Closing bell: Sensex rallies 346 pts to end above 33K; Midcap, Nifty gain 1%

3:30 pm Market Closing: Equity benchmarks rebounded sharply after three-day of losses, backed by technology, banks, metals and energy stocks.

The 30-share BSE Sensex was up 346.38 points or 1.06 percent at 33,106.82 and the 50-share NSE Nifty rose 96.80 points or 0.96 percent to 10,214.80.

About 1,672 shares advanced against 983 declining shares on the BSE.

3:29 pm Coal Mining: After the end of the monsoon season, iron ore extraction activity has started in Goa but the pace has been slow.

Of the total 89 mines, only ten have started their operations, a senior Goa government official said today.

The current mining season, which started on November 1, has been slow paced due to poor prices for low grade ore in the international market coupled with several local issues, he said.

“Only ten mines out of the 89 which have got consent to operate under the Air and Water Pollution Control Act have started operations. Till date, 0.839 million tonnes of ore has been extracted by them,” the official from the mines and geology department told PTI.

The extraction activity is expected to pick up pace in the days to come, he said.

3:28 pm ADAG stocks back in action: Anil Dhirubhai Ambani Group stocks rebounded sharply today.

Reliance Communications surged nearly 20 percent amid high volumes while Reliance Infrastructure, Reliance Capital, Reliance Home Finance, Reliance Nippon Life and Reliance Power rallied 1-8 percent.

3:24 pm Cabinet has approved removal of all restrictions on export of pulses and also given approval for hiking carpet area cap for housing interest subvention.

It has approved the forming of GST National Anti-profiteering Authority.

3:15 pm Buzzing: Astral Poly Technik, the largest manufacturer and suppliers of pipes and fittings, rallied 2.5 percent intraday to hit a fresh record high of Rs 810 per share.

Global brokerage house CLSA has maintained its buy call on the stock with a target price of Rs 960 per share, implying 21.5 percent potential upside from Wednesday’s closing price.

The company is evolving into a strong building material franchise.

The research house said the government affordable housing thrust is yet to be felt. “We are bullish on the long term-opportunity thrown up by affordable housing.”

3:05 pm Co-location case: The income-tax department has conducted searches on two NSE-linked brokers in connection with its tax evasion probe against entities and individuals said to be involved in the high-profile co-location case.

Officials said the searches are being conducted in Delhi and Mumbai since yesterday and the tax sleuths have recovered a number of documents and computer peripherals till now.

In the NSE’s co-location case, certain brokers, including OPG Securities, operating on its trading platform allegedly got preferential access to servers of the exchange.

A co-location facility provides early login and faster access to data feed of the exchange. Even a split-second faster access can yield huge gains for a trader.

Officials said the action is based on “actionable inputs” suggesting tax evasion by a few entities linked to the NSE and also the co-location issue, where it is alleged that certain brokers operating on the trading platform allegedly made abnormal profits as a result of getting preferential access to the servers of the exchange.

3:03 pm Nifty PSU Bank index was biggest gainer, up 2.5 percent as Indian Bank, Allahabad Bank, PNB, Oriental Bank, Bank of India, Syndicate Bank, Canara Bank, Union Bank, Bank of Baroda, Andhra Bank and SBI rallied 2-4 percent.

3:00 pm Technology stocks on buyers’ radar: IT stocks gained momentum as the Nifty IT index was second biggest gainer among sectoral indices following PSU Bank, rising 1.7 percent on value buying.

Investors may be buying IT stocks as a part of portfolio reshuffling, especially after second quarter earnings.

The buying may be on the back of undervaluation and on hope that the worst may be over for sector.

Infosys rallied to three-month high, up nearly 4 percent, followed by KPIT Technologies (up 3.5 percent), Mindtree (3.44 percent), TCS (1.48 percent), HCL Technologies (0.7 percent) and Wipro (0.4 percent).

2:51 pm Market Update: Equity benchmarks remained healthy in last hour of trade as the Sensex rallied 319.11 points or 0.97 percent to 33,079.55, backed by Infosys and Reliance Industries.

The 50-share NSE Nifty rose 90 points or 0.89 percent to 10,208.00.

About 1,606 shares advanced against 933 declining shares on the BSE.

2:40 pm Gold falls: Gold prices slipped by Rs 100 to Rs 30,525 per 10 grams at the bullion market today, halting its three-session gains, due to weak global cues amid muted demand from local jewellers at prevailing levels.

Silver fell further by Rs 75 to Rs 40,650 per kg due to reduced offtake by industrial units and coin makers.

The yellow metal lost strength as dollar strengthened after upbeat US economic data bolstered the prospects of interest rate increases next month and beyond. This eroded demand for the precious metals as a safe haven.

Besides, fading demand from local jewellers and retailers at existing levels dampened sentiments, marketmen said.

2:30 pm Management Interview: Wonderla Holidays posted weak Q2 earnings.

Net revenues were flattish because of goods and services tax (GST), he said, addng that they hope increase revenues at net level by roughly 20 percent for the year, Arun K Chittilappilly, MD said in an interview with CNBC-TV18.

Margins also should improve, he added.

The management is expecting a single-digit footfall decline in its older parks but they are expecting a growth in footfall for Hyderabad because it is a new park.

Speaking about Chennai park, he mentioned that the company has just finished land acquisition and is awaiting approvals to start construction.

2:15 pm HDIL up 2%: Andhra Bank has withdrawn its insolvency application from the National Company Law Tribunal (NCLT) against HDIL as the realty firm has decided to settle outstanding dues.

“The company has proceeded for settlement of its balance outstanding dues and has made part payment of its balance dues. The application stands withdrawn from NCLT by Andhra Bank,” HDIL said in a BSE filing.

The Mumbai-based developer did not disclose the amount it has paid and the dues still owed to the bank.

HDIL reported 64 percent increase in consolidated net profit to Rs 60.87 crore for the quarter ended September, as against Rs 37.03 crore in the year-ago period.

2:05 pm Hiring Growth: Online hiring activity registered a 9 percent jump in October, indicating signs of recovery in the job market as employers are cautiously optimistic about the recruitment activity, a report says.

The Naukri JobSpeak index for October this year stood at 1,728, up 9 percent from 1,580 in the year-ago period . Key industries like banking/insurance recorded a growth of 28 per cent in hiring in October, while in terms of cities, hiring picked up across all 13 cities tracked, the report noted.

“There seems to be an air of cautious optimism in the job market. The Jobspeak index for October has witnessed a 9 percent year-on-year growth,” Chief Sales Officer V Suresh said adding that though the non IT sector has led this growth, it is good to see a slow recovery in the IT sector.

Among other industries, auto, construction/engineering and insurance saw a growth of 23 percent, 22 percent and 15 percent, respectively in October.