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Markets rebound on buying in oil & gas stocks

Markets rebound on buying in oil & gas stocks
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First Published: Mon, Aug 22 2011. 04 55 PM IST
Updated: Mon, Aug 22 2011. 04 55 PM IST
Mumbai: Positive opening in European markets and buying in oil & gas stocks helped the Indian markets snap a two-day losing streak. Stock markets in Europe rebounded from two year low as rising prices of raw materials led to buying in commodity shares.
Sensex: 16,341 +1.24%
Nifty: 4,898 +1.10%
SAIL, Reliance Communications, IDFC and Reliance Infrastructure led the rebound in Nifty shares. SAIL surged 7.5% after it announced plans to invest Rs 10,264 crore in developing raw material mines. Reliance Communications gained 6.9% after the company speeded up plans to sell its stake in the tower business.
SAIL: Rs 112 +7.5%
Reliance Communications: Rs 79 +6.9%
IDFC: Rs 114 +6.6%
Reliance Infrastructure: Rs 454 +6.5%
At the sectoral level, oil & gas, power, metal and capital goods stocks led the gains on the BSE. Except information technology and banking, all BSE sectoral indices closed the day with gains.
BSE Oil & Gas: 8,357 +2.5%
BSE Power: 2,235 +2.0%
BSE Metal: 11,991 +1.9%
BSE Capital Goods: 11,723 +1.6%
Stocks of state owned oil companies surged after Brent crude prices slid in international markets. Brent crude futures fell 1.8% to $106.7 a barrel on speculation that production from Libya may recover after rebels entered the capital city of Tripoli. While the fighting is still continuing, traders sent crude prices lower on hopes of higher supplies. Read more...
Essar Oil: Rs 87 +4.7%
ONGC: Rs 286 +4.0%
Reliance Industries: Rs 756 +3.4%
Petronet LNG: Rs 175 +3.1%
Indian Oil Corporation: Rs 320 +1.8%
Oil India: Rs 1,322 +1.5%
Stocks of electricity generators and power equipment manufacturers also rose on value buying. Suzlon Energy at Rs 39 rebounded from a year low of Rs 36 per share.
Suzlon Energy: Rs 39 +5.4%
Crompton Greaves: Rs 142 +4.4%
Lanco Infrastructure: Rs 16 +4.7%
Tata Power: Rs 1,090 +3.6%
Meanwhile shares of Ramky Infrastructure hit a new low of Rs 227. The shares slumped 15.7% after the company said the Central Bureau of Investigation sought details about the projects awarded to it by the Andhra Pradesh government in 2004-09.
Ramky Infrastructure: Rs 227 –15.7%
Overall, 61.7% of the shares traded on the BSE closed the day with gains.
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First Published: Mon, Aug 22 2011. 04 55 PM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |