Auto, Banking stocks zoom; BSE up 292 pts; NSE above 94 pts
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Banking stocks have surged 341 points to 21,710.82 on BSE index. All stocks are trading positive with PSU banks in lead.
European markets are higher today with shares in Germany leading the region. The DAX is up 0.89% while France's CAC 40 is up 0.76% and London's FTSE 100 is up 0.13%.
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Commodity Round Up.
Telecom stocks were trading in green on BSE, ahead of telecos companies to meet up new telecom minister Manoj Sinha on Monday to discuss issues such as call drops and spectrum usage charge raised by the Telecom Regulatory Authority of India or Trai. Telecom index was above 7 points or 0.58% to 1,324.76. Bharti Infratel was top gainer by surging over 2% to Rs. 368.85. Followed by Onmobile Global at Rs. 117 up by 1.08%, Reliance Communication above 0.49% to Rs. 51.60 and Tata Teleservices (Maharashtra) India at Rs. 6.79 up by 0.30%. Idea Cellular, MTNL, Bharti Airtel, Tata Communications were trading positive in the range of 0.09% - 0.28%.
Buying interest in small and midcap
Nifty Bank was trading lower in the first hour of the trade, however it managed to re-couped from its shrink. Now it is just below 6 points or 0.03% at 18,684.25. Major PSU stocks were gainers compared to the maket mover private banks. Punjab National Bank was trading as top gainer at Rs. 126.45 surged by 5.20%, followed by Bank of India above 2.78% to Rs. 109.20. While Bank of Baroda and State Bank of India were trading in the range of 1.66%-1.86% at Rs. 153.50 and Rs. 227.20 respectively. Interestingly, the major lenders slumped on NSE led by their quarterly result announcement. Axis Bank was the top loser on Nifty Bank, dipping by 1.68% to Rs. 528.65, followed by other noticeable private banks with Korak Mahindra Bank below 0.68% to Rs. 754.90, HDFC Bank off 0.18% to Rs. 1,228.60, Yes Bank down by 0.10% to Rs. 1,155.55 and that ICICI Bank trading flat at Rs. 263.25.
Sensex was trading below 10 points or 0.04% amid mixed global cues, while Nifty was flat at 8,541.90. However, the 30-script index was positive with 19 advances and 11 decline, and that of 51-script index was 31 advances and 20 declines.
Vedanta - Cairn India both were trading lower led by the merger deal in the early trading session. Both the companies including Vedanta Resources plc (“Vedanta plc” together with its subsidiaries, the “Group”), on Friday announced a revised and final terms to the recommended merger between Vedanta Limited and Cairn India (the “Transaction”). The merger was first announced on 14 June 2015. Presently, Vedanta is trading at Rs. 165.60 down by 1.98%, while Cairn India is just above 1.20 points or 0.63% to Rs. 193.20.
Rupee was trading above 0.017 paise or 0.02% at 67.170 against US dollar. The local currency opened at 67.154 unchanged from its previous close.
Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.49% while the Hang Seng is down 0.26%. The Nikkei 225 is below 0.71% or 119.62 points.