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This is an archive article published on June 22, 2012

JP Morgan upgrade,oil push Sensex above 17k

Encouraged by a sharp fall in crude oil prices to an 18-month low,global brokerage JP Morgan upgraded the Indian market to overweight from neutral,sending stocks to their highest in seven months

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Encouraged by a sharp fall in crude oil prices to an 18-month low,global brokerage JP Morgan on Thursday upgraded the Indian market to overweight from neutral,sending stocks to their highest in seven months.

Both the 50-share Nifty and 30-share Sensex,which were trading in the red in the first half of the session,clocked gains to end the day at 5,165 up 44.45 points and 17,032.56 up 135.93 points,respectively.

Brent crude oil prices traded close to 92 per barrel in Europe on Thursday,their lowest levels since mid-December 2010.

ITC,ICICI Bank,Lamp;T and SBI stocks jumped by 2-3 per cent to lead the smart rally. Dealers said the index entered the positive zone ignoring the rupee hitting a record low of 56.57 in the last one hour on robust buying in realty,banks and capital goods. The market breadth was positive as 1,658 stocks closed with gains while 1,079 ended with losses.

Brokers said market recovered sharply after oil Brent prices dropped to an 18-month low of 91 per barrel in global markets while JP Morgans upgrade supported the mood.

The rising trend was capped following a steep 2.6 per cent fall in index heavyweight Reliance Industries after its partner Niko Resources said KG-D6 gas block holds 80 per cent less reserves than estimated.

FE

 

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