New Delhi: Value buying and short covering by traders helped Indian stocks extend gains on Wednesday. After opening with gains, Indian stocks traded with positive momentum for rest of the day as market participants bought beaten-down shares in capital goods, power and information technology sectors.
Sensex: 18,608 +0.57%
Nifty: 5,592 +0.57%
The Reliance Anil Ambani Group, cement and power stocks led the gains in the Nifty 50.
Reliance Capital: Rs 525 +4.72%
Reliance Communications: Rs 93 +4.53%
NTPC: Rs 175 +4.01%
Steel maker SAIL rallied more than 3%. Earlier in the day, SAIL chairman C.S. Verma said it would be difficult for the company to meet the mid-June deadline for the follow on public offer. ACC also gained more than 1.6%. The company said cement shipments in May rose 13.7% from a year earlier to 1.99 million tones.
SAIL: Rs 144 +3.06%
ACC: Rs 1,043 +1.62%
Ambuja Cement: Rs 143 +3.14%
Meanwhile Tata Motors lost more than 1.6% after the company reported a 9% decline in domestic passenger vehicle sales in May. Investors booked profits in Ranbaxy Laboratories, Sun Pharma and DLF. These stocks had registered substantial gains in the last two trading sessions.
Ranbaxy Laboratories: Rs 538 –2.48%
Tata Motors: Rs 1,077 –1.65%
Sun Pharma: Rs 470 –1.56%
DLF: Rs 236 –1.21%
On the sectoral level, capital goods, power and information technology stocks led the gains on the BSE.
BSE Capital Goods: 13,273 +1.38%
BSE Power: 2,580 +0.96%
BSE IT: 6,046 +0.87%
BSE Healthcare: 6,370 –0.36%
In individual stocks, the Petronet LNG stock has hit a new high of Rs 142. The stock surged more than 4% after the company said it signed a preliminary deal with Russia’s Gazprom to buy as much as 2.5 million tonne per year of LNG for 25 years.
Petronet LNG: Rs 142 +4.21%
Overall, 60.87% of the shares traded on the BSE closed the day with gains.