3:30 pm Market closing:
The Sensex gains 332.63 points or 1.3 percent at 25285.37 and the Nifty was up 99.90 points or 1.3 percent at 7704.25. About 1486 shares have advanced, 1174 shares declined, and 184 shares are unchanged.
HUL was up 4 percent while SBI, L&T, HDFC and Tata Motors were top gainers while Lupin, BHEL, Hero MotoCorp, GAIL and Coal India were losers in the Sensex.
3:10 pm Market sizzles: The Sensex is up 340.86 points or 1.4 percent at 25293.60, and the Nifty is up 94.80 points or 1.2 percent at 7699.15.
About 1464 shares have advanced, 1145 shares declined, and 173 shares are unchanged.
HUL, SBI, Bharti Airtel, Sun Pharma and Tata Motors are top gainers while Lupin, BHEL, Hero MotoCorp, GAIL and Coal India.
2:58 pm Market Update: Equity benchmarks rallied further in last hour of trade. The Sensex climbed 246.72 points or 0.99 percent to 25199.46 and the Nifty rose 76.35 points or 1 percent to 7680.70.
2:40 pm FIPB nod: Japanese insurer Nippon Life Insurance, Tata AIA and Aviva Life were among the 15 companies whose foreign direct investment proposals totalling Rs 7,262 crore have been approved by the FIPB.
Besides, the proposal of Yes Bank to hike foreign investment limit to 74 percent from existing 41.87 per cent without any sub-limits has been referred to the Cabinet Committee on Economic Affairs (CCEA).
“Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on March 7, the government has approved 15 FDI proposals involving Rs 7,261.6 crore and recommended one proposal for approval of CCEA involving FDI of Rs 6,885 crore,” a Finance Ministry statement said.
2:20 pm Europe Update: European markets traded lower, following mixed trade in Asia, as a slide in commodity prices weighed on investor sentiment.
The volatility in the oil price in recent months has hit sentiment in global markets despite Brent futures having recently staged a recovery to rise above USD 40 per barrel.
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2:00 pm Market Check
The market extended rally in afternoon trade with the Sensex rising 194.69 points to 25147.43. The Nifty is inching closer to 7700, up 55.80 points to 7660.15 led by buying in FMCG, banking & financials and oil stocks.
The market breadth was positive as about 1357 shares advanced against 1173 declining shares on the Bombay Stock Exchange.
Ambuja Cements, UltraTech Cement, Bharti Airtel, Punjab National Bank, ACC, SBI, Tata Motors and HUL topped buying list, up 2-5 percent while Lupin, Hero Motocorp, BHEL, Asian Paints and Wipro were down 1-2 percent.
Chinese markets stood out in a mixed trading session in Asia today, with many market watchers predicting a quiet week ahead in the absence of major economic data from the US and China, and with many markets off for Good Friday. Chinese markets finished up, with the Shanghai composite ending up 64.97 points, or 2.20 percent, at 3,020.12. Market watchers pointed to China’s loosening of controls over margin lending as a catalyst for the moves.
The South Korean Kospi gave up early gains to finish lower by 2.36 points, or 0.12 percent, at 1,989.76. Hong Kong’s Hang Seng index erased morning gains to close near flat at 20,684.15.