Sensex surges, Nifty holds 7800 comfortably; banks support

Moneycontrol Bureau1:50 pm Sale: Financial Technologies India Ltd (FTIL) said it has entered into an amended share purchase agreement with five buyers to sell its 19.06 percent stake in Indian Energy Exchange(IEX) for Rs 409.95 crore.

 The company on June 18 announced that it has entered into share purchase agreement with DCB Power Ventures, Kiran Vyapar, Agri Power and Engineering, Aditya Birla Capital Advisors (Trustee to the Aditya Birla Private Equity Fund I) and Aditya Birla Capital Advisors (Trustee to the Aditya Birla Private Equity Sunrise Fund).

 "The amendment to share purchase agreement has been entered with the same purchasers...The total number of sale of shares between the above said purchasers are 57.80 lakh shares comprising of 19.06 per shares as against 50.34 lakh equity shares comprising of 16.60 percent as informed earlier," FTIL said in a BSE filing.1:40 pm Resignation: Fortis Executive Vice-Chairman Shivinder Mohan Singh is stepping down from his position to join a philosophical and spiritual organisation Radha Soami Satsang Beas headquartered near Amritsar. Shivinder Mohan Singh (40), who is the co-founder of the healthcare chain will become the Non-Executive Vice-Chairman with effect from January 1, 2016, the company said in a statement. Commenting on his decision to step down from active role in the firm, Singh said: "Having spent almost two decades setting up and running Fortis, our mission of saving and enriching lives is an integral part of my being. Over time this has inspired me to do more direct service and give back to society a little of what I have received in abundance." 1:30 pm Market outlook: Nandan Chakraborty, MD-Institutional Equity Research, Axis Capital, is of the belief that India unlike other emerging markets is a case where one has to buy when times are bad, especially keeping in focus government’s long-term growth plans. “Next six months are a great time to invest,” he says. In the next one year some of the positives for Indian economy could in terms of cut in interest rates and government’s focus on infrastructure capex leading to boost in corporate capex, says Chakraborty in an interview to CNBC-TV18.Don't miss: Is it just bargain hunting? Motherson a 'buy' despite fall

After a good recovery, the market has started to inch ahead smartly. The Sensex is up 94.65 points or 0.4 percent at 25746.49, and the Nifty is  up 14.80 points or 0.2 percent at 7826.80. About 1287 shares have advanced, 1110 shares declined, and 119 shares are unchanged.

ITC, M&M, Coal India, NTPC and HDFC Bank are top gainers in the Sensex. Among the losers are Tata Motors, BHEL, GAIL, Cipla and Tata Steel.Meanwhile, Asian emerging market currencies sank today after data showing further weakening in China's key manufacturing sector added to concerns about the global economy, sending investors flocking to safer assets. Regional units are already reeling from expectations of a hike in US interest rates later this year, which analysts say could trigger an outflow of capital from emerging markets to seek higher returns. China's keenly watched Purchasing Managers' Index (PMI) for factory activity in September fell to its lowest level since March 2009, the latest round of weak data following disappointing readings including on trade, investment and consumer spending.