14:19
Moneycontrol Bureau Equity benchmarks gained more than a percent higher in afternoon trade, aided by further upside in banking & financials, technology and FMCG stocks. The Sensex jumped 367.77 points to 29250.88 and the Nifty rallied 98.80 points to 8822.50.However, the broader markets remained flat. About 1320 shares have advanced, 1412 shares declined, and 241 shares are unchanged on the BSE.
Samir Arora of Helios Capital says FIIs are excited about India, but most of them are still stocking to the quality names. They are still not upbeat on companies that are potential turnaround stories.
Looking at possibilities on the economy in terms of monetary stimulus and fiscal stimulus, financial sector stocks will still do well, and within that space, private sector banks will outperform, feels Samir Arora of Helios Capital.
Among banking & financials, HDFC toppped the buying list on Sensex, up 4.6 percent. Axis Bank and State Bank of India rallied 1-3 percent while rival ICICI Bank recouped all its losses.
HDFC Bank gained 2 percent as it kicked off a Rs 10,000 crore share sale, with a Rs 1,500 crore QIP book launched last night. Sources say the QIP book saw very strong response, was subscribed over 7 times. The bank is also looking to raise Rs 7,500-8,000 crore via ADR issue.
TCS, Infosys and Wipro climbed 3-3.6 percent after Cognizant positively surprised the street with a revenue growth of 6.2 percent Q-o-Q and provided an encouraging guidance of 19 percent for this year. CLSA says guidance should improve investor confidence on CY15 demand health for Indian IT companies.
Bharti Airtel rebounded after seeing a loss of 1 percent. The company delivered a tepid set of Q3 numbers as Africa performance continued to drag. CLSA downgraded Africa's FY15-18 EBITDA by 11-13 percent.
In key earnings, Tata Motors gained 1.4 percent ahead of its third quarter earnings today. A CNBC-TV18 poll expects revenues to come in 3.5 percent higher while profits are likely to remain flat at Rs 4,846 crore on a consolidated basis.
However, ONGC, Mahindra & Mahindra, Sesa Sterlite, Tata Power, Cipla, GAIL, Hindalco and BHEL were down 1-4 percent.
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