Nifty ends at 7476, Sensex rises 364 pts; Tata stocks fly

Moneycontrol Bureau3:30 pm Market closing: The Sensex ended up 364.01 points or 1.5 percent at 24606.99, and the Nifty closed up 106.75 points or 1.4 percent at 7475.60. About 1727 shares have advanced, 903 shares declined, and 141 shares are unchanged.  Tata Steel, L&T, Tata Motors, BHEL and Hindalco were top gainers while ICICI Bank, ITC, Lupin, HUL and Maruti were losers in the Sensex.2:58 pm Market jumps further: The Sensex rose 360.27 points or 1.49 percent to 24603.25 and the Nifty advanced 103.35 points or 1.40 percent to 7472.20.About 1657 shares advanced against 914 declining shares on the BSE.2:45 pm Logistics shares rally: Snowman Logistics, Sical Logistics, Aegis Logistics and Patel Integrated jumped 3-14 percent.2:40 pm Nomura on Power Grid: In the context of a recent correction in stock price, Nomura reiterates Power Grid as top pick in the sector. It revised target price of Rs 186, up 7 percent, implies 37 percent potential upside from current levels."As transmission capacity start-up (GFA accretion) continues in top gear, revenue realisation from its INR9.5bn Biswanath Chariyali–Agra transmission assets begins in Q1FY17 allaying concerns of recovery of transmission charges from similar big-ticket projects in the pipeline, and contributions from ancillary business lines rise, we believe PWGR’s medium-term earnings outlook remains robust (FY16-18 EPS CAGR of 20 percent), cash flows appear set to improve from next year and RoE looks set to rise to 17% in FY18. We maintain that management will continue to deliver (top-notch execution and realization of growth promise remain the key catalysts) and PWGR’s competitive strength in the transmission space should be sustainable," says Nomura.2:20 pm Yes Bank in news: Private sector lender Yes Bank today said it has bought over 5 percent stake in an investor advisory firm, IiAS, from BSE.

Yes Bank said in a regulatory filing that it has acquired 5,00,750 equity shares of Institutional Investor Advisory Services (IiAS) from BSE Limited which is equivalent to 5.006 per cent of the paid-up capital of the company.

IiAS is a proxy advisory firm, which provides independent opinion, research and data on corporate governance issues to the participants in the Indian market, it added.

Besides, IiAS also provides voting recommendations on shareholder resolutions to the market participants.Also read - SBI seeks Mallya's arrest in Kingfisher loan default case2:00 pm Market Check

The market rallied more than 1 percent on value buying and short covering in metals, infra, technology and healthcare stocks. The BSE Midcap underperformed benchmarks, up 0.2 percent and Smallcap index gained nearly a percent.

The 30-share BSE Sensex jumped 313.22 points or 1.29 percent to 24556.20 and the 50-share NSE Nifty rose 90.45 points or 1.23 percent to 7459.30. The market breadth continued to be positive as about 1528 shares advanced against 937 declining shares on the BSE.

Metals stocks topped buying list with the NSE Metal index rising 5 percent. Vedanta, Tata Steel and Hindalco Industries rallied 6-9 percent.

Just Dial, SBI, Tata Steel, L&T, Axis Bank and ICICI Bank were most shares on exchanges.