Sensex gains 179 points to end at 28,695

Benchmark indices ended higher led by Reliance after it hit upon a very significant gas discovery in the MJ-1 field of the KG-D6 basin and is estimated to hold about 1.4 trillion cubic feet of gas resources (tcfe). Strength in the Asian peers boosted the sentiments.

Provisionally, the 30-share Sensex ended 179 points higher at 28,695 and the 50-share Nifty gained 57 points to close at 8,717.

___________________________
(updated at 3.30 PM)

Benchmark indices continue to trade higher in the noon deals lead by Reliance after it hit upon a very significant gas discovery in the MJ-1 field of the KG-D6 basin and is estimated to hold about 1.4 trillion cubic feet of gas resources (tcfe). Also, strength in the Asian peers has boosted the sentiments of the participants.

At 2.30 PM, the 30-share Sensex is up 161 points at 28,677 and the 50-share Nifty has gained 45 points at 8,705.

CRUDE OIL

Crude oil futures fell by 0.47% to Rs 3,410 per barrel today as speculators indulged in trimming positions amidst a weak trend in Asian markets.

RUPEE

The rupee is trading down four paise at 62.30 against the US dollar today at the Interbank Foreign Exchange. Increased demand for the dollar from importers also weighed on the local currency but the positive trend in domestic equity market limited the rupee’s losses.

KEY STOCKS

BSE IT, Consumer Durables, Metal, Realty and Teck indices are trading higher up to 2%. However, BSE Bankex is the only loser and is down 0.3%.

Shares of real estate companies are trading higher on the bourses on media reports that the Union government cleared amendments to the Real Estate (Regulation and Development) Bill, 2013, paving the way for legislation on regulators for the sector.

Housing Development & Infrastructure (HDIL), Unitech, Indiabulls Real Estate, Sobha, Delta Corp, Parsvnath Developers, Kolte - Patil Developers, DB Realty and Oberoi Realty are up between 2%-8%.

Shares of Coal India (CIL) have moved higher by 4% on reports that the coal ministry has removed cap on the state-owned miner’s e-auction sales.

Reliance Industries’ (RIL) most significant recent gas discovery, MJ-1, in KG-D6 block may hold 1.4 trillion cubic feet (tcf) of gas resources, roughly half of these in the block’s main gas fields. The stock is up almost 3%.

From the IT space, TCS, Infosys and Wipro have gained between 1-2% on the back of a depreciating rupee.

Dr Reddy's Laboratories and its subsidiary, Promius Pharma LLC, have filed three new drug applications (NDAs) in support of the company's proprietary products group with the US Food And Drug Administration (US FDA). The stock is up 1%.

The auto and realty stocks are trading on a positive note as a cut in rates will lower the EMIs of existing home loan holders and it will increase their purchasing power leading to higher sales for other consumer oriented sectors like auto.

Tata Motors, Maruti Suzuki, Bajaj Auto and M&M are trading high up to 1.5%.

Sesa Sterlite is down 2% on the BSE in an otherwise firm market after rating agency Standard and Poor's downgraded Vedanta Resources one notch to 'BB-' from 'BB' with negative outlook, citing expected weak financial performance for at least next 12 more months because of low oil prices.

The country's third-largest private sector lender Axis Bank today cut its base rate or the minimum rate of lending by 0.20 per cent to 9.95 per cent, following its larger peers who also cut their offerings yesterday after Reserve Bank Governor Raghuram Rajan's hard talk. The stock is down nearly 1%.

India’s largest lender State Bank of India  (SBI) and  HDFC Bank  cut base rates by 15 basis points to 9.85 percent effective April 10 and April 13 respectively. SBI is up 1% while HDFC Bank has gained 0.5%.

State-owned Oil and Natural Gas Corporation (ONGC) has reversed a seven-year decline in its crude oil production, showing a marginal increase in output in 2014-15. The stock is down nearly 1%.

The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 1-2%. Market breadth is strong with 1,697 gainers and 838 losers on the BSE.

GLOBAL MARKETS

Japanese shares scaled 15-year peaks on Wednesday while Hong Kong's market leapt to seven-year highs amid speculation of more stimulus from China and Japan, as well as a delayed start to any tightening by the U.S. Federal Reserve.

Shanghai scored seven-year peaks and MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.2% to its highest since mid-September.

South Korea's main index made a seven-month top, while the Philippines market has been on a tear over the last couple of weeks to reach record highs.