At 9:15 am, the S&P BSE Sensex has gained 217 points to trade at 26,958 and the Nifty50 climbed 59 points to quote at 8,263.
"The ongoing rally relief rally have continued to add on to previous
day’s gains all through this week. Oscillators remain unconvincing, and
8,330 shall continue to pose medium term challenge, and but the ability
to float above 8,200 could lend a positive bias," said Geojit BNP
Paribas in a technical note.
Also, sentiment improved after the Cabinet approved the recommendations of the 7th Pay Commission yesterday.
KEY POINTS
The Union Cabinet, led by Prime Minister Narendra Modi, on Wednesday
approved the recommendations of the Seventh Pay Commission, a move which
will boost consumption by putting extra disposable income in the hands
of the central government’s 4.7 million employees.
The Cabinet has also approved the National Mineral Exploration Policy
(NMEP) on Wednesday, which will pave the way for auction of 100
prospective mineral blocks, boosting India’s mining potential.
The Cabinet cleared the model Shops and Establishment Act that would
allow cinema halls, restaurants, shops, banks and other such workplaces
to be open 24X7.
Further, participants are waiting for the auto sales volume data for
June and India Manufacturing PMI for June due on Friday, respectively.
Meanwhile, the government on Wednesday asserted it has "enough" support
for passage of the GST bill in the Monsoon session of Parliament that
will commence from July 18 till August 12.
GLOBAL MARKETS
Asian markets were trading higher tracking overnight gains on Wall
Street with Singapore and Hong Kong stocks gaining the most with over
1.5% gains while Nikkei was up nearly 1% amid a softening yen while
trading in Chinese shares remained lacklustre with the benchmark
Shanghai Composite trading flat with positive bias.
US stocks extended gains on Wednesday to end over 1.5% higher and
recover all the losses of 2016 after near term worries over Brexit
started easing. The Dow Jones industrial average ended up 1.6% at
17,695, the S&P 500 ended up 1.7% at 2,071 and the Nasdaq ended up
1.9% at 4,779.
BUZZING STOCKS
Larsen & Toubro gained nearly 1% after the company's IT subsidiary L&T Infotech is set to hit the capital market with an IPO in July.
Sugar stocks such as Dalmia Sugar, Dwarikesh Sugar, Dhampur Sugar, DCM
Shriram, Shree Renuka Sugars and Bajaj Hindusthan Sugar gained between
2%-6% after global sugar prices rose further.
Consumer driven stocks are likely to extend gains after the Cabinet's
approval to the recommendations of the Seventh Pay Commission will boost
spending across various sectors. In the auto pack, Tata Motors, Bajaj
Auto, Hero Motocorp and Maruti Suzuki have climbed between 0.5%-1.5%.
Titan, PVR, Asian Paints, Future Retail and Trent have gained up to 1.5%.
Minda Industries surged 3% after the board approved stock split of equity shares of Rs 10 each into five shares of Rs 2 each.
Coal India and Solar Energy Corporation has signed two agreements for
solar power project in Madhya Pradesh. Coal India is up 1%.
LT Foods jumped over 5% after the company said it has incorporated a
subsidiary named as "LT Foods International Limited" in United Kingdom
for strengthening its presence in Europe.
A government overhaul of the British Steel Pension Scheme - crucial to
convincing anyone to buy Tata's British assets - is in jeopardy after
Britons' vote to leave the European Union deepened the fund's debts and
depleted its assets. Tata Steel is up nearly 1%.
The State Bank of India pleaded before the Debt Recovery Tribunal here
for granting recovery certificate to start the proceedings against
liquor baron Vijay Mallya to recover debts from him in the alleged bank
loan default case. SBI climbed over 1%.
JSW Steel has gained 0.5% as it plans to raise Rs 27,600 crore in a mix
of Indian and foreign currencies through issues of bonds and debentures
during this financial year.
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