Markets end at fresh 52-week high

Among key stocks, Tata Motors, Hero MotoCorp, L&T, Wipro, ICICI Bank, Dr Reddy’s Labs and ICICI Bank, all up between 1%-3%

Markets extended gains to hit fresh multi-month highs with infrastructure stocks gaining the most after the government on Wednesday new norms for the construction sector that will help in quicker resolution of disputes to kick-start stalled projects and make access to financing easier.

The government will release Q1 gross domestic product (GDP) figures later today. Globally, investors remain cautious ahead of closely-watched US jobs data later this week.

The S&P BSE Sensex ended up 109 points at 28,452 and the Nifty50 rose 42 points to settle at 8,786. In the broader market, the BSE Midcap and Smallcap indices ended up 0.1%-0.3%.

"Indian markets continue to trade with positive momentum and have closed in the green today, for the third consecutive day.  Both the Sensex and Nifty traded higher and hit their highest level in thirteen months and more than 16 months in intraday trade, respectively. Domestic investor sentiment remained buoyed, despite mixed global cues and a sharp up-move in the dollar index. Sectoral performance on the National Stock Exchange (NSE) was mixed. While the banking and media indices gained over 1%, metals, IT and pharma traded lower," said Shreyash Devalkar, Fund Manager – Equities, BNP Paribas Mutual Fund.

In overseas stock markets, most European stocks opened lower as global markets gear up for Friday's US jobs report. The non-farm payrolls report will be eagerly watched by the US Federal Reserve and could determine whether the central bank increases interest rates in September.

Asian stocks were mixed. US stocks slipped yesterday as the dollar strengthened on expectations that the Federal Reserve was moving closer to raising interest rates.

Back home, in a bid to lift the construction sector, the government on Wednesday approved new norms that will help in quicker resolution of disputes to kick-start stalled projects and make access to financing easier.

Among key stocks, Tata Motors, Hero MotoCorp, L&T, Wipro, ICICI Bank, Dr Reddy’s Labs and ICICI Bank, all up between 1%-3%.

In a major setback to Tata Motors, and a victory for now Bengal CM Mamata Banerjee, the Supreme Court on Wednesday set aside the acquisition of 997 acres by the Left Front-led West Bengal government in 2006 to help Tata Motors set up its Nano plant in Singur. The stock slipped from intra-day high and ended 1% up.

On the losing side, ONGC, NTPC, Tata Steel, TCS and Coal India were down 0.5%-2%. ONGC turns ex-dividend today for final dividend of Rs 3.25 per share for the year ended 31 March 2016.

TCS announced that it has developed an innovative digital solution to connect Intelligent LEDs, to GE's Predix operating system for the industrial Internet through Intel Atom-based gateways, providing critical analytics to save significant time and costs in the manufacturing process.

Coal India slipped ahead of the buyback of shares at a price of Rs 335 per share. The company has set September 9 as record date for share buyback.

Housing finance major HDFC on Wednesday said it plans to raise up to Rs 500 crore through issuance of rupee denominated bonds to overseas investors.

RBL Bank moved higher to Rs 305, a 36% premium against its issue price of Rs 225 per share, after making a strong debut on the bourses. Shares of private sector lender listed at Rs 274, a 22% higher against its issue price on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Shares of infrastructure companies have rallied up to 20% on the bourses. Among the individual stocks, HCC, Simplex Projects, Gammon India, ARSS Infrastructure, GVK Power & Infra, Punj Lloyd, IVRCL, Simplex Infrastructure were up 5%-20%.

Dr Lal PathLabs rallied 6%, also hit its highest level since listing in December last year, on the back of heavy volumes.

Zee Entertainment Enterprises gained 2%, its fresh 52-week high on the BSE, after the company announced that its board approved the sale of sports broadcasting business of the company to Sony for $385 million (approx. Rs 2,578 crore).

UltraTech Cement hit a new high of Rs 4,029 after the Reserve Bank of India (RBI) allowed foreign investors to invest up to 30% in the cement major.

Photograph: Mansi Thapliyal/Reuters