Sensex trades 220 points higher; CIL, Tata Motors gain

All the sectors were trading higher. BSE power, metal, consumer durables, realty, Bankex and auto indices were up 1.2%

 The 30-share benchmark BSE Sensex rose 220 points on Thursday, led by gains in shares of energy, auto, realty and banking companies.

At 10.04am, the Sensex was up by 0.82%, or 220.47 points, at 27,129.29 points, while the 50-share CNX Nifty of the National Stock Exchange was up 0.96%, or 77.70 points, at 8,179.80 points.

Among the gainers, Coal India Ltd (CIL) rose 2.3% to Rs.383.40 after its workers called off a strike, averting a potential power crisis after the government agreed to evaluate the enabling clause in an ordinance that had paved the way for private commercial mining. Tata Motors Ltd rose 2% to Rs.503.60.

Among the losers, Reliance Industries Ltd (RIL) fell 0.02% to Rs.854 while Oil and Natural Gas Corp. Ltd (ONGC) fell 0.02% to Rs.337.

All the sectors were trading higher. BSE power, metal, consumer durables, realty, Bankex and auto indices were up 1.2% each followed by BSE healthcare, IT and Teck indices, which were up 1% each. BSE FMCG and oil and gas indices were up 0.6% and 0.5% respectively.

In the broader market, both the BSE midcap and smallcap indices gained around 1.4% and 1.5% respectively. Market breadth in BSE was positive with 1,364 advances against 265 declines.

Sobha Ltd fell 4.1% to Rs.439.40 after the company said in a notice to BSE that the company’s new sales for the December quarter was at Rs.427 core as compared to Rs.502 crore from a year ago. The subdued sales is due to interest rates and weak demand, the company added.

Power Finance Corp. Ltd fell 0.8% to Rs.275.60 while Rural Electrification Corp. Ltd fell 1.4% to Rs.313.70 after news reports said the government plans to divest 5% each in both companies in the third week of January.

Kotak Mahindra Bank Ltd rose 1.6% to Rs.1,291.35 while ING Vysya Bank Ltd rose 1.6% to Rs.892 after the companies’ shareholders approved their merger.

Wipro Ltd rose 1.4% to Rs.549.70 after news reports said the company has won an infrastructure management order worth $ 400 million from ABB.

Glenmark Pharmaceuticals Ltd rose 1.8% to Rs.731.30 after the company said it won a patent litigation against with Abbott.

In the opening trade, Sensex gained 1.27% or 341 points to 2,7250 points while Nifty gained 1.33% or 107.75 points to 8,209.90 points.

From 1 to 6 January, the Sensex weakened 1.07% against the dollar, while foreign institutional investors sold $ 118.8 million from local equity markets and bought $ 440.3 million from the debt market.

Asian stocks gained on Thursday after upbeat US employment data tempered investor risk aversion that had pummelled global equities this week, while the euro held near a nine-year low, Reuters reported. Hong Kong’s Hang Seng was up 0.5% and China’s Shanghai Composite was down 1.6%, while Japan’s Nikkei Stock Average was up 1.7%.

Overnight, US stocks rebounded on Wednesday from five straight sessions of losses after strong private sector jobs data and as minutes from the most recent Federal Reserve meeting reassured investors the bank was in no hurry to start raising interest rates, Reuters reported. The Dow Jones Industrial Average was up 1.2%, Nasdaq Composite down 1.3% and S&P 500 up 1.2%.

 

 

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