The BSE benchmark Sensex today recovered by 146 points on fund-based buying mainly in oil stocks like RIL and ONGC after the government virtually deregulated diesel prices to cut subsidy bill.
The 30-share index, which had lost 169 points in the previous session, bounced back by 146.40 points to settle at 19,964.03 points.
The broad-based National Stock Exchange index Nifty rose by 37.35 points, or 0.62 per cent, to 6,039.20 points.
Brokers said oil processing and marketing companies were in demand after the government virtually deregulated diesel prices allowing "small" hikes over a period of time.
ONGC, which also bears a part of diesel subsidy bill, rose the most among Sensex stocks by 3.66 per cent. Oil refiner Reliance Industries shot up by 3.40 per cent.
Better quarter earnings by leading IT companies further supported the market sentiment, they added.
Diesel prices in all probability may be hiked in the first instance that can be as early as tonight following the government decision that might to cut subsidy bill and reduce fiscal deficit, they said.
After Infosys and TCS, software solutions provider HCL Technologies today posted better-than-expected profit in October-December. HCL Tech rose by 4.31 per cent.
Infosys by 0.91 per cent as foreign investors remained net buyers of Indian stocks for the 13th straight day.
Among others, Hindustan Petroleum gained 6.06 per cent to Rs 345.60, Bharat Petroleum by 3.75 per cent to Rs 295.90, Indian Oil by 6.60 per cent to Rs 315.90, Oil India by 4.36 per cent to Rs 514.90 and Essar Oil by 5.06 per cent to Rs 76.85.
Markets @ 10.30 AM (PTI)
The BSE benchmark Sensex recovered by 43 points in late morning trade today due to fresh buying in IT, realty, auto, teck and refinery sectors amid sustained foreign capital inflows.
The BSE-30 share index, Sensex, resumed higher at 19,846.42 and hovered in a range of 19,889.98 and 19,783.41 before quoting 19,860.52 points at 1030 hrs.
It showed a net gain of 42.89 points, or 0.22 per cent, from its last close.
The NSE 50-share index Nifty also moved up by 1.35 points, or 0.02 per cent, and quoted 6,003.20 at 1030 hrs.
Major gainers were Wipro (3.12 per cent), Tata Motors (2.02 pc), Maruti Suzuki (1.15 pc), Infosys (0.69 pc), TCS (0.69 pc), and Bajaj Auto (0.55 pc).
Foreign institutional investors (FIIs) bought shares worth a net Rs 1,029.50 crore yesterday, as per provisional data from the stock exchanges.
US stocks ended mostly higher yesterday amid a wait-and -see attitude from investors, as earnings continue to roll out.
However, most Asian stocks reversed initial gains today as key benchmark indices in Hong Kong, Japan, Singapore, China and South Korea fell by 0.33 to 1.11 per cent while indices in Indonesia and Taiwan rose by 0.01 to 0.16 per cent.
Markets @ 09.00 AM (PTI)
The BSE benchmark Sensex today declined by over 34 points in early trade as funds and retail investors booked profits after recent gains amid a weak trend in global markets.
The 30-share barometer fell by 34.22 points, or 0.17 per cent, to 19,783.41. The index had lost 169.19 points yesterday.
Stocks of metal, banking, power, consumer durables and FMCG sectors declined due to profit-booking.
Similarly, the wide-based National Stock Exchange index Nifty fell by 13.75 points, or 0.