Markets climb to day’s high on sustained buying activity

Indian equity indices were trading at day’s high point on the back broad based buying in frontline blue chip counters by fund and retail investor amid positive global cues. The rally in domestic equities was triggered by stronger than expected jobs data in the US, which indicated that the world's biggest economy is on the path of recovery. Sentiment got boost as rate-sensitive real estate and auto stocks outperformed today with investors hoping that Reserve Bank of India in its next policy meet in August will cut interest rate in the wake of the good progress of monsoon. The increasing possibility of GST approval as Congress indicated softening of its stand and satisfactory progresses of the monsoon in the country so far, have also improved sentiment. However investors are also cautious of the first leg of April-June earnings begins this week, and IndusInd Bank will report results today.

On the global front all the Asian market were trading in green, while the European markets too have made a positive start.

Back home, on sector front, Public sector banking stocks rallied, while in scrip specific development, Bharti Airtel jumped over 3 per cent amid reports that the Telecom Ministry has cleared the Rs 3,500-crore 4G spectrum trading deal between the service provider and Aircel.

The BSE Sensex is currently trading at 27609.97, up by 483.07 points or 1.78% after trading in a range of 27358.23 and 27620.14. All the 30 stocks were advancing on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.59%, while Small cap index added 0.96%.

The top gaining sectoral indices on the BSE were Metal up by 2.24%, PSU up by 2.12%, Realty up by 2.07%, Auto up by 2.05% and Bankex up by 1.95%

The top gainers on the Sensex were Tata Motors up by 4.06%, Adani Ports &Special up by 3.77%, ICICI Bank up by 3.35%, Coal India up by 3.03% and NTPC up by 2.93%

Meanwhile, Road Transport and Highways Minister Nitin Gadkari will seek cooperation with the US in innovative technologies for modernizing the country's infrastructure during his maiden visit to the US. Gadkari will meet top American officials with an aim to attract billions of dollars in FDI in the crucial sector and will invite investments in ports, ship building and coastal economics zones.

Gadkari will primarily seek the US' cooperation in highway projects, material, equipment, tunnel projects, intelligent transport systems (ITS), road safety initiatives and training institutes including equipment like training simulators. He will invite US investments in building ports, port-led industrialization, coastal economic zones, construction of new berths/terminals in existing ports like JNPT, Mumbai and Kandla Ports, capital and maintenance dredging, mechanization, hinterland connectivity and evacuation infrastructure, ship building, ship repairing and ship recycling.

The minister will also meet Secretary of Transportation Anthony Foxx. In the meeting Gadkari is expected to highlight the positive indicators contributing to the 'phenomenal revival' of the roads and highways sector in India and the government's policy shift from 'Build Roads' to 'Move in India'. The government has envisaged around $150 billion investments for the highways sector in the next five years with range of projects to suit each investor's risk and return expectations

The CNX Nifty is currently trading at 8461.50, up by 138.30 points or 1.66% after trading in a range of 8407.05 and 8464.90. There were 49 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Adani Ports & SEZ up by 3.96%, Tata Motors up by 3.80%, Tata Motors - DVR up by 3.33%, ICICI Bank up by 3.18% and Coal India up by 3.14%. On the flip side, Zee Entertainment down by 0.46% and HCL Tech. down by 0.45% were the top losers.

All the Asian markets were trading in green, Shanghai Composite increased 4.09 points or 0.14% to 2,992.18, FTSE Bursa Malaysia KLCI jumped 8.12 points or 0.49% to 1,652.66, KOSPI Index surged 25.44 points or 1.3% to 1,988.54, Jakarta Composite higher by 85.24 points or 1.71% to 5,056.82, Taiwan Weighted move up 145.56 points or 1.68% to 8,786.47, Hang Seng climbed 312.36 points or 1.52% to 20,876.53 and Nikkei 225 increased 601.84 points or 3.98% to 15,708.82