Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
The S&P BSE Sensex surged 217 points to end at 25,736.
US Fed rate rise raises risk of further drying up of FII flows.
The buyback price is at around 28 per cent premium to the current market price of Rs 67 on the Bombay Stock Exchange
At 15.05 PM, the 30-share Sensex was up 281 points at 28,238 and the 50-share Nifty gained 86 points at 8,577
Among the index heavyweights, Reliance Industries ended down 1.9% while mortage lender HDFC eased 0.2%. FMCG major ITC ended down 1.3%.
The 30-share Sensex ended up 204 points at 27,215 and the 50-share Nifty ended up 59 points at 8,238.
According to Merrill Lynch (BofA-ML) report, Domestic capital markets are likely to remain volatile in the September-November period due to factors like US Fed's policy action, second quarter corporate earnings and Bihar state elections.
'We expect the bull run to continue until economic growth continues.'
Faster account opening, which allows investors to start trading without ever leaving their homes or visiting a physical branch of their local brokerage has played a role in the surge.
Markets ended lower following expiry of July F&O contracts and sales by foreign funds.
These sectors have underperformed the wider market over the past year and are seen having far more upside potential if the economy picks up thanks to Modi's reformist agenda.
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
The BSE Midcap ended up 0.5% while the Smallcap index ended nearly 1% higher
After turning net buyers for the fifth straight month till June, foreign portfolio investors (FPIs) withdrew a net of Rs 11,743 crore ($1.7 billion) in July. This was their highest outflow since October 2018.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
Beat gains made by mid-cap, broader indices.
Investors turned cautious ahead of the US Fed meet outcome later today and July F&O expiry.
Analysts attribute this volatility to selling by FPIs and FIIs.
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The 30-share Sensex ended 117 points higher at 26,560 and the 50-share Nifty gained 31 points to end at 7,936.
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
BSE Power, Healthcare, Capital Goods, FMCG and Metal indices gained between 0.6-1%.
Markets under pressure; IT financials grab spotlight.
The S&P BSE Sensex shed 119 points to close at 27,977 and the Nifty50 dropped 45 points to finish at 8,591.
Investors have turned cautious ahead of the policy meetings of central banks in Japan and the US
Markets ended lower amid volatile trade with Sun Pharma leading the decline.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Top losers are Sun Pharma, Bajaj Auto, L&T, ITC, Hero Moto.
While most experts suggest the government loosen its purse strings and not worry about the fiscal deficit in a pandemic impacted year, it will be a tightrope walk for the government to increase spending without going overboard.
India has reached a significant milestone on Friday (November 28) by achieving Rs 100 lakh crore or 100 trillion market cap.
The market direction will be guided by corporate earnings, especially the oil & gas companies, since they were responsible for earnings disappointment in the past quarter as well.
'If the epidemic is sharply contained in a month or two, we have a huge buying opportunity. 'If not, we are staring at a serious economic crisis, the contours of which we are totally unaware of,' warns Debashis Basu.
The 30-share Sensex surged 299 points to close at 28,736 and the 50-share Nifty gained 90 points to end at 8,723.
The market capitalisation of Reliance Industries plummeted by Rs 43,491.37 crore to reach Rs 17,26,714.05 crore.
Pharma shares extended losses after the government's ban on combination drugs.
Investors sought to book profits at attractive valuations after recent run up in last few trading sessions.
Stellar rally in ITC shares along with strength in the Asian equities capped the downside.
Uncertainty lingers in the minds of retail investors due to scams.
Investors accumulated quality stocks at valuable and attractive levels.
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