The Indian Indices surged over 400 points on positive global cues led by a rate cut in China and positive US employment data. The 30-share BSE Sensex surged 402 points or 1.48% to 27,508 and the 50-share NSE-Nifty jumped 134 points or 1.62% to 8,325. BSE Mid Cap and BSE Small Cap witnessed majority of the buying activity in the post noon session and were up by 2.4% and 1.28% respectively. Barring FMCG, all other BSE sectoral indices were trading in the green. Among them, auto stocks gained the most (up 2.52%), followed by the metal index (2.48%), banking (2.40%) and PSU (2.36%); the FMCG index on the other hand was down by 0.32%.
European shares slipped lower on Monday as lingering concerns over Greece's debt situation pegged back the region's stock markets. Most Asian stocks ended the day in the green led by Japan's Nikkei.
The Indian Rupee was trading flat at Rs 63.8 against the US dollar.
Shares of Bank of Baroda surged by 16% by the end of the day despite reporting poor results for the March 2015 quarter. Bank of Baroda announced a 48% YoY drop in net profit for the quarter ended March due to rise in provisions for bad loans. The net profit stood at Rs 5.98 bn compared with Rs 11.57 bn in the year-ago period. Provisions for bad loans for the March quarter were up 57% YoY to touch Rs 18.1 bn. Net interest income stood at Rs 31.71 bn in the March quarter, up 1.5% YoY. Bank of Baroda's other income dropped 2.3% YoY to Rs 12.95 bn.
Energy stocks ended the day on a firm note with Gujarat Gas (up 10.3%) and Gujarat State Petroleum (up 8.7%) being the biggest winners. According to a leading financial daily, BPCL has received Environment Ministry's approval for an Rs 45.8 bn expansion at its Kochi refinery. The proposed Propylene Derivatives Petrochemical Project (PDPP) consists of three major process units' acrylic acid, oxo-alcohol and acrylates. The project aims to produce petrochemicals that are mostly imported into the country. The company stated that about 329 kilo tonnes per annum of products will be manufactured from 250 kilo tonnes per annum of Propylene feed stock in the PDPP complex.