Sensex gains 271 points in early trade

The BSE benchmark Sensex recovered sharply by over 271 points in early trade today.

Written by Agencies | Mumbai | Published: July 27, 2012 10:11:01 am

The BSE benchmark Sensex recovered sharply by over 271 points in early trade today,after two sessions of losses,on fresh spell of buying amid a firming trend in the global markets.

The 30-share barometer,which lost over 278 points in the previous two sessions,rose by 271.48 points,or 1.63 per cent,to 16,911.30 with all the sectoral indices,led by banking,metals and auto,gaining up to 1.97 per cent.

The wide-based National Stock Exchange index Nifty,regained 5,100 points level by rising 86.25 points,or 1.71 per cent,to 5,129.25.

Brokers said emergence of buying by funds and retail investors,tracking a firming trend on Asian bourses,following overnight gains at the US markets after the head of the European Central Bank pledged to protect eurozone from collapse,buoyed the trading sentiments here.

In the Asian region,Japan’s Nikkei up by 1.40 per cent,while Hong Kong’s Hang Seng index gained 1.44 per cent in early trade. The US Dow Jones Industrial Average rallied 1.67 per cent in yesterday’s trade.

Stocks/Pre-open:Indian stocks to watch

The Nifty futures in Singapore Exchange rose 1.2 percent,while the MSCI Asia-Pacific index excluding Japan rose 1.6 percent.

U.S. stocks rode a wave of hope inspired by comments from European Central Bank President Mario Draghi on Thursday,ignoring mixed corporate results to focus on the strongest signal yet of the ECB’s intentions to protect the euro zone.

Asian shares rallied on Friday after the European Central Bank boosted market sentiment and steadied the euro by signalling its resolve to defend the euro zone.


ICICI Bank will post April-June quarter results on Friday. The lender is expected to say profits rose by a third on the back of strong loan demand,higher fee income and stable asset quality.

NTPC is expected to post a 10 percent rise in Jan-March profit mainly on capacity addition.

Other earnings: Grasim Industries,United Spirits and TVS Motor.

RBI to release weekly statistical supplement on foreign reserves and bank lending. (1130 GMT)


India’s government raised the possibility of a drought for the first time this year and said on Thursday that ministers would meet next week to discuss the lack of monsoon rains,which define output for the major consumer and producer of food crops.

With the southwest monsoon showing little sign of improvement,worsening the drought-like scenario in many parts of the country,the first meeting of an Empowered Group of Ministers on this situation will be held on Tuesday next week.

As the southwest monsoon remains deficient in some parts of the country,raising the spectre of drought,the government is working on a comprehensive contingency package for certain areas.

Chennai Petroleum has started planned maintenance at its 190,000 barrels per day (bpd) Manali refinery in Chennai,south India,a spokesman of parent company Indian Oil Corp said on Thursday.

Bharat Petroleum Corp has bought three cargoes of around 1 million barrels each of Nigerian,Angolan and Libyan crude oil from Total,a trade source said on Thursday.


India’s government is committed to opening its retail sector to foreign investment and will not reverse its stance,the country’s trade minister said on Thursday,declining to say when the long-delayed reform could be announced.

A section of the ruling Congress party fears that the party’s decision to buy peace with the Nationalist Congress Party may have come at the cost of further delaying the government’s plan to revive economic reforms.

Prime Minister Manmohan Singh is likely to meet Indian company executives next week to address reforms such as diesel price deregulation.

A senior official said no date had been fixed for the meeting,but is expected to be held around August 1.


The department of telecommunications has sought the law ministry’s opinion on whether Tata Teleservices’ 19 telecom licenses should be scrapped in addition to the 122 licenses cancelled by the Supreme Court in February,according to officials.


Maruti Suzuki faces months of supply woes and a slump in market share and sales as a lockout at the key Manesar car factory enters its second week,threatening a replay of a dismal 2011 when labour unrest battered volumes and profit,analysts said.

Mahindra & Mahindra launched a new version of its sedan Verito in both petrol and diesel options,priced at a base price in New Delhi of between 527,000 to 714,000 rupees.


Eli Lilly,Cadila Healthcare,Lupin and Biocon,will have to continue selling insulin at the current price,as the drug price regulator National Pharmaceutical Pricing Authority has turned down their request for a rate increase.

Wockhardt is set to receive 12.8 billion rupees from France’s Danone from the sale of its nutrition brands in India. Wockhardt had agreed to sell the business to Danone in August 2011,but completion was stalled by lenders.


Some of the world’s biggest technology companies have booked acres of office space in Bangalore and Hyderabad,real estate agents said,indicating that investments are proceeding apace in the software sector despite a generally gloomy mood for businesses.

Facebook,Amazon,Xerox and chipmaker AMD are among the companies that have leased office space in India’s technology capital Bangalore,or in Hyderabad.


3M India said April-June net profit fell 42 percent to 167.1 million rupees from a year earlier.

ACC said April-June standalone net profit rose 4.15 billion rupees from 3.28 billion rupees a year earlier.

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