BSE Sensex rally but Nifty still below 5600; Realty up 5%
Superstar of the day remain to be banking stocks with SBI gaining 10 percent, ICICI Bank pocketing 9 percent and HDFC twins making handsome gains.
September 05, 2013 / 16:37 IST
Moneycontrol Bureau
4:00 pm Market closing: Dalal Street gives Raghuram Rajan a standing ovation, as it records a stellar 2.5 percent rally. Nifty scales past 5600 before cooling off to close a tad below it. The Nifty ends at 5592.95, up 144.85 points or 2.66 percent. The Sensex shuts 412.21 points or 2.22 percent higher at 18979.76. About 1472 shares have advanced, 835 shares declined, and 146 shares are unchanged.Superstar of the day remain to be banking stocks with SBI gaining 10 percent, ICICI Bank pocketing 9 percent and HDFC twins making handsome gains. IT stocks, however, were reeling under selling pressure on profit booking after seeing multi-year highs recently. Currency strength also added to the negative sentiment. TCS, Infosys and Wipro lost down 3 percent each.3:50 am Passenger pinch: Jet Airways has followed its rival SpiceJet and hiked it's passenger tariff by a steep 25 percent. The hikes come in wake of sharp fall in rupee and higher ATF prices. Oil marketing companies hiked ATF prices by 6.9 percent last week to touch an all time high due to rising crude prices and weaker rupee. Unlisted players like Indigo and GoAir too have raised fares from 15-25 percent. Airline companies have been unable to pass on cost due to slowdown in passenger growth. However with the festive season coming up, it seems like a good opportunity for them to take upon such hikes.3:40 am Alert: Lashing out at a move to force it to sell gas from main KG-D6 fields at old rate of USD 4.2, Reliance Industries said the "illegal" action runs contrary to the signed contract and will stifle private investment in oil and gas hunt, reports PTI. While the Cabinet has approved doubling of gas price from April 1 next year, Oil Ministry is proposing that old rates of USD 4.2 per million British thermal unit apply to gas from D1/D3 and MA fields in eastern offshore KG-D6 block till it proved that RIL had proved less than targets only because of geological factors.3:30 pm Volume check: The currency derivatives turnover on the country's three stock exchanges fell by 42 percent to Rs 7.42 lakh crore in July, with NSE and MCX-SX witnessing a slump for the first time in the current fiscal, reports PTI.The three bourses -- NSE, MCX-SX and USE -- together had recorded a turnover of Rs 12.80 lakh crore in June 2013, as per the latest data compiled by market regulator Sebi. USE had witnessed a fall in its currency derivative turnover in June as well, while NSE and MCX-SX recorded their first monthly decline since April.The volumes of currency derivatives trading on the three stock exchanges also plunged by nearly 44 per cent to 12.13 crore in July as against 21.6 crore in June, 2013. The decline follows market regulator Sebi's move in early July to tighten the exposure limits for currency derivative to check large scale speculations in the market and help government stem fall in rupee value.3:20 pm Buzzer: Shares of real estate firm Unitech advanced more than 3 percent Wednesday after one of its promoter released pledge on some shares.Promoter Mayfair Capital Private Limited, which holds 25.51 percent in the company, has released a pledge on its 85 lakh shares or 3.3 percent of total shares outstanding.As of June 2013, it pledged 98.4 percent of its total shareholding in the company. Don't miss: Dr Rajan, try convincing us that rupee is worth holding It is a blockbuster rally as investors are greedily lapping up shares on the Dalal Street. The Sensex is up 433.89 points or 2.34 percent at 19001.44, and the Nifty is up 149.95 points or 2.75 percent at 5598.05. About 1390 shares have advanced, 805 shares declined, and 128 shares are unchanged.BSE Bankex is up 8 percent while realty surges 5 percent. Among midcaps, Financial Technologies, Federal Bank, Oriental Bank of Commerce, HDIL and Sobha Developer rallied 10-16 percent.In the smallcap space, Elder Pharma surged 15 percent while Astrol Poly, JM Financial and Indian Metals gained 10 percent each.
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