Government of India’s move authorizing state-run Oil Marketing Companies (OMCs) to raise diesel prices by a small amount periodically, from as early as early as midnight, raised the overall market sentiment and the Indian indices posted smart gains by the closing of today’s trading. In what is seen as partial deregulation of diesel prices, the government today empowered OMC’s to raise diesel prices till they cover their present per liter loss of Rs 9.60. This is being viewed by the market as a move that could help the government reduce its vast subsidy bill and an indication that a lot more reformist policies are coming in the Union Budget, next month.
The benchmark BSE Sensex surged 146.40 points to close at 19964.03, while the broader NSE Nifty advanced 37.35 points higher to settle at 6039.20. The Sensex, had earlier touched a day's high of 20,005 and a day's low of 19,783, it opened at 19,978. The Nifty, touched a day’s high of 6,053 and a day’s low of 5988, it opened at 6,049.
Shares of RIL, Wipro, TCS, Infosys, Tata Power, Dr Reddy’s Lab, SBI, Tata Steel, Tata Motors, Bharti Airtel, NTPC, Sterlite Inds, Gail India were among gainers in Sensex and Nifty. While shares of Sun Pharma, Hero MotoCorp, BHEL, Bajaj Auto, M&M, ICICI Bank, L&T, HDFC were among losers in Sensex and Nifty.
The BSE Midcap index gained 0.25%, while the BSE Smallcap index fell by 0.03% in trade today. 11 out of 13 BSE sectoral indices closed in the green zone. BSE CG and BSE HC were the only losing sectors down by 0.62% and 0.15% respectively. Top gainers of the BSE sectoral indices were, BSE Oil&Gas up by 3.11%, BSE Realty up by 2.05%, BSE TECk up by 1.60%.
The market breadth stood in favor of declines. Of the 3020 stocks traded on the BSE, 1101 (36.46%) rose, 1137 (37.65%) fell and 782 (25.89%) stocks remained unchanged.
U.S. stocks hit a five-year high at the open on Thursday after better-than-expected results from online marketplace eBay and as data showed first-time claims for unemployment benefits dropped to a five-year low. European markets ended today’s trading on a positive note. FTSE 100 closed at 0.46% higher, CAC was up by 0.96% and DAX surged by 0.58%.
Today, India's No.4 software services provider HCL Technologies joined Infosys and Tata Consultancy in beating profit estimates. Yes Bank also declared better than expected earning numbers today in its third quarter report. The Indian growth story being supported by companies reporting higher than expected earning numbers in the 3rd quarter is all set to be the driving force of the market. The market will now keep its eye on the Reliance Industries quarter three earning report tomorrow. A good number by Reliance Industries is very much on the cards and if it does happen in reality then expect a smart gain in tomorrow’s trading.
Thus the Indian market is all set to open on a high tomorrow. The BSE Sensex will in all likelihood will end above the 20,000 mark.
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The benchmark BSE Sensex surged 146.40 points to close at 19964.03, while the broader NSE Nifty advanced 37.35 points higher to settle at 6039.20. The Sensex, had earlier touched a day's high of 20,005 and a day's low of 19,783, it opened at 19,978. The Nifty, touched a day’s high of 6,053 and a day’s low of 5988, it opened at 6,049.
Shares of RIL, Wipro, TCS, Infosys, Tata Power, Dr Reddy’s Lab, SBI, Tata Steel, Tata Motors, Bharti Airtel, NTPC, Sterlite Inds, Gail India were among gainers in Sensex and Nifty. While shares of Sun Pharma, Hero MotoCorp, BHEL, Bajaj Auto, M&M, ICICI Bank, L&T, HDFC were among losers in Sensex and Nifty.
The BSE Midcap index gained 0.25%, while the BSE Smallcap index fell by 0.03% in trade today. 11 out of 13 BSE sectoral indices closed in the green zone. BSE CG and BSE HC were the only losing sectors down by 0.62% and 0.15% respectively. Top gainers of the BSE sectoral indices were, BSE Oil&Gas up by 3.11%, BSE Realty up by 2.05%, BSE TECk up by 1.60%.
The market breadth stood in favor of declines. Of the 3020 stocks traded on the BSE, 1101 (36.46%) rose, 1137 (37.65%) fell and 782 (25.89%) stocks remained unchanged.
Outlook for tomorrow’s market
U.S. stocks hit a five-year high at the open on Thursday after better-than-expected results from online marketplace eBay and as data showed first-time claims for unemployment benefits dropped to a five-year low. European markets ended today’s trading on a positive note. FTSE 100 closed at 0.46% higher, CAC was up by 0.96% and DAX surged by 0.58%.
Today, India's No.4 software services provider HCL Technologies joined Infosys and Tata Consultancy in beating profit estimates. Yes Bank also declared better than expected earning numbers today in its third quarter report. The Indian growth story being supported by companies reporting higher than expected earning numbers in the 3rd quarter is all set to be the driving force of the market. The market will now keep its eye on the Reliance Industries quarter three earning report tomorrow. A good number by Reliance Industries is very much on the cards and if it does happen in reality then expect a smart gain in tomorrow’s trading.
Thus the Indian market is all set to open on a high tomorrow. The BSE Sensex will in all likelihood will end above the 20,000 mark.
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