BSE Sensex ends up 405 pts, Nifty above 5400; RIL gains 4%
Reliance zooms around 4 percent as the company and its partner BP won approval to invest USD 3.18 billion in R-Series gas field in the flagging KG-D6 block, reports PTI.
Live Market Commentary
4:00 pm Market closing: The rupee's strengthening helps Dalal Street rally. The Sensex adds more than 400 points in today's session. The Nifty gains 124 points or 2.3 percent to close above 5,400. The Sensex ends 404.89 points or 2.25 percent at 18401.04. About 1262 shares have advanced, 975 shares declined, and 146 shares are unchanged.
The rupee also made a sharp recovery from the all-time low of 68.80 per dollar. The RBI decision to provide dollars directly to oil companies, gave the much needed fillip to the Indian currency. Recovery in emerging market currencies also supported the rupee's rebound.
Meanwhile, Rahul Gandhi's pet project, the Land Acquisition Bill was tabled in Lok Sabha with more than 150 amendments.
3:50 pm Gainers and losers: Sesa Goa (up 11.77 percent), HDFC (up 6.86 percent), Hindalco (up 4.75 percent), Reliance (up 4.32 percent) and Dr Reddys Labs (up 4.03 percent) are top gainers in the Sensex. Among the losers are Coal India, Tata Steel, SBI, Infosys and Wipro.
Amtek India, Muthoot Finance, India Infoline, Bharat Forge and GSFC are top midcap gainers.
3:40 pm Deal: Pipavav Defence and Offshore Engineering Company has said its consortium with Larsen and Toubro (L&T) has received an order worth USD 170 million (Rs 1,152 crore) from state-run energy major Oil and Natural Gas Corporation (ONGC).
"The contract includes survey, design, engineering, procurement, fabrication, transportation, jack-up, hook-up, testing, certification/inspections, pre-commissioning, start-up and commissioning of entire facilities," it said in a filing to the Bombay Stock Exchange.
3:20 pm FII views on oil: Brent crude is likely to see levels as high as USD 125 per barrel in anticipation or an actual US attack on Syria, believes Mike Wittner, head of global oil and commodities research- Societe Generale.
Speaking to CNBC-TV18, Wittner says the likelihood of a US-led attack on Syria owing to its alleged usage of chemical weapons is extremely high and now it is more a question of when and in what form the attack will take place.
However, Syria is not one of Wittner's main concerns as it is not an important oil producer or exporter . The possibility of tensions in the area spilling over to vital oil exporters like Iran and Iraq is one that is discomforting most oil traders.
The market makes smart gains on the F&O expiry of August series. The Sensex is up 417.48 points or 2.32 percent at 18413.63, and the Nifty up 131.75 points or 2.49 percent at 5416.75.
About 1189 shares have advanced, 931 shares declined, and 147 shares are unchanged.
Reliance zooms around 5 percent as the company and its partner BP won approval to invest USD 3.18 billion in R-Series gas field in the flagging KG-D6 block, reports PTI.
RIL-BP plan to quickly bring satellite fields in the KG-D6 block to production to help reverse the decline in output.
The block oversight committee, called Management Committee (MC), headed by upstream regulator DGH, approved plans of RIL and its partners BP plc of UK and Niko Resources to produce 13-15 million standard cubic meters per day of gas for 13 years from D-34 discovery in the KG-DWN-98/3 or KG-D6 block, sources privy to the development said.