Moneycontrol
Oct 18, 2016 02:33 PM IST IST | Source: Moneycontrol.com

Nifty hits 8600, Sensex soars over 300 pts; pharma, infra gain

ICICI Bank, Adani Ports, HDFC, Tata Steel and Bajaj Auto are top gainers while Asian Paints, ONGC and GAIL are losers in the Sensex.


Moneycontrol Bureau

1:50 pm Addition and deletion:
Private sector lender IDFC Bank will be included in the NSE's Nifty Midcap 50 index from November 15.


Havells India, on the other hand, will move out of the index.


India Index Services & Products Ltd, which maintains Nifty indices, said in a statement that the changes would become effective from November 15, 2016.


Earlier this month, IDFC Bank was included for trading in the securities lending and borrowing segment.


Prior to that, the exchange had announced that it would launch futures and options (F&O) contracts in IDFC Bank, DCB from September 30.


There are currently over 200 securities available in the F&O segment for trade.


1:30 pm Market outlook: Asserting that over a period of time investors look for scale, sustainability and maturity in companies, Hiren Ved of Alchemy Capital Management said that great companies going through difficult times can be the best bets.


On Ramesh Damani's signature show "Wizards of Dalal Street", Ved explained that Bajaj Finance came up trumps after the global financial crisis by tapping into domestic growth and consumption story.


The company, an early entrant then in the consumer finance business, capitalised on the business opportunity by placing in stores executives who would instantly assess and check customers' eligibility for loans, Ved said. Its peers went for scale and cut interest rates instead, he added.


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The market is gaining with support from banks, pharma, metals and infra stocks. The Sensex is up 347.57 points or 1.3 percent at 27877.54 and the Nifty is up 99.45 points or 1.2 percent at 8619.85. About 1837 shares have advanced, 815 shares declined, and 179 shares are unchanged.


ICICI Bank, Adani Ports, HDFC, Tata Steel and Bajaj Auto are top gainers while Asian Paints, ONGC and GAIL are losers in the Sensex.


European stocks were higher as firming oil prices lifted global sentiment.  The pan-European STOXX 600 was around 1 percent higher with all major bourses in positive territory.

Investor caution continues to mount as election day approaches in the U.S. This as comments from Federal Reserve Vice Chair Stanley Fischer on Monday suggested the U.S. central bank was "very close" to meeting its employment and inflation goals, sending US stocks lower into Monday's session close.

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