The markets rose today on the back of better than expected U.S Payrolls data and emerging solutions for the Euro crisis. Global cues too, are in the positive territory, with Asia setting the pace, followed by Europe. News of implementation of reforms during the monsoon session of the parliament also buoyed sentiments. In all, it was a good start to the week on the back of Friday’s data. India’s FM P. Chidambaram came up with plans to attract further investments in the country, policies to tackle inflation and promote growth. This could just be the precursor to the monsoon session of the parliament with investments expected to rise to 38.5 percent of the nation’s GDP.
The Nifty closed 5282.55 points, up 66.85 points or 1.28 percent on highs of 5293.20 and lows of 5260.85 in trade today. The Sensex closed 215.03 points or 1.25 percent higher at 17412.96 points. It touched highs of 17451.53 points and low of 17313.05 in trade.
On the sub-indices news on the BSE, the Midcap Index inched 0.44 percent higher and the Smallcap Index rose 0.77 percent. The Oil & Gas Index gained 2.99 percent, mainly on news that benefited Reliance Industries, the Auto Index rose 1.69 percent and the Bankex advanced 1.34 percent. However, the FMCG Index fell 0.49 per cent and the BSE IT Index declined 0.25 per cent.
On the individual stocks, Reliance Industries rose almost 5.7 percent in trade as WTI crude saw a sharp rise on US payroll data. Developments between the oil ministry and the co. on investments in the KG-D6 basin to spur output also was favourable for the stock. Banks such as HDFC Bank and ICICI Bank also held onto their gains on hopes of rising investment in the country.
The Rupee hovered at 55.32, down 43 paise to the Dollar.
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(Economic Times, Bloomberg ,Business Standard)
Categories: General News