Nifty hits 5800, BSE Sensex up 400; Bank Nifty gains 2.5%
Equity benchmarks gained more than 2 percent Friday afternoon on strong global cues after Fed comments and gas price hike. The BSE Sensex is up 401.16 points or 2.13 percent at 19277.11, and the Nifty is up 120.60 points or 2.12 percent at 5802.95, supported majorly by financials.
June 28, 2013 / 13:06 IST
Moneycontrol Bureau
Live Market Commentary
12:59pm Indian rupee gained 67 paise or 1.13 percent to 59.51 per dollar Friday from its previous day's closing of 60.18 per dollar.Among smallcaps, Shasun Pharma surged 13 percent. The company's operations at its Pondicherry facility resumed after workers call-off strike. Suven Life Sciences jumped 6 percent after it received 2 product patents for new chemical entities in Japan and US.12:55pm The Bank Nifty surged 2.5 percent while Metal and Capital Goods indices gained 3.5% each.Oil & Gas and Auto indices rose 2 percent, but ONGC is trading 8 percent off day's high on profit booking. Among midcaps, state-owned IFCI advanced 10 percent on banking license hopes whereas Gitanjali Gems is locked at lower circuit for the fifty consecutive session and now it is down 10 percent.12:45pm The BSE Sensex is up 401.16 points or 2.13 percent at 19277.11, and the Nifty is up 120.60 points or 2.12 percent at 5802.95, supported majorly by financials.European markets opened marginally higher Friday, tracking strong Asian cues after reassuring comments from top US Reserve official.Amtek Auto shares rose more than one percent to Rs 72 after the company acquired 51.3 percent stake in JMT Auto for Rs 110 crore. The company will initially buy 26 percent stake and then make mandatory open offer for remaining 26 percent stake. It will buy shares at Rs 148.7 apiece that is a significant premium to previous day's closing price of Rs 116.15. Amtek will fund the entire transaction through internal cash accruals and debt. JMT Auto shares are locked at 5 percent upper circuit at Rs 121.95.JMT supplies a wide range of automotive components through technology-based manufacturing processes.12:35pm Promoter of Apollo Tyres bought 6 lakh shares in company from open market; the stock is unchanged.McNally Bharat shares rose 0.5 percent as the company received order worth Rs 260 crore.Shares of Gujarat-based Adani Power jumped 2.6 percent. Promoters' holding increased from 63.99 percent to 68.99 percent in the company. Promoters acquired 45 crore shares via preferential issue at Rs 53.11/share.Aurobindo Pharma gained 1.5 percent; the pharmaceutical firm has received tentative approval from the US FDA for anti-HIV drug. 12:25pm Empowered group of ministers (EGoM) will approve floor price for divestment in Hindustan Copper, reports CNBC-TV18 quoting sources.It is learnt that EGoM on divestment will meet on July 2. The government, which holds 94.01 percent stake, is planning to sell 4.01 percent stake in Hindustan Copper via offer for sale (OFS). The stock gained nearly 3 percent amid high volumes.12:15pm Equity benchmarks gained nearly 2 percent Friday afternoon on strong global cues after Fed comments and gas price hike. The BSE Sensex is up 353.58 points or 1.87 percent at 19229.53, and the Nifty is up 104.65 points or 1.84 percent at 5787.Indian rupee recovered further, rising 48 paise to 59.71 per dollar from Thursday's closing price of Rs 60.18 and one rupee from its record closing low of 60.71 per dollar that touched on Wednesday.ONGC shares erased about 8 percent gains from its day's high and is trading with 2 percent gains. Oil & gas shares rallied sharply after the Cabinet Committee on Economic Affairs approved the gas price hike to USD 8.4 per mmBtu from USD 4.2 per mmBtu earlier with effect from April 1, 2014. Also Read - PAT to increase by Rs 8500cr post gas price hike: ONGCThe broader markets gained more than one percent. About two shares advanced for every share declining on the Bombay Stock Exchange. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
