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May 24, 2012, 05.54 PM IST
The BSE Sensex and NSE Nifty surged nearly 2% in late trade following rebound in European markets and the Indian rupee. Banking & financials, oil & gas, telecom and metals stocks led the rally.
The BSE benchmark rose 274.20 points or 1.72%, to close at 16,222.30 and the NSE benchmark closed above the 4900 level at 4,921.40, up 85.75 points or 1.77%.
Today's sharp upmove was also on the hopes that government may raise diesel price after yesterday's steep hike in petrol price (to Rs 6.28 a litre excluding taxes) by oil marketing companies. State-owned oil & gas producer ONGC benefitted the most, shooting up nearly 6%.
However, shares of oil marketing companies like IOC and HPCL fell over 1% after initial spike of 4%. Even BPCL came off day's high to close 0.5% higher.
Meanwhile, the Indian rupee rebounded quite sharply towards close of Indian equity markets. It was trading at 55.88 as against the US dollar, rising 12 paise over previous close of 56 a dollar and 51 paise from record low of 56.38 (that touched today).
European markets too turned positive after initial downtrend. France's CAC and Britain's FTSE climbed over 1% while Germany's DAX rose 0.6% amid Greece concerns and weak economic data across eurozone.
Back home, top telecom operator Bharti Airtel surged 5.6% after it acquired 49% stake in Qualcomm India's BWA Assets for USD 165 million. In a release, company says partnership will roll-out state-of-the-art 4G networks on LTE TDD technology in Delhi, Mumbai, Haryana and Kerala.
Tulip Telecom rose 2.5% after it divested its 13% equity stake in Qualcomm BWA Venture to Bharti Airtel.
Mortgage lender stayed quite strong since initial trade today, rising 4.4% as MSCI reversed weightage of the stock in their MSCI India index after sorting out issues with regards to the bank’s foreign ownership limits. Recently the company increased in the limit of shareholding by foreign institutional investors from 74% up to 100% of the paid-up equity share capital.
Country's largest private sector lenders ICICI Bank and HDFC Bank jumped 3% each while their rival State Bank of India rose 0.7%.
Infosys, India's No. 2 software services exporter went up 1.2% and its rival Wipro gained 2% whereas TCS was down 0.3%.
Auto stocks recovered - Tata Motors, M&M and Bajaj Auto were up 1-2% whereas Maruti and Hero Motocorp fell 0.2-0.5%.
Among metals stocks, Jindal Steel and Hindalco Industries advanced 3-3.5%. Private oil & gas producer Reliance Industries rose 1.35%.
Index heavyweight ITC gained 0.7% ahead of fourth quarter numbers tomorrow.
Advancing shares outnumbered declining by 892 to 512 on the National Stock Exchange. The BSE Midcap and Smallcap indices were up over 0.5%.
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.
May 24 2013, 16:42
- in Rupee
May 23 2013, 09:33
- in Technicals