BSE Sensex up 500 pts; Nifty hits 6150, banks on fire

Moneycontrol Bureau

03:29 pm Top gainers in the BSE Smallcap: Essar Shipping (Rs 24.15, 19.85%), Madhucon Projects (Rs 28.00, 16.67%), Marathon Nextgen (Rs 149.00, 16.41%), S Mobility (Rs 35.00, 13.64%), Vikas WSP (Rs 32.95, 13.62%)

Alert: The Reserve Bank of India will sell 10-20 billion rupees of inflation-indexed bonds on June 4, kickstarting monthly sales of a new type of debt the country is introducing this year.

News flash: All you want to know about Just Dial IPO

03:21 pm: Bank Nifty up 500 pts at 13086.60, hits 30-month high

03:20 pm Sensex up 500 pts: The Sensex is up 500.41 points or 2.54% at 20222.70, and the Nifty up 157.40 points or 2.63% at 6152.80. About 1448 shares advanced, 971 shares declined, and 166 shares are unchanged.

03:19 pm: Tata Motors April JLR sales down month on month

-April global JLR wholesales at 28,874 versus 42,682 units (M-o-M)
-April group global wholesales at 81,241 compared to 1.16 Lakh Units (MoM) 

03: 16 pm: Udayan Mukherjee's quote on today's rally: "The extent of rally certainly has been surprising. Rate sensitives have come back in a big way today. The WPI numbers yesterday and the fall in the bond yields overnight and this morning has taken the sting out of the Current Account Deficit (CAD) or the trade deficit surprise which led the market down on Monday.

03:11 pm: Index heavyweight Reliance was trading at Rs 818.80 up 2.65% from its previous close of Rs 797.70. Cigarette major ITC was trading at Rs 342.05 up 1.83% from its previous close of Rs 335.90.

03:09 pm  Losers: Laggards included Power Grid (Rs 113.90, 0.39%), Cairn India (Rs 295.55, 0.3%), HCL Tech (Rs 745.00, 0.01%)

03:06 pm Gainers: Key gainers in the Nifty were PNB (Rs 819.30, 6.99%), DLF (Rs 242.40, 5.28%), Kotak Mahindra Bank (Rs 767.00, 5.08%), IndusInd Bank (Rs 512.60, 4.55%), HDFC (Rs 910.30, 4.53%)

It was a party across Dalal Street. The Nifty saw a triple digit rally to 28-month highs above 6100. The Sensex too clocked nearly 400 points gain cruising comfortably above 20100. Banks were the big star in trade today. The Bank Nifty was up nearly 3 percent led by names like PNB (up 6.6 percent) and SBI (up 3.5 percent).

The mid and small caps too are buzzing.

At 14.56 hrs IST, the Sensex is up 447.72 points or 2.27% at 20170.01, and the Nifty up 138.45 points or 2.31% at 6133.85. About 1406 shares have advanced, 928 shares declined, and 160 shares are unchanged.

IRB Infrastructure Developers has gained 5.6 percent. The company has approved raising of funds by issue of Redeemable Non Convertible Debt Securities (including senior debt securities or subordinate debt securities) up to Rs 500 crore in one or more tranches on private placement basis.