The Indian market extended its gains on heavy buying interest on the back of strong move by RBI to cut its benchmark interest rates like repo rate, CRR and SLR. Also, the firm global cues supported the move. Prime Minister''s assurance to the industry leaders that Indian banks were safe and the government will take all necessary steps to keep the economy protected from the global financial turmoil also lifted the sentiments. The NSE Nifty ended above 3,000 level and BSE Sensex above 10,300 mark. Today market started the day on pleasant note tracking firm cues from the both domestic and global arena. Stocks continued to trade higher on the back of heavy buying by fund houses as well as retailers.
Post RBI''s move, the commercial banks are expected to reduce the interest rate in next few days, which in turn will boost the sentiments of the interest sensitive industries. Further, market gained more ground to end the day sharply higher. Positive European markets also contributed the positive sentiments. From the sectoral from front, all indices ended in green and most of the buying was seen in the Reality, Capital Goods, Bank, Power, Oil & Gas, Metal and FMCG stocks. Mid Cap and Small Cap stocks also ended higher with gains of more than 4% each.
Among the Sensex pack 28 stocks ended in green terrain and 2 in red. The market breadth was in favour of advances as 1970 stocks closed in green while 633 stocks closed in red and 49 stocks remained unchanged.
The BSE Sensex closed higher by 549.62 points at 10,337.68 and NSE Nifty ended up by 158.25 points at 3,043.85. The BSE Mid Caps and Small Caps closed with gains of 155.52 points 3,355.54 and by 161.99 points at 3,927.10. The BSE Sensex touched intraday high of 10,373.17 and intraday low of 10,112.66.
Gainers from the BSE Sensex pack are Reliance Infra (17.15%), DLF Ltd (14.89%), JP Associates (13.36%), Ranbaxy Lab (12.33%), SBI (11.81%), Tata Motors (11.12%), L:&T Ltd (10.78%), ICICI Bank Ltd (7.91%), NTPC Ltd (7.58%), Grasim Industries (7.30%) and HUL (7.14%).
Only two losers from the BSE Sensex pack are Satyam Computer (1.54%) and Infosys Tech (0.23%).
RBI has cut the repo rate by 50 basis points to 7.5% with effective from 3rd November. It has also cut CRR, by 100 basis points in two stages to 5.5%. The first stage of CRR cut would be with effect from 25th October and the second stage would come into effect from 8th November. The central bank has also reduced the statutory liquidity ratio (SLR), the amount which banks are mandated to park in government securities, by 100 basis points to 24%. The SLR cut would inject about Rs 40,000 crore into the banking system.
The BSE Reality index ended up by (8.29%) or 164.04 points at 2,142.28. Gainers are Orbit Co (33.15%), Penland Ltd (14.91%), DLF Ltd (14.89%), Parsvnath (11.59%), Ansal Infra (7.12%), Indiabull Real (6.10%) and Omaxe Ltd (4.84%).
The BSE Capital Goods index gained (8.19%) or 574.61 points to close at 7,592.22 as Reliance Industrial Infra (25.37%), Lakshmi Machines (10.93%), L&T Ltd (10.78%), Crompton Greaves (10.28%), Areva (10.24%) and Elecon Eng C (9.97%) ended in positive territory.
The BSE Bank index ended higher by (7.51%) or 376.15 points to close at 5,387.39 as Yes Bank (14.36%), SBI (11.81%), Kotak Bank (9.77%), Federal Bank (9.25%), Union Bank (8.87%) and Oriental Bank (7.93%) in positive territory.
The BSE Power index surged (6.48%) or 102.62 points at 1,685.99. Gainers are Lanco Infra (21.37%), Reliance Infra (17.15%), Torrent Power (12.34%), Crompton Greaves (10.28%), Neyveli LIG (9.68%) and Siemens Ltd (9.36%).
The BSE Oil & Gas index gained (5.67%) or 351.50 points to close at 6,547.12. Major gainers are Reliance Natural Resources (23.42%), Aban Offshore (10.94%), HPCL (9.20%), Essar Oil Ltd (8.55%), Cairn India (7.43%) and ONGC Ltd (6.11%).
