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Sensex up 438 pts, Nifty ends above 7700; metals, banks rally

ICICI Bank, Tata Motors, Lupin, SBI, Tata Steel and Hindalco Industries surged 4-6 percent while M&M and HDFC lost 1 percent.

March 30, 2016 / 03:50 PM IST

Moneycontrol Bureau3:30 pm Market closing: The market snapped two-day losing streak, rising 1.8 percent. The Sensex surged 438.12 points to 25338.58 and the Nifty rose 138.20 points to 7735.20, led by positive global cues and banks rally.About 1866 shares advanced against 755 declining shares on the BSE.ICICI Bank, Tata Motors, Lupin, SBI, Tata Steel and Hindalco Industries surged 4-6 percent while M&M and HDFC lost 1 percent.3:10 pm Green nod to CIL project: An environment ministry panel has recommended green clearance with some riders to state-owned CIL's coal mining project in Jharkhand.

Central Coalfields Ltd (CCL), an arm of CIL, was seeking green clearance for expansion of Ashok open cast project (OCP) in Chatra district of Jharkhand from 10 million tonnes per annum to 14 MTPA.

"The Committee (Expert Appraisal Committee), after detailed deliberations...recommended for grant of environmental clearance to the project with the specific conditions," an official source said.

The conditions according to EAC are that as against the proposal for 14 MTPA (million tonnes per annum), the project proponent will not exceed 12 MTPA, and this production permission is limited to the forthcoming year 2016-17 only.2:55 pm Fund raising: Indian firms raised nearly Rs 49,000 crore through the equity market route in the current fiscal ending tomorrow, a slump of 17 percent year-on-year.

A major revival was however witnessed in the IPO market after nearly four dismal years, said Pranav Haldea Managing Director Prime Database.

In all, Rs 48,952 crore was mobilised through public equity markets in 2015-16 as compared with Rs 58,801 crore last year, shows a report by Prime.

In the equity space, funds were mobilised through Offer- for-Sale (OFS) via the stock exchange mechanism, qualified institutional placement (QIP) and initial public offers (IPO).

Of the total, funds worth Rs 19,822 crore were raised through OFS, another Rs 14,772 crore came from IPOs and Rs 14,358 crore via QIPs.2:35 pm Market Update: Equity benchmarks jumped further in last hour of trade. The Sensex rose 405.61 points or 1.63 percent to 25306.07 and the Nifty surged 130.15 points or 1.71 percent to 7727.15.2:25 pm LIC ups stake in PSU banks: Public sector lender Dena Bank has raised Rs 65 crore by issuing over 2 crore shares to LIC on preferential basis.

Andhra Bank also said it has sold over 4.23 per cent stake to LIC on a preferential allotment, without disclosing the amount.

Post the acquisition of additional shares in Dena Bank, LIC's stake in the lender has gone up to 14.5 percent from 11.63 percent earlier, Dena Bank said in a regulatory filing today.

2:15 pm Aurobindo in News: Aurobindo Pharma has received final approval from the US health regulator to market its generic antibiotic drug Vancomycin Hydrochloride for Injection, in the American market.The company has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Vancomycin Hydrochloride for Injection USP (Pharmacy Bulk Package), Aurobindo Pharma said in a regulatory filing."This product is expected to be launched in the later part of FY16-17," it added.

The company's product is the generic version of US-based Fresenius Kabi's Vancomycin Hydrochloride for Injection USP. It is an antibiotic used in the treatment of severe infections.Also read - Steel import safeguard duty extended; local prices may not jump2:00 pm Market Check

Equity benchmarks surged further with the Sensex rising 366.94 points or 1.47 percent to 25267.40, supported by banks. European markets too were strong after Fed chair Janet Yellen; France's CAC, Britain's FTSE and Germany's DAX gained 1.5 percent each.

The 50-share NSE Nifty rose 116.65 points or 1.54 percent to 7713.65. The market breadth remained strong as about three shares advanced for every share declining on BSE.

PSU banks saw buying interest today with Nifty PSU Bank index rising 4 percent after Vijay Mallya told Supreme Court that he is ready to pay Rs 4,000 crore to lenders by September 2016. State Bank of India, which has biggest exposure to Kingfisher with Rs 1,400 crore loan, surged 4 percent.

Among others, ICICI Bank, Tata Motors, Axis Bank, L&T, Sun Pharma, Adani Ports, Bajaj Auto, Hero Motocorp and GAIL gained 2-5 percent while HDFC, Mahindra & Mahindra, Bharti Airtel and Maruti Suzuki lost 0.5-1 percent.

Lupin rose nearly 5 percent after Credit Suisse believes that USFDA observations will have no impact on company's growth as there is no pending ANDA from Mandideep plant.

Metals stocks continued to shine with Tata Steel, Vedanta and Hindalco rising 5-6 percent after the government extended safeguard duty on steel imports. Tata Steel and Hindalco rallied over 5 percent.

first published: Mar 30, 2016 02:21 pm

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