The crude oil prices registered its biggest decline in the last seven weeks as oil supply concerns from Iraq eased.
The Brent crude was at $113.55 per barrel, 57 cents, against its previous close. The oil had surged over $115 per barrel recently on supply concerns.
As the government tables its first union budget on July 10, expectations are high of a strong reforms and growth oriented budget.
According to Oil Ministry sources, the government is keen on replicating diesel model of deregulation for LPG and kerosene. The ministry is working on proposal for staggered price hikes in Kerosene and LPG. It may propose hiking Kerosene by Rs 1/litre per month and hike LPG by about Rs 5/cylinder per month.
The government is also trying to woo foreign investment in the Railway and Defence sectors. Prime Minister Narendra Modi will be meeting Commerce Minister Nirmala Sitharaman today to decide on the tax sops which could be extended to foreign investors coming into India.
The 30-share index ended at 25,368.90, up 337.58 points or 1.35 per cent. It touched intraday high of 25,414.69 and a low of 25,115.83 in trade today.
The Nifty closed at 7,580.20, up 86.85 points or 1.16 per cent. It touched intraday high of 7,593.35 and a low of 7,515.20 in trade today.
"Two-three days upswing is easily possible but this does not give a great feeling of 80 points type of rally. It is probably not the best rally that could have happened on Bank Nifty," said Ashwani Gujral, Fund Manager, ashwanigujral.com.
"While everything rallied, it did not rally really hard. If FII numbers are muted in this rally then chances are that we could probably peter out around 7650-7700," he added.
The S&P BSE Midcap Index was up 1.59 per cent and the S&P BSE Smallcap Index gained 1.64 per cent.
Among the sectoral indices, the S&P BSE Oil & gas Index surged 2.44 per cent, the S&P BSE Power Index gained 2.03 per cent, the S&P BSE Bankex advanced 1.51 per cent and the S&P BSE Capital goods Index rose 1.20 per cent.
The S&P BSE Healthcare Index was down 0.09 per cent.
GAIL (up 4.56 per cent), HDFC (up 2.81 per cent), BHEL (up 2.48 per cent), SBI (up 2.24 per cent) and Axis Bank (up 2.19 per cent) were among the top index gainers.
Sun Pharmaceuticals (0.85 per cent), Infosys (0.64 per cent) and Wipro (0.01 per cent) were the only Sensex losers.
The market breadth was positive on the BSE with 2,042 gainers against 9,85 losers.
The foreign institutional investors sold shares worth Rs 214.49 crore while domestic institutional investors were net buyers worth Rs 117.43 crore on Monday as per the provisional data from the National Stock Exchange.
Copyright © 2014 Times Internet Limited. All rights reserved.
No comments:
Post a Comment