Sensex Ends 232 Points Higher On Hopes Of Rate Cut In August

3:46 p.m.: The Sensex ended above its important psychological level of 27,000 for the first time in over seven months. The index closed 232 points higher at 27,010 and Nifty advanced 65 points to shut shop at 8,266.

3:17 p.m.: Metal stocks were witnessing buying interest. The BSE Metal index was up 1.4 per cent; Vedanta was the top gainer from this space, up 3.5 per cent to Rs 110.05. Hindalco, NMDC, Tata Steel, Hindustan Zinc, SAIL, NALCO, JSW Steel and Jindal Steel were also among the gainers.

2:51 p.m.: Select oil & gas stocks were witnessing selling pressure. BSE Oil & Gas index was up 0.01 per cent; Hindustan Petroleum was the top loser from this space, down 1.5 per cent at Rs 908.25. Bharat Petroleum, Castrol India and Oil India were also among the laggards.

2:41 p.m.: The stock markets came off the intraday highs but continue to trade firmly higher. Sensex up 193 points at 26,971 and Nifty was at 8,254, up 53 points.

2:28 p.m.: Market breadth remains positive as 1,429 stocks advance while 1,053 fall.

2:18 p.m.: Stock markets came a bit off intraday highs. Sensex trades 253 points higher at 27,030 and Nifty advances 77 points to 8,278.

2.14 p.m.: Positive European markets also supported gains in domestic markets. The Amsterdam index was up 1.06 per cent, while the CAC 40 and FTSE 100 were up 1.21 per cent and 0.70 per cent respectively. 

2:00 p.m.: FMCG stocks support gains in the broader indices. The FMCG sub-index of NSE was up 1.72 per cent. United Breweries, ITC, Hindustan Unilever, Dabur, Godrej Consumer were up between 1.5-3 per cent each. 

1:42 p.m.: Realty stocks extend gains, the BSE Realty index surges 2 per cent on the back of gains in Indiabulls Real Estate, Godrej Properties, DLF, Sobha Ltd, HDIL, Prestige Estates and unitech, up 1.3-3 per cent each.

1:32 p.m.: Stock markets continue to trade firmly higher. Sensex rises 280 points to 27,057 and Nifty surges 87 points to 8,288.

1:24 p.m.: Macquarie maintains neutral on ICICI Bank for target price of Rs 263. It says ICICI Bank looks more attractive compared to Axis Bank as ICICI Bank trades at 30 per cent discount to Axis Bank. It makes sense to go long on ICICI Bank relative to Axis Bank. (Click here for more brokerage calls)

1:14 p.m.: Capital goods stocks were also witnessing buying interest. Thermax was the top gainer from this space, up 4 per cent at Rs 790. Sterlite Technologies, Kalpatru Power, Mahindra CIE, ALA Engineering, Alstom T&D and Reliance Defence were also among the gainers, up 2-4 per cent each.

1:01 p.m.: Banking stocks lead market rally; ICICI Bank was the top gainer from this space, up 3.3 per cent to Rs 251.50. Federal Bank, State Bank of India, Kotak Mahindra Bank, Yes Bank, Bank of India and Bank of Baroda were also up 1-3 per cent each.

12:50 p.m.: Stock markets cheer Reserve Bank of India's 'accommodative' monetary stance. Sensex rises 268 points to 27,046 and Nifty surges 84 points to 8,285.

12:39 p.m.: Sanjiv Bhasin, EVP-Markets & Corporate Affairs at India Infoline, says "So market had discounted a no-change policy and jobs data from the U.S. further extinguished hopes of a rate hike by the Federal Reserve. Also, tone of the governor is more on extension of his term rather than the monetary policy. So this was all given."

"Inflation creeping up in the last month would have been a dampener because we know that monsoon is expected to be very good but right now with inflation rising, it was given that he (Rajan) would leave monetary policy unchanged."

"Any chance of a rate cut will now be more in August with a 25 basis points cut and by December repo should come down to 6 per cent."

12:26 p.m.: Alphageo was the top gainer from the small-cap space, up 20 per cent at Rs 660. Philips Carbon Black, Shreyas Shipping, Kanoria Chemicals, MCFL, Selan Exploration and LI&FS Investment Managers were also among the gainers, up 11.5-20 per cent each.

12:10 p.m.: Real estate stocks were also witnessing buying interest. BSE Realty index advanced 0.88 per cent; Godrej Properties was the top gainer from this space, up 3 per cent at Rs 340.75. Prestige Estates, Sobha Ltd, Indiabulls Real Estate, DLF, NBCC and HDIL were also among the gainers, up 0.4-1.77 per cent.

11:51 a.m.: PSU banking stocks were witnessing good buying interest. The Nifty PSU Bank index was up 1.6 per cent; State Bank of India was the top gainer from this space, up 2.5 per cent at Rs 204. Bank of India, Oriental Bank of Commerce, Bank of Baroda, Canara Bank, Indian Overseas Bank, Syndicate Bank and Union Bank of India were also among the gainers, 0.5-1 per cent each.

