The Indian indices closed the day in the positive territory on the back of strong gobal cues. The Sensex ended the day at 17278.85 points, up 93.84 points or 0.55 percent. The Sensex touched a high of 17318.93 and a low of 17244.76 points in intraday trade today.The Nifty closed 26.40 points or 0.51 percent higher at 5242.70 points with highs of 5257.75 and a low of 5233.15 points.
On the sectoral indices front on the BSE, the Midcap Index was up 0.14 percent and the Smallcap Index also gained 0.39 percent. The IT Index rose 1.62 percent, the Oil & Gas Index returned 1.21 percent higher, the Power Index was up 0.94 percent and the Metal Index gained 0.91 percent. However the Auto Index was down 0.39 percent.
On the global front, Asia closed higher on favourable results of co’s the previous night. Hang Seng and Kospi gained over 1.50 percent each on average while the rest, China’s stock exchange and Japan’s Nikkei gained 0.7 percent on average. European indices also opened the day’s trade at higher levels on stronger earnings.
On other news from around the globe, Spain’s bond auctions saw yields rise again. Deutsche Bank planned to slash 1000 jobs from its investment banking unit. Novartis filed its results and its EPS exceeded expectations. UK’s Retail sales for June registered a rise, but came in below expectations.
On the stock front, oil marketing co’s gained after a report by UBS stated that diesel prices would have to be raised by the government to avoid a further credit rating downgrade. Infosys, which was panned on its dismal results, saw buying activity as it gained 3 percent while TCS inched higher marginally by 0.4 percent. BHEL gained over 2 percent on news of the govt. of India to propose a 21 percent duty on equipment imported for power generation. L&T, its rival, also marginally gained today. Nomura upgraded Reliance Industries to buy from neutral on attractive valuations which will help it post better earnings. Maruti dominated news for all the wrong reasons as union workers clashed with the management resulting in stoppages at its Manesar plant. The stock declined 9 percent.
On the currency front, the Rupee traded at an intraday high of 55.14/16 to the Dollar.
Commodities traded higher during the session with WTI at USD 91.23 up 1.51% and Brent trading at USD 107.07 up 1.82%. On the weather front, severe thunderstorm expected over Pittsburg, Columbus and Louisville.
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(CNBC, Economic Times and Moneycontrol)
Categories: General News