Indian stocks surged in the post noon session Friday, with benchmark indices rising over 1% in a broad rally. The Sensex advanced over 160 points to 16,200 and the Nifty gained over 50 points and traded above 4,880 at 1325 hours.
High beta metal stocks led the rally today. The metal index on the Bombay Stock Exchange (BSE) jumped over 4% while realty stocks traded with over 3% gains. Among individual stocks, Tata Steel (over 8.5%), JSPL and SAIL (over 3%) were the big gainers on the BSE. India's biggest realty firm DLF traded with 3.5 per cent gains.
PSU stocks saw buying interest on expectations of higher dividends. NHPC saw huge volumes and traded 4% higher on the BSE. Capital goods stocks also saw traction.
Anil Ambani led ADAG stocks also saw big jump today. Reliance Mediaworks surged over 10% while Reliance Power, Reliance Communication, Reliance Capital and Reliance Infra advanced 4-9%. In contrast, Mukesh Ambani led Reliance Industries traded flat, rising 0.5%.
In stocks moving on news flow, Coal India jumped over 5.5% on reports that the management has reached an agreement with workers for a 25% wage hike. This hike is lower than expectations and the management had already provisioned for it. DCB rose 2% after the company posted higher than expect profits in the third quarter. Sintex advanced 2% gains ahead of Q3 numbers today.
Global cues were supportive. Asian stocks ended higher on the back of a successful bond auction in Spain and Italy. European stocks opened flat but gained some traction as traded progressed.
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