were trading in the red. Capital goods and banking witnessed the maximum gain in trade, power, consumer durables, realty, auto, oil and gas, metal, technology and FMCG too were trading significantly higher. The market breadth on the BSE was positive; there were 1,828 shares on the gaining side against 722 shares on the losing side while 77 shares remain unchanged.

1.03 pm: In the 30-share index, Tata Motors were trading 6.67 per cent up at Rs 318.80, followed by HDFC (up 4.46 per cent) and Tata Steel (up 4.17 per cent). Sensex was up 412 points at 26,633.

12.55 pm: Global cues remained supportive with European counters making a firm start, CAC, DAX and FTSE were trading in green with a gain of over one and a half percent in early deals.

12.35 pm: Sensex was up 385 points at 26,606. Share price of Power lenders rallied on Monday on reports that the state government may take over the entire debt of power distribution companies. Power Finance Corporation (PFC) and Rural Electrification (REC) gained 6.50 per cent and 3.67 per cent at Rs 240.70 and 283.90, respectively.

11.45 am: Brokers said continued buying by foreign funds and retail investors, tracking a firming trend in other Asian markets — after US jobs data fuelled speculation that the Federal Reserve will not raise key interest rates any time soon — buoyed trading sentiments here. Sensex was up 384 points at 26,605.

11.02 am: Sensex was up 393.37 points at 26,614.32. Similarly, Nifty was up 110.85 points at 8,061.75 during the same time. Tata Motors shares were trading 6.80 per cent up at Rs 317.20 as the reports emerged that PSA Peugeot Citroen and Tata Motors are in talks to form a partnership that might result in Tata producing and distributing the French giant’s cars in the Indian market. The BSE IT index was up 0.64 per cent.

10.33 am: Sensex was up 420 points at 26,641. Housing Development Finance Corporation (HDFC) was trading trading at Rs 1240.50, up 3.44 per cent against its previous close of Rs 1199.25 on the BSE. HDFC, the country’s largest mortgage lender, has raised about Rs 10,000 crore through mix of warrants and non-convertible debentures (NCDs) to qualified institutional investors (QIP). The company has alloted 3.65 crore warrants at an issue price of Rs 14 a piece, at an exercise price of Rs 1,475 per share. With the issuance of the warrants, the company has raised Rs 5,384 crore. Moreover, the company has raised Rs 5,000 crore through issuance of NCDs.

10.15 am: Reserve Bank of India (RBI) has notified that the foreign shareholding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in Prestige Estate Projects has crossed the limit of 24 per cent of its paid up capital. Accordingly, no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPIs. Prestige Estate Projects shares were trading 0.47 per cent higher at Rs 215 apiece. The BSE Realty index was up 0.94 per cent at 1,384.14.

10.12 am: Sensex was up 378 points at 26,599. The benchmark index had gained 604.11 points in the previous three sessions. Stock exchanges were closed on Friday on account of ‘Gandhi Jayanti’. Tata Motors, HDFC Ltd, TCS, ICICI Bank, NTPC, L&T, Axis Bank, Wipro, Tata Steel, HDFC Bank, Hero MotoCorp and M&M were major gainers that supported the rally in the indices.

9.45 am: Rising for the fifth day in a row,the rupee appreciated by 27 paise to trade at 65.24 against the US dollar in early trade today at the Interbank Foreign Exchange on increased selling of American currency by exporters. Sensex was up 378 points at 26,595. Nifty was up 106 points at 8,057.

9.20 am: Nifty was up 82 points at 8033. Sensex was up 307.92 points at 26,528. Global investment bank, Jefferies downgraded Maruti Suzuki India to ‘underperform’ from ‘buy’. Maruti Suzuki shares were trading 1.28 per cent down at Rs 4,521 in the early trade.

9.16 am: Sensex was up 270 points at 26,491. The BSE Bankex and BSE Auto index were up over 1 per cent each in the opening trade.

Domestic equity markets opened in green on Monday tracking firm global cues. Sensex opened 158.47 points up at 26,379. Nifty opened 54.20 points up at 8,005.10.

Asian stocks rose early on Monday after the prospect of an imminent interest rate hike by the Federal Reserve faded after Friday’s weaker-than-expected US employment data. US stock indices jumped over 1 per cent on Friday as worries about the economy after the disappointing jobs report gave way to a robust rally in energy and materials stocks.

Hong Kong shares rose nearly 2 per cent early Monday, led by financials and Macau gambling stocks, lifted by a wave of short covering and hopes for China policy moves, though gains may be limited around a key level.

(With inputs from agencies)