Mumbai: It was a superub rally ahead of Federal Reserve meeting. The Sensex was up 258.04 points or 1 percent at 25963.97, and the Nifty ended up 70.05 points or 0.9 percent at 7899.15.
About 1252 shares advanced, 1411 shares declined, and 120 shares were unchanged. Banks and pharma lend support with big gainers like Axis Bank, Bharti Airtel, Sun Pharma, Hero MotoCorp and Bajaj Auto. Among the losers were L&T, BHEL, Dr Reddy's Labs, Coal India and HUL. 3:10 pm Market outlook: The Indian equity market is likely to take a rate hike by the US Federal Reserve positively, believes Vikas Khemani of Edelwiess.
He believes the market will react to a rate hike only for the first few hours of trading because most of it has already been factored in. Of the two results, Khemani says the best outcome is if the Fed gives a dovish commentary, alongwith a 25 basis points (bps) rate hike; but a hawkish commentary and no rate cut will be the worst outcome from the 2-day FOMC meet.
Interest rates in the US have been close to zero since the financial crisis. If the Fed hikes rates, it could be the first in a string of small increases 2:59 pm Market Update: The Sensex rose 231.86 points or 0.90 percent to 25937.79 and the Nifty jumped 60.35 points or 0.77 percent to 7889.45. About 1236 shares have advanced, 1317 shares declined, and 124 shares are unchanged on the BSE. 2:50 pm Buzzing: Shares of JMC Projects shot up more than 19 percent intraday on securing orders worth Rs 702 crore in Bihar and Karnataka.
The civil engineering and EPC company has received orders for Bhagalpur Water Supply projects worth approximately Rs 199 crore and building for Central University of Bihar at Gaya approximately Rs 152 crore. It also bagged orders for Karnataka State Highways improvement project Rs 181 crore and two building projects in Bangalore worth approximately Rs 170 crore.
JMC Projects (India) is a subsidiary of Kalpataru Power Transmission.Tata Steel in News: Tata Steel has got the Environment Ministry's approval for more than doubling the capacity of its Jamshedpur-based cold rolling mill at an investment of Rs 126 crore. The plant's capacity will go up to 0.8 million tonnes per annum (MTPA) from the existing 0.3 MTPA.
The domestic steel giant, which is among the top-ten global steel companies, will manufacture hot rolled skin passed pickled and oiled (HRSPO) coils and hot rolled pickled and oiled (HRPO) coils here. In January, an Expert Appraisal Committee (EAC) of the Environment Ministry had recommended giving environment clearance (EC) to Tata Steel's proposal to expand its capacity at Cold Rolling Mill complex located in Jamshedpur, Jharkhand. "The Environment Ministry has considered the Tata Steel's application based on the recommendation of the EAC and decided to grant the final EC yesterday," a senior Environment Ministry official said.
The company is a canalised agency of the central government for higher grade iron ore (+64% Fe). MMTC CMD Ved Prakash, along with other officials, had met the Chief Minister yesterday in this connection. 2:20 pm Oil Update: Oil prices rose today after an unexpected US stockpile drawdown and higher gasoline prices, but concerns remained about a global surplus, falling Asian demand and whether the US Federal Reserve would raise interest rates.
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