Markets at new highs, banks, auto fuel rally

Markets were rallying during Tuesday's morning session cheering many things including World Bank's report, good core sector data, and expectation of good numbers from auto sales data.

Market mood was upbeat as India registered a marked improvement in ease of doing business ranking. The country managed to sneak into the top 100 countries list of World Bank’s Doing Business Report. The global financial institute endorsed PM, Narendra Modi's efforts of making India conducive to businesses and foreign investments in its Doing Business (DB) Report, 2018 released on Tuesday. The country has jumped 30 ranks from its position in 2017.

Index of Industrial Production (IIP) or the combined index of eight core sectors, witnessed a 5.2% growth in September, with good expansion in coal, refinery production. While, fertiliser sector showed a decline in production, along with slower growth in cement and steel sector. Overall, a positive IIP data indicates a revival in industrial output and the general growth in the economy.

During morning hours, S&P BSE Sensex was at 33,564.25, up by 351.12 points or 1.06%, while Nifty50 was at 10,427.45, up 92.15 points or 0.89%. On Nifty, there were 36 advances and 14 declines, while 14 remained unchanged.

Bharti Airtel was trading at Rs. 533.00 per share, up by 7%, followed by bank stocks led by ICICI Bank which was trading at Rs. 315.13 per share, up by 5.12%, SBI Bank was at Rs. 314.80, up by 2.94%, HDFC was at Rs. 1,734, up by 1.56%, Axis Bank was at Rs. 538.05, up by 2.82%, HDFC Bank was at Rs. 1,819.00, up by 0.56%, on BSE on Wednesday.

While, auto stocks were also buzzing with Tata Motors trading at Rs. 432.50 per share, up by 0.92% and M&M was at Rs. 1,356.05, up by 0.82%, Bajaj Auto was at Rs. 3,277.95, up by 0.55%. Also, Tata Steel was trading high at Rs. 710.75, up 1.01%, Reliance was at Rs. 950.10, up by 0.99%, Hindustan Lever was at Rs. 1,247.55, up by 0.87%, ITC was at Rs. 267.75, up by 0.62% on BSE.