The BSE Sensex rose 1.8% on Thursday, its biggest single day gain since March 30, after the steep hike in petrol prices sparked hopes of similar hikes in other fuels, pushing up energy stocks such as ONGC.
The BSE Sensex rose 1.8% on Thursday, its biggest single day gain since March 30, after the steep hike in petrol prices sparked hopes of similar hikes in other fuels, pushing up energy stocks such as ONGC .
Oil and Natural Gas Corporation
The BSE Sensex provisionally rose 1.84% to 16,242.23 points.
The broader 50-share Nifty rose 1.77% to 4,921.40 points.
The BSE Sensex and NSE Nifty advanced around 1% as the steep hike in petrol prices raised hopes that diesel and LPG prices will also be increased.
The BSE Sensex and NSE Nifty remained volatile as the Indian rupee choppy too. The rupee stayed near record low (though recovered somewhat in morning trade), falling 32 paise to 56.32 a dollar in afternoon trade.
The BSE Sensex gained more than 200 points while the NSE Nifty surpassed the 4900 level on broadbased buying. Banking & financial, oil & gas, technology and metals stocks led the rally in afternoon trade.
The BSE Sensex and NSE Nifty gained strength amid volatility, even after the rupee was moving towards record low again. Oil & gas, banks and metals stocks helped markets gain further.
PETROL-HPCL-BPCL-IOC:BSE Sensex rises; OMCs shares gain
The BSE Sensex stayed flat since early trade as it seemed to be priced in petrol price hike, depreciation in rupee and Greece woes. The index opened with more than 100 points gap up in reaction to fuel price hike (up petrol by Rs 6.28/Litre), but could not sustain gains for long.
The BSE Sensex and NSE Nifty started off trade with gain of 0.6% on Thursday, but immediately erased all gains despite petrol price hike.
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Risk is a four letter word: Author Jerome Booth