The BSE Metal index ended higher by (4.75%) or 254.77 points at 5,622.37. Major gainers are Wespan Guajrat Sr (12.92%), Guajrat NRE C (10.00%), Jindal Saw (8.29%), Tata Steel (7.21%), SAIL (5.78%) and Hindalco (5.48%).
Post RBI''s move, the commercial banks are expected to reduce the interest rate in next few days, which in turn will boost the sentiments of the interest sensitive industries. Further, market gained more ground to end the day sharply higher. Positive European markets also contributed the positive sentiments. From the sectoral from front, all indices ended in green and most of the buying was seen in the Reality, Capital Goods, Bank, Power, Oil & Gas, Metal and FMCG stocks. Mid Cap and Small Cap stocks also ended higher with gains of more than 4% each.
Among the Sensex pack 28 stocks ended in green terrain and 2 in red. The market breadth was in favour of advances as 1970 stocks closed in green while 633 stocks closed in red and 49 stocks remained unchanged.
The BSE Sensex closed higher by 549.62 points at 10,337.68 and NSE Nifty ended up by 158.25 points at 3,043.85. The BSE Mid Caps and Small Caps closed with gains of 155.52 points 3,355.54 and by 161.99 points at 3,927.10. The BSE Sensex touched intraday high of 10,373.17 and intraday low of 10,112.66.
Gainers from the BSE Sensex pack are Reliance Infra (17.15%), DLF Ltd (14.89%), JP Associates (13.36%), Ranbaxy Lab (12.33%), SBI (11.81%), Tata Motors (11.12%), L:&T Ltd (10.78%), ICICI Bank Ltd (7.91%), NTPC Ltd (7.58%), Grasim Industries (7.30%) and HUL (7.14%).
Only two losers from the BSE Sensex pack are Satyam Computer (1.54%) and Infosys Tech (0.23%).
RBI has cut the repo rate by 50 basis points to 7.5% with effective from 3rd November. It has also cut CRR, by 100 basis points in two stages to 5.5%. The first stage of CRR cut would be with effect from 25th October and the second stage would come into effect from 8th November. The central bank has also reduced the statutory liquidity ratio (SLR), the amount which banks are mandated to park in government securities, by 100 basis points to 24%. The SLR cut would inject about Rs 40,000 crore into the banking system.
The BSE Reality index ended up by (8.29%) or 164.04 points at 2,142.28. Gainers are Orbit Co (33.15%), Penland Ltd (14.91%), DLF Ltd (14.89%), Parsvnath (11.59%), Ansal Infra (7.12%), Indiabull Real (6.10%) and Omaxe Ltd (4.84%).
The BSE Capital Goods index gained (8.19%) or 574.61 points to close at 7,592.22 as Reliance Industrial Infra (25.37%), Lakshmi Machines (10.93%), L&T Ltd (10.78%), Crompton Greaves (10.28%), Areva (10.24%) and Elecon Eng C (9.97%) ended in positive territory.
The BSE Bank index ended higher by (7.51%) or 376.15 points to close at 5,387.39 as Yes Bank (14.36%), SBI (11.81%), Kotak Bank (9.77%), Federal Bank (9.25%), Union Bank (8.87%) and Oriental Bank (7.93%) in positive territory.
The BSE Power index surged (6.48%) or 102.62 points at 1,685.99. Gainers are Lanco Infra (21.37%), Reliance Infra (17.15%), Torrent Power (12.34%), Crompton Greaves (10.28%), Neyveli LIG (9.68%) and Siemens Ltd (9.36%).
The BSE Oil & Gas index gained (5.67%) or 351.50 points to close at 6,547.12. Major gainers are Reliance Natural Resources (23.42%), Aban Offshore (10.94%), HPCL (9.20%), Essar Oil Ltd (8.55%), Cairn India (7.43%) and ONGC Ltd (6.11%).
The BSE Metal index ended higher by (4.75%) or 254.77 points at 5,622.37. Major gainers are Wespan Guajrat Sr (12.92%), Guajrat NRE C (10.00%), Jindal Saw (8.29%), Tata Steel (7.21%), SAIL (5.78%) and Hindalco (5.48%).
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