Indian equity benchmarks extended gains for the fourth straight trading session. The S&P BSE Sensex Index rose as much as 0.1 percent to 31,541.54, while the NSE Nifty 50 Index rose as much as 0.3 percent to 9,885.20.
The market breadth was tilted in favour of buyers. Ten out of the 19 sector gauges compiled by BSE Ltd. advanced led by the S&P BSE Oil & Gas Index's 0.9 percent gain.
Here Are The Stocks Moving The Market This Morning
Banks Subdued Ahead Of RBI Decision
The Nifty Bank Index rose 0.2 percent in early trade ahead of the RBI's monetary policy review.
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The Reserve Bank of India will probably hold its benchmark rate at a seven-year low and maintain its neutral stance, given inflation is picking up. Still, the central bank is expected to paint a subdued picture of India's economy and could downgrade its forecasts for growth. Government and industry are pushing for easing.
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Natco Pharma: Surges On FDA Boost
Shares of the drug maker rose as much 20 percent, its daily upper limit in opening trade.
The pharmaceutical company's partner Mylan received a green signal from the U.S. drug regulator for 20 mg and 40 mg version of Copaxone, used for the treatment of sclerosis.
Trading volume was more than two-fold of its 30-day average. The Relative Strength Index was 77, indicating that the stock may be overbought.
Hero MotoCorp: Riding High On Sales
Shares of the country's largest two-wheeler maker extended gains for the fourth day and rose as much as 1.7 percent to Rs 3,870
The company crossed the 7 lakh sales mark in a month, by dispatching 7.2 lakh units of its Hero portfolio of motorcycles and scooters during the previous month, according to its exchange notification.
Hero MotoCorp trades at 21.6 times trailing 12-month earnings per share. The stock has returned 30.3 percent so far this year, compared to 20.5 percent advance in the S&P BSE Auto Index.
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Ahluwalia Contracts: Wins Order
Shares of the construction company snapped two-day decline and rose as much as 6 percent to Rs 319.80.
The company received orders for construction and re-development worth Rs 555.77 crore, according to its exchange filing.
Trading volume was 18.2 times its 20-day average. The stock has returned 22 percent so far this year and a gain of 2.2 percent in the past 12 months.
Mandhana Industries: NCLT Initiates Insolvency Proceedings
Shares of the apparel maker snapped three-day gain and declined as much as 2.5 percent to Rs 8.10. The Mumbai bench of NCLT has initiated insolvency proceedings against it, according to the company's exchange notification.
Stocks Moving On Heaving Volumes
Ador Welding
- Stock rose as much as 12.5 percent to Rs 584
- Trading volume was 39.1 times its 20-day average
Gujarat Narmada Valley Fertilizers & Chemicals
- Stock rose as much as 10.6 percent to Rs 359
- Trading volume was 11.7 times its 20-day average
Stock Reacting To Bulk Deal
Hatsun Agro Products
- Gained as much as 4.2 percent to Rs 729.90
- SBI Mutual Fund bought 10.50 lakh shares or 0.69 percent equity stake at Rs 700 each
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