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Wrap-up| Stocks rally on lower oil

Wrap-up| Stocks rally on lower oil
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First Published: Thu, Mar 24 2011. 07 24 PM IST
Updated: Thu, Mar 24 2011. 07 24 PM IST
New Delhi: Indian stocks gained for a third straight session on Thursday cheered by the now familiar factors of nice words from Warren Buffett, easing crude oil rates and firmer Asian markets. Investors are still cautious though as food inflation touched double digits again and Brent crude continues to flirt with $115 a barrel due to fighting in the Middle East.
Inflation for the week of 12 March snapped the easing trend as it rose 10.05% from 9.42% in the previous week. Read more...
BSE Sensex: 18,350.74, +0.79
NSE Nifty: 5522.40, +42.15
Nikkei : 9,435.01, -0.15%
Financials have performed steadily for the last two days on expectations that credit growth will continue to be robust at over 20%. Other sectoral gainers were capital goods and metals. There were no big losers and the overall breath of the index remained healthy.
BSE Bankex: 12,583.59 +0.97%
BSE CG: 12,735.02, +1.27%
Among individual companies, Unitech jumped 10% after JP Morgan upgraded the stock. Godrej Household Products Ltd, a subsidiary of Godrej Consumer Products Ltd, on Thursday lost its licence to sell Kiwi shoe care and house-cleaning products, ending its long association with US-based Sara Lee. Also, lingerie maker Lovable Lingerie Ltd made a positive debut closing 21.6% above its issue price of Rs 205.
Unitech: Rs 40.50, +9.61%
GCPL: Rs 354.10, -1.09%
Lovable Lingerie: Rs 249.20, +21.6%
Oil will continue to be the main trigger for Indian stocks. However, foreign brokerages continued to be bearish. Credit Suisse has said that India’s growth momentum has slowed, especially in mining and manufacturing sectors, according to CNBC TV18.
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First Published: Thu, Mar 24 2011. 07 24 PM IST
More Topics: Markets | BSE | NSE | Sensex | Nifty |