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Sensex Rallies Around 300 Points; Tata Steel Soars Over 5%

Tata Steel, Bajaj Finserv, HCL Tech and Sun Pharma have gained 1-4 per cent each on BSE

The benchmark indices have held on to their gains, post a gap-up opening, amid positive cues from other Asian markets. Asian shares are trading in the green across the board as the US Fed has signalled it will not rush to taper stimulus. As of 1:10 pm, the Sensex is up 290 points at 52,735 and Nifty 50 index has advanced 99 points to 15,809. The broader markets are also trading firm, with the BSE Midcap index and BSE Smallcap index adding 0.3 per cent and 0.8 per cent respectively.

All the BSE sectoral indices are trading in the green, with the exception of the auto and FMCG indices. The BSE Metal index has zoomed more than 4 per cent to top the sectoral gainers list on the BSE.

In the currency market, the rupee gained 13 paise to touch 74.25 against the US dollar, supported by a firm trend in domestic equities and weak American currency. At the interbank foreign exchange, the rupee opened at 74.32 against the dollar, then inched higher to 74.25, registering a gain of 13 paise over its previous close.

On the IPO front, Tatva Chintan Pharma made a stellar debut on the bourses. The shares of the specialty chemical maker listed at Rs 2,111.80 on the BSE, a premium of 95 per cent compared to the issue price of Rs 1,083.

The IPO of Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, has been subscribed 7.77 times thus far, on the last day of the public offer, subscription data available on exchanges showed. And the Rolex Rings IPO has been subscribed 6.28 times thus far on the second day of bidding.

On the stock-specific front, Tata Steel has soared by more than 5 per cent to Rs 1,439 to top the gainer’s list on the BSE. Bajaj Finserv, HCL Tech and Sun Pharma are the other significant gainers in the BSE pack. And Tech Mahindra has added almost a per cent ahead of its June quarter results.

On the other hand, Maruti Suzuki, Powergrid, Nestle and ITC have shed around a per cent each on the BSE.

The BSE market breadth is strong. Out of 3,277 stocks traded on the BSE, there are 2,004 advancing stocks as against 1,131 declines.


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