Markets remain jubilant on Coal India bonanza

Markets remain jubilant on Coal India bonanza

New Delhi: Markets on Thursday rose to their highest level since January 2008, as sentiment was upbeat after a stellar listing for Coal India, the country’s largest-ever share offering, alongside firmer world markets.

At 1:43pm, the 30-share BSE index was up 1.91% at 20,856.06 points, with 28 components advancing. It rose to as high as 20,863.68 earlier, its highest level in 34 months. The 50-share NSE index was up 0.7% at 6,267.55.

The BSE’s 30-share Sensex and the NSE’s 50-share Nifty reclaimed the psychological 20,800 and 6,250 levels, respectively in trade. Global cues were also very strong with all regional peers trading in the positive terrain. Back home, the buying remained broad-based.

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Metal, capital goods and realty counters were hogging the limelight in trade. Index heavyweight -- Reliance Industries (RIL) -- surged almost 2-1/2% at this point of time. The broader indices, however, were finding it difficult to match gains on their larger peers.

The main gainers in the BSE sectoral space were metal up 2.02%, capital goods (CG) up 1.77%, realty up 1.77%, oil & gas up 1.62% and Auto up 1.45%, while there were no losers.

Meanwhile, the Reserve Bank of India (RBI) said on Wednesday that India will not have a major problem even if the direction of capital inflows reverses in wake of another shock in the global economy, similar to what happened after the collapse of the Lehman Brothers in the US in September 2008.

The major gainers on the Sensex were Hindalco Inds up 3.62%, Mahindra and Mahindra up 3.32%, SBI up 2.84%, L&T up 2.39% and RIL up 2.32%. On the flip side, Hero Honda down 1.09% was the only loser on the index.

Among other Asian markets, Hang Seng gained 1.18% and Nikkei 225 rallied 2.16%.