11:43 a.m.: Sensex advanced over 150 points and Nifty was hovering close to its crucial psychological level of 8,250 after the Reserve Bank of India kept rates unchanged at a five-year low of 6.50 per cent.

11:39 a.m.: Mining and metal stocks gained on Tuesday amid a global rally in base metal prices after the US dollar fell to a three-week low against a basket of global currencies. 

GMDC, Jindal Stainless, Hindalco, MMTC, Moil, NMDC, Nalco, and Vedanta gained between 0.5-1.5 per cent today. The metal sub-index of Bombay Stock Exchange - BSE Metal - was up 0.42 per cent compared to 0.29 per cent gain in the broader Sensex. (Read)

11:25 a.m.: FMCG stocks were witnessing buying interest. The BSE FMCG index was up 0.76 per cent; ITC, Hindustan Uniliver, Nestle, Godrej Properties, Britannia Industries, Dabur and United Spirits were among the gainers.

11:17 a.m.: Nifty Bank advances 0.53 per cent to 17,765. State Bank of India was the top gainer from this space, up 2 per cent to Rs 203. ICICI Bank, Yes Bank, Bank of India, Punjab National Bank, Federal Bank, Bank of Baroda and Canara Bank were also among the gainers.

11:16 a.m.: Working together with government on cleaing up bank balance sheets, says RBI Governor Raghuram Rajan.

11:12 a.m.: Market breadth remains positive as 1,264 stocks were advancing while 848 were declining.

11:10 a.m.: Reserve Bank of India cites upward risks to inflation from crude oil prices and implementation of the seventh Pay Commission awards.

11:09 a.m.: Rate sensitive stocks continue to witness buying interest; Nifty Bank was up 0.6 per cent and Nifty Auto index was up 0.46 per cent.

11:02 a.m.: Stock markets were unmoved after the Reserve Bank of India kept key interest rates steady which was on expected lines and was discounted by market participants. Sensex was up 86 points at 26,863 and Nifty was at 8,226, up 25 points.

10:47 a.m.: Shriram Transport Finance was the top gainer from the mid-cap space, up 1.85 per cent at Rs 1,172. Alstom T&D, Zee Entertainment, Bank of India, Bharat Electronics, JSW Energy, Tata Communications and Adani Power were also among the gainers.

10:23 a.m.: Buying visible across the sectors with rate sensitive stocks leading the sectoral charts. BSE Bankex was among the top sectoral gainers, up 0.8 per cent. Auto and Realty indices were also up 0.6 and 0.44 per cent each respectively.

10:02 a.m.: Market breadth remains positive on tyhe Bombay Stock Exchange as 1,159 stocks advance while 581 decline.

9:51 a.m.: Pharma stocks were witnessing selling pressure. Sun Pharma was the top loser from this space, down 1.6 per cent to Rs 91.25. Glenmark, Abbott India, Alembic, Claris Lifesciences, Aurobindo Pharma and Jubilant LifeSciences were also among the laggards, down 0.7-1.32 per cent.

9:46 a.m.: Mahindra & Mahindra a good stock pick to play recovery in rural economy, says Parag Thakkar, head of institutional sales with HDFC Securities.

9:40 a.m.: Rate sensitive stocks were witnessing buying interest ahead of Reserve Bank of India's policy announcement. Nifty Bank was up 0.5 per cent, Nifty Auto index jumped 0.43 per cent and Nifty Realty index advanced 0.44 per cent.

9:32 a.m.: From the Nifty50 basket of stocks, 43 were advancing while 8 were declining.

ICICI Bank was the top Nifty gainer, up 1.6 per cent at Rs 247.50. State Bank of India, Maruti Suzuki, NTPC, Tata Motors DVR, Tech Mahindra, Wipro, Bank of Baroda, ITC and Hindalco were also among the prominent gainers, up 0.8-1.6 per cent.

On the other hand, Lupin, Aurobindo Pharma, Eicher Motors, Dr Reddy's Labs, Adani Ports. HDFC Bank, Sun Pharma and HDFC were among the laggards.

The broader markets were in-line with the benchmark indices. The BSE Mid-cap index was up 0.22 per cent and the small-cap index was up 0.43 per cent.

9:20 a.m.: Sensex and Nifty moved higher in opening deals on Tuesday tracking gains in other Asian markets after Federal Reserve Chair Janet Yellen said US interest rate hikes are likely on the way but held back any reference to the timing.

Meanwhile, gains in the Indian markets were capped as all eyes are on the Reserve Bank of India's monetary policy review meet which is due later today. Most of the economists expect RBI Governor Raghuram Rajan to keep the benchmark repo interest rate unchanged at a five-year low of 6.50 per cent.

However, the Street would watch out for the commentary from RBI chief Dr Rajan on the roadmap of future rate cuts.

As of 9:20 a.m., the Sensex traded 91 points higher at 26,868 and Nifty was at 8,230, up 29 points.