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Value buying, low crude prices lift Indian shares

Value buying, low crude prices lift Indian shares
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First Published: Thu, Jun 23 2011. 04 44 PM IST
Updated: Thu, Jun 23 2011. 04 44 PM IST
Mumbai: Defying weak global cues, Indian markets rose on Thursday as value buying and falling crude prices spurred the benchmark indices. After a weak opening, Indian markets soon gained momentum on speculation that the government might increase fuel prices next month. Falling crude prices also helped revive investor interest in oil & gas stocks. Brent crude prices fell more than $2 to $111.87 a barrel on a strengthening US dollar and concerns about the global economic outlook.
Sensex: 17,727 +1.01%
Nifty: 5,320 +0.79%
Stoxx 50: 2,758 –1.32%
FTSE 100: 5,724 –0.83%
ITC, Reliance Communications, Reliance Industries, Reliance Capital and Hindustan Unilever led the rebound in Nifty 50 shares. Investors bought these stocks on expectations that the correction was overdone. Over the past one month has Reliance Industries lost 4.25%.
ITC: Rs 191 +3.46
Reliance Communications: Rs 90 +3.36%
Reliance Industries: Rs 870 +2.95%
Reliance Capital: Rs 529 +2.64%
Hindustan Unilever: Rs 318 +2.33%
At the sectoral level, consumer durables, FMCG, oil & gas and information technology stocks led the gains on the BSE. Except healthcare, real estate and metals, all BSE sectoral indices closed the day with gains.
BSE Consumer Durables: 6,646 +4.01%
BSE FMCG: 3,816 +2.18%
BSE Oil & Gas: 8,941 +1.95%
BSE IT: 5,796 +0.98%
After falling sharply yesterday, stocks of consumer durable firms revived on value buying.
Titan Industries: Rs 229 +6.83%
Videocon Industries: Rs 186 +4.93%
VIP Industries: Rs 704 +1.69%
Rajesh Exports: Rs 94 +1.67%
Reports that ministers’ panel may meet next month to consider fuel price hikes sent stocks of state-owned oil firms higher. Investors bought shares of Indian Oil Corporation, ONGC and Oil India on expectations that a fuel price hike would reduce under-recoveries. ONGC gained 1.36% after the company said it estimates 3.57 trillion cubic feet of gas volumes in its east coast block.
Indian Oil Corporation: Rs 328 +2.52%
ONGC: Rs 264 +1.36%
Oil India: Rs 1,267 +0.81%
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First Published: Thu, Jun 23 2011. 04 44 PM IST
More Topics: Markets Update | BSE | NSE | Sensex | Nifty |