Markets remain firm
BSE Oil & Gas and PSU indices have surged by 3% each
Benchmark Indices are higher led by buying demand among Oil & Gas, PSU, Banking and Capital Goods shares. However, selling among IT and Auto sectors have capped the upside movement.
By 1240, the Sensex was up 105 points at 20,068 and the Nifty gained 29 points to 6,068.
On the global front, Asian stocks rose for the first time in three days, with the regional benchmark index erasing its weekly loss on global growth recovery optimism.
Hong Kong’s Hang Seng rose 1% to 23,552, Taiwan’s Weighted index gained1% to 7,713, Singapore’s Straits Times was up 0.34% to 3,304 while China’s Shanghai Composite added 1% to 2,306 and Japan’s Nikkei gained 2.3% to 10,855.
Back home, BSE Oil & Gas and PSU indices have surged by 3% each. However, BSE TECk, IT and Auto indices have declined by nearly 1% each.
OMCs have surged after government partially deregulated diesel prices yesterday.
Among key Sensex stocks, Wipro fell 4.6% while dropped 0.5%, Bharti Airtel declined 1.65, Dr Reddy’s and SunPharma dropped 1%, Hero MotoCorp fell 4% while Mahindra & Mahindra and Tata Motors were down 2% and 0.3% on BSE.
ONGC surged 8%, OMCs namely Bharat Petroleum Corporation, Hindustan Petroleum Corp and Indian Oil Corp jumped between 7-11% on BSE.
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