Indian equity indices saw the day's high and continued to rally ahead of Empowered Group of Ministers (EGoM) meet and sharp fall in international crude oil prices. However, Oil minister S Jaipal Reddy has reportedly said that he has not made any proposals for consideration of the EGoM on hike in fuel prices. Brent crude slipped over 6% yesterday after International Energy said it would release 60 million barrels crude oil from emergency stocks in July. On this news Oil marketing companies as well as airline companies were on buyers' radar. ONGC continued to be in leaders list, rising 3.12% and GAIL gained over 1.91%. Global cues are also positive as Asian markets barring Taiwan Weighted are trading in green on ease in Greece debt concerns and decline in oil prices. Back home Sensex and Nifty have crossed the important psychological levels of 18,000 and 5,400, respectively. The market breadth continued to remain strong; there were 1,746 shares on the gaining side against 710 shares on the losing side while 89 shares remained unchanged.
The BSE Sensex is currently trading at 18,039.51, up by 312.02 points or 1.76%. The index has touched a high and low of 18,049.32 and 17,804.94 respectively. There were 29 stocks advancing against just 1 decline on the index.
The broader indices were following the benchmarks; the BSE Mid cap and Small cap indices were up by 1.60% and 1.40% respectively.
The top gaining sectoral indices on the BSE were Realty up by 2.49%, Bankex up by 2.46%, Auto up by 2.15%, PSU up by 2.12% and IT up by 2.11%, while, Consumer Durables (CD) by 1.08% was the only loser.
The top gainers on the Sensex were Hero Honda up by 4.70%, SBI up by 3.77%, Cipla up by 3.70%, JP Associate up by 3.23% and ONGC up by 3.12%.
On the flip side, RIL down by 0.38% was the lone loser on the Sensex.
Meanwhile, State-owned Coal India (CIL) has sought approval from the Coal Ministry to acquire an unlisted entity of a listed overseas firm. CIL is awaiting government's comeback on certain issues pertaining to its plan of picking up a 15% stake in the US-based firm Peabody Energy in early 2011-12 for an estimated $100 million intended for its mining project in Australia.
To employ the project at Peabody-owned Wilkie Creek coal mine, in Queensland, Australia both the companies are considering a joint venture company. The US-based firm is likely to hold 85% in the JV. The Coal Ministry had earlier said that acquisition of the property in the overseas market will be confined to listed companies.
Peabody Energy is the world's largest private sector coal company, with sales of 246 million tonne in 2010. The company claims to have 9 billion tonnes of reserves and manages and owns interest in 28 mining operations in the US and Australia.
The S&P CNX Nifty is currently trading at 5,412.70, up by 92.70 points or 1.74%. The index has touched a high and low of 5,417.55 and 5,343.40 respectively. There were 46 stocks advancing against 4 declines on the index.
The top gainers of the Nifty are Hero Honda up by 4.42%, SBI up by 3.74%, Cipla up by 3.66%, Sesa Goa up by 3.60% and JP Associate up by 3.30%.
On the other hand, Dr Reddy down by 0.44%, Sun Pharma down by 0.37%, Reliance Inds down by 0.33% and Cairn down by 0.31% were the top losers.
All the Asian markets barring Taiwan Weighted are trading in the green; Shanghai Composite was up 2.16%, Hang Seng was up 1.72%, Jakarta Composite was up 0.28%, KLSE Composite was tad higher by 0.02%, Nikkei 225 was up 0.85%, Straits Times was up 0.65 and Seoul Composite has surged by 1.60%.
On the other hand, Taiwan Weighted was down by 0.40% .
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