Sensex up 204 pts, Nifty ends above 8200; SBI, Nestle gain

Moneycontrol Bureau3:30 pm Market closing: The market jumped full throttle in last hour of trading. The Sensex ended up 204.46 points or 0.8 percent at 27214.60 and the Nifty was up 58.65 points or 0.7 percent at 8238.15. About 1323 shares advanced, 1401 shares declined, and 178 shares were unchanged.

SBI was up 3 percent while, L&T, HDFC Bank, Maruti and ONGC were top gainers in the Sensex. Among the losers werer Lupin, Coal India, Tata Steel, Infosys and HUL.3:10 pm M&M stake sale: Homegrown auto major Mahindra & Mahindra has sold its entire 71.19 percent stake in Swaraj Automotives Ltd (SAL) for Rs 24.84 crore to b4S Solutions.

"The company entered into a share purchase agreement with b4S Solutions... for the sale of its entire stake in SAL," M&M said in a regulatory filing.

Under the agreement, the company sold 17,06,925 equity shares of Rs 10 each at a price of Rs 145.5 per equity share, it added.

M&M said the transaction in expected to be completed in the first week of January 2016, subject to regulatory approvals. It had acquired stake in SAL through open offers when it bought 43.3 percent in Punjab Tractors, which held shares in the company.

2:55 pm Earnings: NIIT Technologies has surpasseds analysts' expectations on Friday with second quarter consolidated net profit rising 16.6 percent sequentially to Rs 68.2 crore on strong operational growth.

Consolidated revenue increased by 5.7 percent to Rs 678 crore in the quarter ended September 2015.

“Growth in all international geographies and industry segments of focus resulted in 8 percent sequential growth in international business," Arvind Thakur, CEO and Joint MD, NIIT Technologies said, adding improved international revenue mix contributed to expansion in margins.

Profit was expected to grow 7.35 percent to Rs 62.8 crore and revenue was estimated to increase 5 percent to Rs 673.5 crore, according average of estimates of analysts polled by CNBC-TV18.

2:45 pm Market Update: Equity benchmarks extended rally with the Sensex rising 216.12 points or 0.80 percent to 27226.26 and the Nifty climbing 61.80 points or 0.76 percent to 8241.30.About 1339 shares have advanced, 1281 shares declined, and 172 shares are unchanged on the BSE.2:40 pm Boardroom: Commenting on the company’s stellar performance in the second quarter, Krishnakumar Natrajan, CEO & MD, Mindtree said the reasons that led to strong growth are continued strong ditital performance, top ten customers growing and execution of large deals.He also stated that other verticals like BFSI, retail, technology media and services – all grew well. Most geographies also contributed toward growth.Reiterating what Natrajan said, COO, Parthasarathy NS also said the big trend noticed this quarter was that digital is no longer considered as discretionary spend, which drove the momentum in growth.Investments made in creating digital workforce has paid off for now and will continue to contribute going forward too, said Parthasarthy. 2:20 pm CCD IPO fully subscribed: Coffee Day Enterprises filled the order book for its up to Rs 1,150 crore (USD 177.05 million) initial public offering as of early afternoon, hours before the close of book-building later today.

The IPO from the operator of Cafe Coffee Day, India's biggest domestic coffee chain, would be the country’s biggest listing since Bharti Infratel's USD 751 million IPO in December 2012.

Coffee Day Enterprises’ IPO had received bids for 27.4 million shares, more than the 25.8 million shares on offer as of 13:40 India time (0810 GMT), according to data from the exchanges.

A source had earlier confirmed to Reuters the IPO's book was filled.2:00 pm Market Check After a consolidation, the market gained strength in afternoon trade. The Sensex rose 120.54 points to 27130.68 and the Nifty jumped 33.50 points to 8213 led by banking & financials, auto, oil and infra stocks.

Nestle India gained 7 percent. The company says the Maggi noodles are safe. "We have received test results from all three laboratories mandated by the Hon’ble Bombay High Court to test MAGGI Noodles samples. All the 90 samples, covering 6 variants, tested by these laboratories are clear with lead much below the permissible limits," it explains.Bank Nifty also jumped 127 points as HDFC Bank, ICICI Bank, SBI and Axis Bank rose more than 0.7 percent. Housing finance company HDFC went up 0.75 percent.Larsen & Toubro and Tata Motors are top contributors to Sensex's gains, up 2 percent each. However, Lupin lost over 2 percent. HUL, ITC and Bharti Airtel declined 0.5-1 percent.The BSE Midcap and Smallcap underperformed benchmarks, up 0.2 percent each.