Benchmark indices extended rally with the Sensex rising 493.78 points or 1.79 percent to 28023.75 and the Nifty up 141.25 points or 1.66 percent at 8661.65.
3:30 pm Market closing: The market had a stellar day with both benchmark indices gainign 1.8 percent from previous close. The Sensex was up 520.91 points or 1.9 percent at 28050.88 and the Nifty gained 157.50 points or 1.8 percent at 8677.90. About 1884 shares advanced, 949 shares declined, and 206 shares were unchanged.
Adani Ports, ICICI Bank, HDFC, Tata Steel and BHEL were top gainers while ONGC and Asian Paints were losers in the Sensex.
3:15 pm China's big investment: China's non-financial outbound direct investment surged 53.7 percent to USD 134.22 billion in the first nine months of this year as Chinese firms continued to invest big abroad, the Commerce Ministry said today.
China's non-financial outbound direct investment (ODI) surged 53.7 percent from a year ago to 882.78 billion yuan (USD 134.22 billion) in the January-September period, Shen Danyang, spokesman for the ministry, told media briefing here.
In September alone, China's ODI rose 56.9 percent year on year to USD 16.16 billion.
He attributed the rise in Chinese investments to the Belt and Road (Silk Road) Initiative, saying that it had boosted business cooperation between Chinese and foreign firms.
3:00 pm Market Update: Benchmark indices extended rally with the Sensex rising 493.78 points or 1.79 percent to 28023.75 and the Nifty up 141.25 points or 1.66 percent at 8661.65.
2:55 pm IPO: Drug ingredients maker Laurus Labs has received market regulator Sebi's go ahead to float an initial public offering.
Hyderabad-based firm had filed IPO papers with Sebi in August. The markets regulator issued its final 'observations' on October 10 on the draft offer documents, which is necessary for any company to launch the public offer.
According to draft papers, the public issue comprises fresh issue of shares worth Rs 300 crore and an offer for sale of 24,844,240 equity scrips by the existing shareholders, including Warburg Pincus group and Eight Roads Ventures.
Proceed of the issue would be utilised towards payment of loans and for general corporate purposes.
2:40 pm Earnings: Software solutions provider Mastek's profit more than doubled to Rs 7.7 crore in July-September quarter from Rs 3.6 crore in preceding period, driven by strong operational performance despite revenue degrowth.
Revenue during the quarter fell 3.2 percent to Rs 125.9 crore and other income declined 28.6 percent to Rs 2.5 crore on sequential basis.
The company has registered a whopping 90.2 percent growth in EBIT (earnings before interest and tax) at Rs 7.8 crore and a 300 basis points expansion in margin at 6.2 percent compared to June quarter.
2:30 pm Listing: Auto components maker Endurance Technologies is set to list its equity shares on exchanges on October 19. It has fixed issue price at the higher end of price band of Rs 467-472 per share.
The issue, which opened for subscription during October 5-7, oversubscribed 43.84 times. The reserved portion of qualified institutional buyers oversubscribed 53.43 times and non-institutional investors 127.07 times.
The Aurangabad-based Endurance raised around Rs 1,161 crore through the issue, including Rs 348 crore from anchor investors.
Incorporated in 1999, the company is prominently 2-wheeler and 3-wheeler component supplier in India and 4-wheeler auto component supplier in Europe. It has 25 manufacturing facilities of which 18 are in India and 7 are in Europe (5 plants in Italy and 2 in Germany).
2:20 pm Midcap index changes: 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.
Also read - Buy, sell, hold: 5 portfolio booster stocks for investors
2:00 pm Market Check
Benchmark indices rallied further in afternoon trade with the Sensex inching towards 28000 level, driven by HDFC (up 3.37 percent), ICICI Bank (up 4.04 percent) and ITC (up 2.18 percent).
The 30-share BSE Sensex was up 431.16 points or 1.57 percent at 27961.13 and the 50-share NSE Nifty gained 127.40 points or 1.50 percent at 8647.80.
The BSE Midcap and Smallcap indices rose over a percent on strong breadth. About 1832 shares advanced against 848 declining shares on the exchange.
HDFC Bank, Infosys, L&T and Reliance Industries and Axis Bank gained 1-2 percent whereas ONGC and Asian Paints were the only losers among Sensex 30 stocks.