Sensex, Nifty end up over 1 percent; auto, bank, metal rally

Moneycontrol Bureau3:30 pm Market closing: Late hours rally pushed market higher. The Sensex ended up 328.37 points or 1.3 percent at 26007.30, and the Nifty was up 107.60 points or 1.4 percent at 7962.65. About 1568 shares advanced, 992 shares declined, and 169 shares were unchanged.

Hindalco, Maruti, Tata Steel, BHEL and Lupin were top gainers while Adani Ports, Hero MotoCorp, Dr Reddy's Labs, Reliance and Bajaj Auto were laggards in the Sensex.2:55 pm FMCG threat? Patanjali Ayurved, the FMCG venture promoted by yoga guru Ramdev, will invest over Rs 1,150 crore in the current fiscal to set up six processing units and one R&D center as it chases a turnover of Rs 10,000 crore this year.

"We will invest Rs 1,000 crore to set up 5-6 processing units in various parts of the country. Apart from this, we will invest Rs 150 crore in research and development (R&D). We are looking at doubling our turnover to Rs 10,000 crore in the current fiscal," Ramdev told PTI.

These units will come up in Assam, Madhya Pradesh, Uttar Pradesh, Maharashtra, Haryana and Uttar Pradesh.

2:45 pm Pharma business: The National Pharmaceutical Pricing Authority (NPPA) has issued notices to 263 firms that were found overcharging during 2015-16, Parliament was informed today.

NPPA has informed that during 2015-16, demand notices were issued to 263 companies amounting to Rs 928.32 crore, Minster of Chemicals & Fertilizers Ananth Kumar said in a reply in Lok Sabha.

The recovery effected is Rs 12.68 crore, he added.

2:30 pm Economy: Private lender DCB Bank reduced both base rate or the minimum lending rate and the marginal cost of funds-based lending rate (MCLR), a move which will lower EMIs for its borrowers.

While MCLR has been reduced by up to 0.5 percent, the base rate has been cut by 0.06 percent.

MCLR for overnight lending has been slashed by 0.5 percent to 9.32 percent while it has been lowered by 0.2 percent to 9.72 percent effective May 4, DCB Bank said in a statement.

MCLR rate for other maturities has been left unchanged, it said.

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The market is surging ahead with the Sensex up 344.19 points or 1.3 percent at 26023.12. The Nifty is up 109.85 points or 1.4 percent at 7964.90. About 1499 shares have advanced, 908 shares declined, and 169 shares are unchanged.

Hindalco, Maruti, BHEL, Tata Steel and Tata Motors are top gainers while Hero and Adani are losers in the Sensex.

Morgan Stanley's Jonathan Garner expects emerging markets to fall around 10 percent from current levels. In an interview to CNBC-TV18, he says emerging markets are trading around 15 times forward earnings, which is expensive.

Garner has an 'equal-weight' rating on India for now, but says it is capable of outperforming other emerging markets in the long run.

He is bullish on private sector banks.