Finally, BSE Sensex closed at 20,898 up 106 points, while NSE Nifty closed at 6218 up 42 points over the previous close.
The Indian equity market ended near days high on Monday with the NSE Nifty ending above the 6200 mark for the first time since November 19, 2013. The benchmark indices ended with smart gains as manufacturing PMI read above 50 since July its highest in seven months. The HSBC India Manufacturing PMI climbed from 49.6 in October to 51.3 in November on the back of a rebound in new orders and output.
Today’s rally was led by the defensive sector, the healthcare index gained the most up by 2%. Among the other major gainers were, Capital Goods, Banking, Metals and telecom stocks. Even the Mid-Cap index gained by 0.8% and Small-Cap index rose by 1% outperforming the benchmark indices.
On the other hand, the BSE oil and gas index was the only loser among the BSE sectoral indices.
ONGC slipped 1.5% to close at Rs295 on reports the Gujarat high court on Saturday, 30 November 2013, directed the company to pay royalty dues worth over Rs100bn to the state government. Commenting on the same, Amar Ambani Head of Research at IIFL said, “As per media reports, Gujarat High Court has directed ONGC to pay Rs100bn towards difference in royalty of crude extracted since 2008. The difference is due to ONGC’s practice of paying royalty on post subsidy crude oil price vis-à-vis market value of crude. If the decision stays, ONGC’s FY14 earnings would be severely impacted. Clarity would be sought for future payment mechanism.”
The Indian equity market ended near days high on Monday with the NSE Nifty ending above the 6200 mark for the first time since November 19, 2013. The benchmark indices ended with smart gains as manufacturing PMI read above 50 since July its highest in seven months. The HSBC India Manufacturing PMI climbed from 49.6 in October to 51.3 in November on the back of a rebound in new orders and output.
Today’s rally was led by the defensive sector, the healthcare index gained the most up by 2%. Among the other major gainers were, Capital Goods, Banking, Metals and telecom stocks. Even the Mid-Cap index gained by 0.8% and Small-Cap index rose by 1% outperforming the benchmark indices.
On the other hand, the BSE oil and gas index was the only loser among the BSE sectoral indices.
ONGC slipped 1.5% to close at Rs295 on reports the Gujarat high court on Saturday, 30 November 2013, directed the company to pay royalty dues worth over Rs100bn to the state government. Commenting on the same, Amar Ambani Head of Research at IIFL said, “As per media reports, Gujarat High Court has directed ONGC to pay Rs100bn towards difference in royalty of crude extracted since 2008. The difference is due to ONGC’s practice of paying royalty on post subsidy crude oil price vis-à-vis market value of crude. If the decision stays, ONGC’s FY14 earnings would be severely impacted. Clarity would be sought for future payment mechanism.”
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