Sensex ends 150 points up; Nifty at 8,275 level

Extending gains for the third straight session, the domestic markets closed higher on Monday as Reliance Industries surged after posting a stronger-than-expected quarterly profit, while sentiment was supported after Chinese economic growth data eased fears of a hard landing.

The S&P BSE Sensex surged 150 points to close at 27,364.92 level, while broader CNX Nifty settled above its key support level of 8,250, up 36.90 at 8,275.05.  

Market breadth remained positive with 19 of the 30 Sensex stocks ending the day in red.

Investors were comforted after China's economy grew slightly better than forecasts in the July-September quarter, even as it dipped below 7 per cent for the first time since the global financial crisis.

Still, traders worried the gains might not sustain. October contracts for NSE index futures were trading not far from the 50-share spot index, indicating little potential upside.

"Selective companies, especially leaders in sectors, would show better results than others as the economy improves," said Deven Choksey, managing director at KR Choksey Securities.

"Derivatives are also adding to the pressure."

Reliance Industries ended the day 5.5 per cent up after the company reported 12.5% rise in net profit to a record Rs 6,700 crore beating street expectations, supported by gross refining margins (GRMs), which soared to a seven-year high of $10.6 for each barrel of crude processed.

HCL Tech ended 1.8 per cent up after slipping 2 per cent in the early trade post the IT firm reported 2.7 per cent drop in consolidated net profit at Rs 1,823 crore for the first quarter ended September 30, 2015, released before market hours on Monday.

Among Asian markets, China's Shanghai Composite ended the day with a downtick of 0.14 per cent, Hong Kong's Hang Seng settled 0.04 per cent up, while Japan's Nikkei closed the day 0.88 per cent lower.

On Friday, US Market showed a lack of direction throughout much of the trading day but managed to end the session moderately higher.

Markets through the day

9:30 am

Sensex at 27,261.57, up 46.97 points

Nifty at 8,244.80, up 6.55 points.

11:30 am

Sensex at 27,264.10, up 49.50 points

Nifty at 8,242.45, up 4.30 points
 
12:05 pm

Sensex: 27313.61, up 99 points

Nifty: 8253.80, up 15 points

14:19 pm

Sensex at 27,359.23, up 144.63 points

Nifty at 8,270.75, up 32.60 points

15:20 pm

Sensex at 27,362.36, up 147.76 points

Nifty at 8,273.40, up 35.25 points

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