Nifty hits 8100 in June series, Sensex up over 200pts; SBI up 2%

Moneycontrol Bureau9:55 am Modi governemnt review: As the Narendra Modi-led government completes two years in office, industry body CII today said the administration has initiated "big bang" structural reforms like setting up NITI Aayog and devolving more power to states.

"In two years, the NDA government has strategically navigated the Indian economy to all-round stability. It has undertaken big bang structural reforms, including more power in the hands of states, establishment of NITI Aayog and empowerment of markets," CII Director General Chandrajit Banerjee said.

"For investors, critical achievements of the government relate to inflation control, more public investment in infrastructure, social security, fiscal management and tax administration," he added.

9:45 am Market extends gains: The Sensex is up 209.18 points or 0.8 percent at 26575.86, and the Nifty is up 65.60 points or 0.8 percent at 8135.25. About 1055 shares have advanced, 523 shares declined, and 79 shares are unchanged. Sun Pharma, Lupin, SBI, Adani Ports and Cipla are top gainers while Tata Motors, ITC, BHEL, NTPC and Bharti Airtel are losers in the Sensex.9:30 am Market outlook: Discernable green shoots are visible in the economy now, says Dipankar Choudhary of Centrum Broking, adding that momentum is visible in sectors like airline, capital goods, coal and automobile. Earnings too seem to be on an upward trend, he added. Speaking from the sidelines of 'Centrum Corporate Day 2016' conference, Choudhary says that while the balance is tilting towards a large number of upgrades for companies, downgrades are also happening. These downgrades are especially in the banking sector, which once again reported disappointing earnings.

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After a stellar rally yesterday, the market has opened strong on Friday. The Nifty has touched 8100 briefly beginning June series . The 50-share index is up 24.25 points or 0.3 percent at 8093.90. The Sensex is up 78.72 points or 0.3 percent at 26445.40. About 504 shares have advanced, 204 shares declined, and 34 shares are unchanged.

Sun Pharma, Lupin, SBI, Axis Bank and Adani Ports are up while L&T, Bajaj Auto, ICICI Bank, Dr Reddy's Labs and HDFC Bank are losers in the Sensex.

The Indian rupee extended gains. The currency has opened at 67.02 a dollar, up 15 paise compared to previous day's closing value of 67.17 a dollar. The USD-INR pair after briefly trading above 67.50 per dollar has moved back into the 66.50-67.50 range tracking global dollar weakness and positive equities.

Ashutosh Raina of HDFC Bank says the equity markets are consolidating recent gains, oil is edging higher and dollar is slightly weaker, adding markets await the US Q1 GDP data.

Asian stocks pulled ahead after patches of US data continued to paint the world's largest economy in a positive light, while the dollar was on the defensive against its major peers. The Dow inched down 0.1 percent and the S&P 500 ended flat overnight after rising strongly for two days as advancing utilities offset declines in materials, banks and other cyclical industries.