Sensex jumps over 390 points

Live: Sensex jumps over 390 points; Asian Paints stocks fall 1.76%

Shares of India’s third largest bank by market capitalization, ICICI Bank, rose as much as 6.02% to Rs298.40 —the highest since August 2015
The 30-share Sensex is trading 394.01 points up, or 1.45%, at 27,646.54 from its previous close. The Nifty50 of National Stock Exchange (NSE) rises 133.7 points, or 1.59%, to 8,565.70 points

Bank stocks rose sharply by up to 9.5% on Thursday after the government’s decision to withdraw Rs500 and Rs1,000 currency notes from circulation in a bid to curb black money and terror funding. Shares of Bank of Baroda jumped 9.56%, followed by Punjab National Bank (9.19%) and SBI (8.73 %) on BSE. Shares of India’s third largest bank by market capitalization, ICICI Bank, rose as much as 6.02% to Rs298.40, highest since August 2015. Banks have been ordered to remain open on the weekend as well as function late till 9pm for three days beginning Thursday to deal with the huge rush.

2.30pm: India’s benchmark 30-share Sensex is trading 394.01 points up, or 1.45%, at 27,646.54. The Nifty50 of National Stock Exchange (NSE) rises 133.7 points, or 1.59%, to 8,565.70 points

1.50pm: India’s benchmark 30-share Sensex is trading 455.68 points up, or 1.67%, at 27,708.21 from its previous close. The Nifty50 of National Stock Exchange (NSE) rises 145 points, or 1.72%, to 8,577 points.

1.00pm: Hindalco Industries rose 7% to Rs173.75. Rating firm CLSA has added the company’s stock into the former’s portfolio as it sees US infrastructure spend boost.

12.40pm: India’s benchmark 30-share Sensex index is trading 473.22 points up, or 1.74%, at 27,725.75. The Nifty 50 of National Stock Exchange (NSE) rises 162.65 points, or 1.93%, to 8,594.65 point

Live Stock Market Updates

Live Stock Market Updates - Sensex rallies over 350 points
The BSE Mid-cap Index is trading up 2% at 12,976 whereas BSE Small-cap Index is trading up 2.58% at 13,025. Out of 1,852 stocks traded on the NSE, 158 declined, 1,362 advanced and 368 remained unchanged today.the S&P BSE Sensex is trading at 27,624, up 371 points, while NSE Nifty is trading at 8,545 up 114 points. The BSE Mid-cap Index is trading up 2% at 12,976 whereas BSE Small-cap Index is trading up 2.58% at 13,025.

Tata Steel, Cipla, SBI, Bharti Airtel and Sun Pharma are among the gainers, whereas Infosys, Godrej Properties, Redington and Prestige estates are losing sheen on BSE.

All the BSE sectoral indices were trading in the positive territory. Some buying activity is seen in metal, telecom, auto, banking, basic materials and pharma sectors.

The INDIA VIX is down 10.28% at 14.9100. Out of 1,852 stocks traded on the NSE, 158 declined, 1,362 advanced and 368 remained unchanged today.

A total of 18 stocks registered a fresh 52-week high in trade today, while four stocks touched a new 52-week low on the NSE.The rupee opened lower at 66.39/$ as against the previous close of 66.42/$.

Asian markets opened deep in the green as oversold indices saw short covering coupled with fresh buying as the Dow Jones index touched new highs. This after huge intraday swings with US futures hitting lows of -800 points at one time. Bond yields on the US 10 year paper hit over 2% as optimism on growth with infra spending rising saw the yields near 9 month highs.         

The markets have been roiled for some time ever since the chances of a Trump victory surfaced though major bets remained on Hillary who eventually had to concede defeat. For now, Trump’s acceptance speech suggests he has indeed left the campaign ‘trumpisms’ aside and is set to usher in a new world order. The US markets may not have saluted his victory on Wednesday but he is known to be a friend of Wall Street.

Bonds and Gold which saw some smart up move failed to maintain their gains. Banks in India are stepping up activity to help cope with disruption caused by the withdrawal of Rs 500 and Rs 100 currency notes. While a lot of people are finding ways and means to change their high value notes, expectations are that earnings recovery could be pushed a few quarters further.