An evening walk down Dalal Street | Indices gain for 5th straight session, Nifty just short of 10,900

Bulls began the week on a strong note, with benchmarks closing near their high points. Buying was visible across all sectors, with maximum gains visible among metals, energy and automobiles.

The Sensex closed with gains of over 300 points, while the Nifty fell just short of 10,900.

At the close of market hours, the Sensex was up 307.14 points at 36,270.07, while Nifty was up 82.90 points at 10,888.40. About 1400 shares have advanced, 1192 shares declined, and 150 shares were unchanged.

Power Grid Corp, Tata Motors, HDFC, Coal India and Vedanta are the top gainers on the Sensex, while Kotak Mahindra Bank, Infosys, Bharti Airtel, Hero Motocorp and L&T are among major losers.

"Belying weak global cues, Indian markets continued their upward momentum with the stabilization of crude and rupee providing more confidence to global investors. Markets continue to build in some loosening in monetary policy and measures to push rural spend," Viral Belawala, CIO of Essel Mutual Fund said in a statement.

Stocks in the News

Share price BGR Energy Systems rose 4 percent as the company secured an order worth of Rs 49.40 crore.

Share price of Security and Intelligence Services (SIS) rose 1 percent after company acquired 51 percent stake in Uniq Detective and Security Services.

Share price of Glenmark Pharma added nearly 3 percent after USFDA gave a final approval for Hydrocortisone Valerate Ointment USP.

NTPC and Power Grid Corporation of India shares rallied more than 3.5 percent after global brokerage house CLSA retained its bullish stance after new tariff norms.

Wipro shares gained more than 2 percent after the company signed strategic partnership with Saxo Bank.

Cadila Healthcare shares added 2 percent after the US health regulator received approval for drug that treats tapeworm infections.

Datamatics Global Services shares rallied 6 percent after the company decided to demerge and separately list its subsidiary Lumina Datamatics.

Global Markets

European stocks were lower, amid escalating concerns of a sharp slowdown in global growth. Stoxx 600 was down 0.25 percent.

Meanwhile, in Asia, markets were mixed on the back of growth fears in world’s biggest economics. The Shanghai composite rose 0.16 percent to close at around 2,597.97 while the Shenzhen composite declined by 0.309 percent to end the trading day at about 1,323.31.