14:00
Moneycontrol Bureau 02:25pm Market CheckThe Sensex shot up 180.51 points or 0.69 percent to 26179.85 and the Nifty jumped 52.55 points or 0.68 percent to 7800.75.
About 1282 shares have advanced, 1390 shares declined, and 103 shares are unchanged.
02:20pm Top Gainers
Shares of HDFC Bank, Mahindra and Mahindra and BHEL topped the buying list in the Sensex, up 3-4 percent followed by ICICI Bank, HDFC, Larsen and Toubro, State Bank of India, Axis Bank, Bharti Airtel, Hero Motocorp, Tata Steel and Cipla with 2-2.7 percent gains.
Index heavyweights ITC and Reliance Industries climbed nearly a percent.
02:00pm Market Check
Equity benchmarks extended gains with the Sensex rising 166.02 points to 26165.36 and the Nifty climbing 48.90 points to 7797.10. The broader markets gained too; the CNX Midcap advanced 0.8 percent.
Banks stocks drove the major gains in benchmarks with BSE Bankex rising over 2 percent while technology stocks pulled the BSE IT index down by 3.5 percent.
Sunil Singhania of Reliance MF says he expects growth to return to the Indian markets. He is looking at a 20 percent earnings growth over the next five years and valuation wise, India is not as expensive as other emerging markets.
It's a twin blow for the tech sector. TCS tanked more than 7 percent after dollar revenue growth missed expectations. Management told cnbc-tv18 that softness in certain businesses may continue for two more quarters. HCL Technologies too took a hard knock on similar growth worries; dollar revenue for Q1 came in lower than estimate; the stock lost 9 percent.
The rupee recovered marginally to 61.53 after falling to 7-month low of 61.83 yesterday. Fresh selling of dollars by exporters and banks resulted in rupee recovery.
It is a mixed day for global markets. European markets gained more than 1 percent while Asian markets like Japan and Taiwan Weighted fell another 1-1.5 percent after yesterday's blow. A comment from hawkish Federal Reserve official James Bullard on Thursday that the Fed should continue bond buying lifted sentiment and surprised many observers.
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