Sensex, Nifty jump over 1.5%; auto, bank, metals surge

Moneycontrol Bureau11:55 am USFDA: Drug firm Zydus Cadila has received final approval from the US health regulator to market Nateglinide tablets, used for treatment of diabetes, in the American market.

Zydus Cadila has received final approval from the US Food and Drug Administration (USFDA) to market Nateglinide tablets tablets USP, in the strengths of 60 mg and 120 mg, Zydus Cadila's group firm Cadila Healthcare said in a BSE filing.

Nateglinide tables is an anti-diabetic agent used in management of type-2 diabetes mellitus and will be produced at the group's formulation manufacturing facility at Pharma SEZ in Ahmedabad.11:45 am Big deal:  Lafarge Holcim has agreed to sell its Lafarge India business to Nirma Ltd for an enterprise value of around USD 1.4 billion, the world's biggest cement maker.

"This agreement is an important step in our 3.5 billion Swiss franc (USD 3.56 billion) divestment programme," LafargeHolcim Chief Executive Eric Olsen said in a statement.

"With this deal, two-thirds of the programme has been secured and the remainder of the program is well on track. We are confident that we will meet our target by the end of this year." The deal, the proceeds of which will be used to pay down LafargeHolcim's debt, is subject to approval by the Competition Commission of India.

11:30 am Result poll: Private sector lender IndusInd Bank 's first quarter (April-June) profit is likely to increase 24.5 percent to Rs 654 crore compared with Rs 525 crore in year-ago period, according to average of estimates of analysts polled by CNBC-TV18. Net interest income, the difference between interest earned and interest expended, may grow a whopping 32.9 percent to Rs 1,304 crore in quarter ended June 2016 compared with Rs 981 crore in same period last year. Analysts say the stock may react positively if gross non-performing assets remain below 1 percent (0.87 percent in Q4), credit cost below 20 basis points (17 bps in Q4) and net interest margin comes above 3.9 percent (3.94 percent in Q4).Don't miss: Big ticket IPO: Should you subscribe L&T Infotech on reasonable valuation

It's a bulls day out on Dalal Street as market is at fresh 2016 high. The Sensex is up 462.51 points or 1.7 percent at 27589.41, and the Nifty is up 130.85 points or 1.6 percent at 8454.05. About 1679 shares have advanced, 626 shares declined, and 120 shares are unchanged.

Tata Motors, ICICI Bank, Adani Ports, Maruti and NTPC are top gainers. Auto, banks and metal stocks are lending support to the indices.

Crude oil futures fell 0.85 percent to Rs 3,033 per barrel today, in line with a weak trend in Asian trade, as speculators indulged in trimming positions.

Analysts said fall in crude oil futures is mostly in tunewith a weak trend in Asian trade as an increase in US drilling activity and a strong dollar reversed gains from last week's better-than-forecast US jobs report.