Navkar Corporation listed at Rs 152, down 2 percent compared to issue price of Rs 155 apiece on the National Stock Exchange.
10:55 am Market Update: The Sensex gained 252.73 points or 1 percent 25570.60 and the Nifty rose 82.50 points or 1.07 percent to 7770.75, though indices saw some profit booking.
About 1628 shares have advanced, 454 shares declined, and 65 shares are unchanged on the BSE.
10:45 am Oil update: Crude oil prices rose today as Asian stock markets caught a tailwind from a strong performance in the United States and Europe, although fuel markets remained generally dogged by oversupply.
Asian shares gained after upbeat German economic data powered rising US and European markets, and traders said the more upbeat sentiment in Asia had flowed through to oil markets.
The Brent global crude benchmark was trading at USD 49.75 per barrel, 23 cents up from its last settlement after jumping 4 percent in the previous session. US West Texas Intermediate crude gained 19 cents to USD 46.13 a barrel after falling in the previous session.
In Japan, weekly crude and refined products statistics showed stable utilisation rates and stock levels.
10:30 am Buzzing: Shares of IL&FS Transportation Networks surged 5 percent.
The company said the concession agreement for development of 4-laning of Amravati-Chikhli (package-I) section of NH-6 in Maharashtra from has been signed by Amravati Chikli Expressway, a wholly owned subsidiary of the company with NHAI on build operate transfer (BOT) basis on September 08, 2015.
The project is on toll basis with a concession Period of 19 years including construction period of 910 days and the estimated cost of the project is Rs 2,288.18 crore. The company had quoted a grant of Rs. 183.05 crore for project.
IL&FS Transportation said concession agreement for development of 4-laning of Fagne - Gujarat/Maharashtra Border (package-III) section of NH-6 in Maharashtra is signed by Fagne Songadh Expressway, a wholly owned subsidiary of the company with NHAI on BOT basis.
The project is on toll basis with a concession period of 19 years including construction period of 910 days and the estimated cost of the project is Rs 1,885.74 crore. The company had quoted a grant of Rs 245.14 crore for the project.
10:15 am Market Expert: While it may be a little too early to take a call on whether the worst is behind us, the India story continues to remain intact, is the word coming in from Nilesh Shah, MD and CEO of Envision Capital. Though the course of the market over the next 2-3 months will be decided by global events, he says.
On the domestic front, issues such as reforms impasse and poor monsoon can play spoilsport with earnings recovery, he adds. To that extent, the rural consumption story may not kick in post monsoon. However, Shah believes that over the next 3-5 years, the Indian market will give more than 100 percent returns.
According to him, the only asset class that can outperform equities is fixed income in the next 3-6 months, more so in India if the Reserve Bank lowers rates.
He says the next leg of leadership will come from exporters, who will gain from rupee depreciation, and the domestic consumption theme. The rate sensitives and the cyclical companies with good, strong balance sheet may also provide a good buying opportunity. He also adds that the delta may be with technology stocks over the next 12-18 months.
10:00 am Market Check
The market remained strong in morning trade, supported by technology, banking & financials and auto stocks. The 30-share BSE Sensex rose 320.90 points or 1.27 percent to 25638.77 and the 50-share NSE Nifty climbed 101.80 points or 1.32 percent to 7790.05.
The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than 1.5 percent. About five shares advanced for every 1 share declining on the Bombay Stock Exchange.
Navkar Corporation listed at Rs 152, down 2 percent compared to issue price of Rs 155 apiece on the National Stock Exchange.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.