 "Markets remain firm led by oil & gas shares")
Markets continued to move sideways with the Sensex gaining 318 points at 19,194. Nifty was up 95 points at 5,777.
The broader markets were in the green as well, albeit underperforming the benchmark index. The BSE mid-cap index has added 1.2% at 5,902 while small-cap index is up 1.1% at 5629.
"There could be more up side in the near term as long as we trade above 5700, after 2 big up days there is a possibility we consolidate as well," said Mohit Gaba, Independent technical analyst & trader.
_____________________________________
Benchmark indices continue to trade firm on strong global cues, along with oil shares leading the gains after CCEA agreed to raise gas prices to US$8.4/mmbtu, effective April 2014.
By 10:25, the Sensex surged by 310 points at 19,186 mark and Nifty was higher by 90 points at 5,773 levels. The Sensex and Nifty have touched an intra-day high of 19,209 mark and 5,784 levels respectively.
Japan's Nikkei share average rose to a two-week high on Friday, helped by optimism that the Federal Reserve will not rapidly rein in its stimulus measures and by encouraging domestic economic data.
China's one-week cash rate fell to its lowest since before last week's sharp credit squeeze and stocks rose as much as 2% on Friday morning, with banks having little trouble securing funds to meet their end-of-quarter requirements.
Meanwhile, gold fell below $1,200 on Friday to its lowest since August 2010 and is on track to record its worst quarter since at least 1968 on persistent worries over the US Federal Reserve's plan to wind down its monetary stimulus.
Back home, the rupee rose by 37 paise to Rs 59.82 against the American currency in early trade on the Interbank Foreign Exchange today, extending yesterday's recovery on increased dollar selling by banks and exporters, and strong domestic equity market..
On the sectoral front, BSE Oil & Gas index has zoomed by over 3% followed by counters like PSU, Capital Goods, Metal, Auto, Power, Realty and Banks, all gaining by 2% each. However, BSE Consumer Durable and IT indices are down by 1% each.
Shares of oil and gas companies are trading higher by up to 10% on BSE after the Cabinet Committee of Economic Affairs (CCEA) agreed to raise gas prices to US$8.4/mmbtu, effective April 2014, for a period of five years.
Oil and Natural Gas Corporation of India (ONGC), Reliance Industries, Oil India and Cairn India are up between 4-10% on BSE.
Financial shares are up on short covering and bargain hunting after the recent correction. HDFC Bank, HDFC, ICICI Bank and SBI have increased 1-2%.
Other notable gainers are Tata Motors, Coal India, BHEL, L&T, GAIL and Bajaj Auto, all surging between 2-3%.
On the losing side, Wipro, HUL and Infosys have declined by nearly 1% each.
CEOs representing top American technology companies including Google, Yahoo, Microsoft and Cisco have hailed the passage of the comprehensive immigration reform bill by US Senate, arguing that this would give a big boost to the economic growth and attract high skilled workers.
Among other shares, IFCI, India Infoline and Bajaj Finance has surged over 5% on the Bombay Stock Exchange (BSE) after their respective boards gave approval for applying to the Reserve Bank of India (RBI) for bank licences.
IFCI has rallied nearly 13% to Rs 24.90, followed by India Infoline (up 7% at Rs 53.25) and Bajaj Finance (up 5% at Rs 1,421) on BSE. State-owned IFCI said that the board of directors of the company has given its approval to submit an application to RBI for obtaining the banking licence.
Shasun Pharmaceuticals has rallied 10% to Rs 52.35 as the company's operations at its Pondicherry facility have been resumed after the workers called off strike.
The market breadth in BSE remains positive with 893 shares advancing and 353 shares declining.
The broader markets were in the green as well, albeit underperforming the benchmark index. The BSE mid-cap index has added 1.2% at 5,902 while small-cap index is up 1.1% at 5629.
"There could be more up side in the near term as long as we trade above 5700, after 2 big up days there is a possibility we consolidate as well," said Mohit Gaba, Independent technical analyst & trader.
_____________________________________
Also Read
(Updated at 1026 hrs)
Benchmark indices continue to trade firm on strong global cues, along with oil shares leading the gains after CCEA agreed to raise gas prices to US$8.4/mmbtu, effective April 2014.
By 10:25, the Sensex surged by 310 points at 19,186 mark and Nifty was higher by 90 points at 5,773 levels. The Sensex and Nifty have touched an intra-day high of 19,209 mark and 5,784 levels respectively.
Japan's Nikkei share average rose to a two-week high on Friday, helped by optimism that the Federal Reserve will not rapidly rein in its stimulus measures and by encouraging domestic economic data.
China's one-week cash rate fell to its lowest since before last week's sharp credit squeeze and stocks rose as much as 2% on Friday morning, with banks having little trouble securing funds to meet their end-of-quarter requirements.
Meanwhile, gold fell below $1,200 on Friday to its lowest since August 2010 and is on track to record its worst quarter since at least 1968 on persistent worries over the US Federal Reserve's plan to wind down its monetary stimulus.
Back home, the rupee rose by 37 paise to Rs 59.82 against the American currency in early trade on the Interbank Foreign Exchange today, extending yesterday's recovery on increased dollar selling by banks and exporters, and strong domestic equity market..
On the sectoral front, BSE Oil & Gas index has zoomed by over 3% followed by counters like PSU, Capital Goods, Metal, Auto, Power, Realty and Banks, all gaining by 2% each. However, BSE Consumer Durable and IT indices are down by 1% each.
Shares of oil and gas companies are trading higher by up to 10% on BSE after the Cabinet Committee of Economic Affairs (CCEA) agreed to raise gas prices to US$8.4/mmbtu, effective April 2014, for a period of five years.
Oil and Natural Gas Corporation of India (ONGC), Reliance Industries, Oil India and Cairn India are up between 4-10% on BSE.
Financial shares are up on short covering and bargain hunting after the recent correction. HDFC Bank, HDFC, ICICI Bank and SBI have increased 1-2%.
Other notable gainers are Tata Motors, Coal India, BHEL, L&T, GAIL and Bajaj Auto, all surging between 2-3%.
On the losing side, Wipro, HUL and Infosys have declined by nearly 1% each.
CEOs representing top American technology companies including Google, Yahoo, Microsoft and Cisco have hailed the passage of the comprehensive immigration reform bill by US Senate, arguing that this would give a big boost to the economic growth and attract high skilled workers.
Among other shares, IFCI, India Infoline and Bajaj Finance has surged over 5% on the Bombay Stock Exchange (BSE) after their respective boards gave approval for applying to the Reserve Bank of India (RBI) for bank licences.
IFCI has rallied nearly 13% to Rs 24.90, followed by India Infoline (up 7% at Rs 53.25) and Bajaj Finance (up 5% at Rs 1,421) on BSE. State-owned IFCI said that the board of directors of the company has given its approval to submit an application to RBI for obtaining the banking licence.
Shasun Pharmaceuticals has rallied 10% to Rs 52.35 as the company's operations at its Pondicherry facility have been resumed after the workers called off strike.
The market breadth in BSE remains positive with 893 shares advancing and 353 shares declining.