Sensex ends up 254pts

Sensex ended (provisional) at 17,113 - up 254 points. Nify ended up 87 points at 5,159.
______________________________________
(updated at 1428 hrs)

Selling pressure in oil & gas stocks have taken the markets off the day's high. A declining European market and falling Dow future have dampened sentiments in India.

The markets had rebounded from yesterday's fall, owing to a recovery in global stocks. The BSE Sensex, after touching a high of 17,256 moved sideways for the first half of the day. However, it started to slip in afternoon trades and touched a low of 17,022 - down 234 points from the day's high. The index is now at 17,060 - up 203 points. Nifty is at 5,135 - up 62 points from the previous close.

In Europe, CAC has once again slipped into the red after opening with 1% gains. DAX and FTSE are also off their morning highs. Riots in London, which is now in its fourth day, dampened sentiments in European markets.

Global markets rose this morning, following Wall Street gains after the US Federal Reserve pledged to keep US interest rates low at least through mid-2013. US is the world's largest economy. In Asia, Hang Seng jumped 2.3% to 19,783. Nikkei was up 1%. Taiwan Weighted stole the show with 3% gains.

IT heavyweights staged a smart comeback today after the recent slide following S&P's US downgrade. The index was 5,124 - up 1.6%. Heavyweights, Wipro and Infosys gained over 2% each. Patni Computers, HCL Tech, TCS and MphasiS jumped 1-2% each.

BSE auto and realty indices were up 2-3% each. Other interest rate sensitive sector - banking was up 2% at 11,905.

Fertiliser stocks rose as India eyed stake in Belaruskali - one of the world's largest producers of potash. The deal will help India to ensure long-term suppliers of fertilizers to cope with increasing demand. Moreover, the GoM has approved up to 10% price hike for urea in the first year of the policy, which would help urea makers have better control over profitability. The new proposals are yet to be approved by the Cabinet. Shares of fertiliser stocks - RCF, FACT, Chambal fertilizer. National Fertilizer and Shiva Global soared 9-13% each.

BSE oil & gas sector was in the red - down 0.5%. Indian Oil Corp slipped 4% to Rs 325. ONGC, Cairn India, HPCL and BPCL were also in the red. However, index heavyweight, Reliance kept above the dotted line at Rs 768.

BSE market breadth continued to be fairly positive with 2,139 stocks on the advancing side and 667 on the declining side. 2,892 stocks have been traded so far on the BSE.