Finally, BSE Sensex closed at 21,080 up 371 points, while NSE Nifty closed at 6,277 up 111 points over the previous close.
A spectacular trading session ended on a high on Friday. The BSE Sensex once again hit the 21,000 mark while the NSE Nifty came in striking distance of the 6300 mark. Today’s rally was led by the index heavyweight Reliance Industries, the stock shot up over 5% after the government allowed the company to charge higher prices for gas from April.
Cabinet Committee on Economic Affairs (CCEA) allowed Reliance Industries to sell KG-D6 block gas at a higher price with effect from April 2014. The CCEA also decided against putting any cap/floor price on the gas rates and to maintain the gas price formula approved earlier.
Amar Ambani, Head of Research at IIFL said, “CCEA approval for gas price hike with no cap is a sentiment booster for the E&P sector. For RIL, it can add 8-10% to its FY15E earnings. RIL will have to place bank guarantees, which will worry investors till the decision on its arbitration with government is out. RIL continues to be one of our top picks in Oil & Gas sector.”
Today’s rally was a broad based one as almost all the sectoral indices on the BSE ended with gains.
The oil and gas index was the top gainer, up 3.8% followed by BSE Realty index up 2.8%, BSE Auto index up 2% and BSE Banking index up 1.8%. Even the mid-cap and the small-cap stocks were in demand. Both the indices ended higher by 1.7% and 1.2% respectively.
However, only the BSE consumer durables index ended in the red, down 1.4%.
Finally, BSE Sensex closed at 21,080 up 371 points, while NSE Nifty closed at 6,277 up 111 points over the previous close.
Reliance Industries, ONGC, Wipro, Cairn India, HDFC, JP Associates, M&M and DLF were among the top gainers in the Nifty.
On the other hand, SSLT, Grasim, Sun Pharma, Jindal Steel and L&T were among the top losers.
The advance-decline ratio favoured the bulls. On the BSE, 1522 stocks advanced against 991 declining stocks, while 158 remained unchanged.
The INDIA VIX was down 3.6% at 15.97 It hit a day’s high of 16.72 and low of 15.51.
Stock News
Maruti Suzuki was up 1.6% to close at Rs. 1,809, on reports that the company’s foreign promoter is planning to increase its holding in the company.
Alstom T&D gained by 3% to close a Rs. 190 after the company was awarded two contracts with a total value of Rs2.98bn to supply two gas-insulated substations (GIS) at Wangtoo and Gumma in Himachal Pradesh.
SBI cut home loan rates by up to 0.4% for new borrowers, a day after RBI kept its key policy rates on hold. The stock was up by 1.3% to close at Rs. 1754.
Subrahmanyam Goparaju, Senior Vice-President and head of Infosys Labs, the R&D arm of Infosys, quit after rendering 25 years of service to the company. The stock was up 1.5% to close at Rs. 3564.
Cabinet Committee on Economic Affairs (CCEA) allowed Reliance Industries to sell KG-D6 block gas at a higher price with effect from April 2014. The CCEA also decided against putting any cap/floor price on the gas rates and to maintain the gas price formula approved earlier.
Amar Ambani, Head of Research at IIFL said, “CCEA approval for gas price hike with no cap is a sentiment booster for the E&P sector. For RIL, it can add 8-10% to its FY15E earnings. RIL will have to place bank guarantees, which will worry investors till the decision on its arbitration with government is out. RIL continues to be one of our top picks in Oil & Gas sector.”
Today’s rally was a broad based one as almost all the sectoral indices on the BSE ended with gains.
The oil and gas index was the top gainer, up 3.8% followed by BSE Realty index up 2.8%, BSE Auto index up 2% and BSE Banking index up 1.8%. Even the mid-cap and the small-cap stocks were in demand. Both the indices ended higher by 1.7% and 1.2% respectively.
However, only the BSE consumer durables index ended in the red, down 1.4%.
Finally, BSE Sensex closed at 21,080 up 371 points, while NSE Nifty closed at 6,277 up 111 points over the previous close.
Reliance Industries, ONGC, Wipro, Cairn India, HDFC, JP Associates, M&M and DLF were among the top gainers in the Nifty.
On the other hand, SSLT, Grasim, Sun Pharma, Jindal Steel and L&T were among the top losers.
The advance-decline ratio favoured the bulls. On the BSE, 1522 stocks advanced against 991 declining stocks, while 158 remained unchanged.
The INDIA VIX was down 3.6% at 15.97 It hit a day’s high of 16.72 and low of 15.51.
Stock News
Maruti Suzuki was up 1.6% to close at Rs. 1,809, on reports that the company’s foreign promoter is planning to increase its holding in the company.
Alstom T&D gained by 3% to close a Rs. 190 after the company was awarded two contracts with a total value of Rs2.98bn to supply two gas-insulated substations (GIS) at Wangtoo and Gumma in Himachal Pradesh.
SBI cut home loan rates by up to 0.4% for new borrowers, a day after RBI kept its key policy rates on hold. The stock was up by 1.3% to close at Rs. 1754.
Subrahmanyam Goparaju, Senior Vice-President and head of Infosys Labs, the R&D arm of Infosys, quit after rendering 25 years of service to the company. The stock was up 1.5% to close at Rs. 3564.
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