The BSE Sensex rebounded 1.7 percent on Monday in tandem with Asian bourses as investors heaved a sigh of relief after a $1 trillion rescue package to contain the Greek crisis and calm world markets.The rescue, hammered out by European Union finance ministers, central bankers and the International Monetary Fund over the weekend, was the largest package in over two years since G20 leaders threw money at the global economy following the collapse of Lehman Brothers."People were waiting for such a concrete step and it will now save the euro zone from any immediate trouble," said Neeraj Dewan, director of Quantum Securities.Energy major Reliance Industries, which had won a legal battle on Friday that could potentially give the company billion of dollars from gas sales, and financials led the gainers.The benchmark had slid 4.5 percent last week, its biggest weekly fall in six months, on worries foreign fund investors may pull out as the Greek debt woes dented global risk appetite.Foreign funds have pumped around $6.2 billion into Indian equities so far in 2010, after investing a record $17.5 billion in 2009.Reliance Industries, which has the heaviest weight on the Sensex, climbed 2.7 percent to 1,061.35 rupees, adding to gains of 2.3 percent on Friday.The company, controlled by billionaire Mukesh Ambani, won the backing of the Supreme Court in a dispute over gas prices againstReliance Natural Resources that is run by younger brother Anil Ambani.Reliance Natural was trading down 6.7 percent at 49.25 rupees, after plunging 23 percent on Friday.Financials rose on optimistic long-term outlook in an economy expected to expand at least 8 percent in 2010/11. Industrial output in March, due on Wednesday, is expected to show a robust 15 percent annual rise, a Reuters poll showed.Top lender State Bank of India rose 1.7 percent, while rivals ICICI Bank and HDFC Bank climbed 2.4 percent each. Mortgage lender Housing Development Finance Corp gained 1.3 percent.Metals makers advanced as base metal prices rebounded in Shanghai and London.Non-ferrous metals maker Sterlite Industries and Hindalco rose 3.5 percent and 3.6 percent respectively.Tata Steel, the world's eighth-largest steel maker by output, rose 3.7 percent.In the broader market, gainers led losers in a ratio of 3.4:1 on volume of 123 million shares.The 50-share NSE index was up 1.9 percent at 5,112.55.STOCKS ON THE MOVE* Fitness chain Talwalkars Better Value Fitness made its market debut at 142.70 rupees, 11.5 percent higher than its issue price of 128, and rose further to 151.60 rupees.* State-run oil marketing companies Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum fell between 0.9 percent-1.4 percent, as world crude prices rose above $77 per barrel.* SRF Ltd was up 3.4 percent at 223.40 rupees, as the chemicals and tyre cord maker said on Friday its January-March net profit surged more than five times.MAIN TOP 3 BY VOLUME* Reliance Natural Resources on 14.9 million shares* Talwalkars on 8.9 million shares* Suzlon Energy on 1.4 million shares(Reporting by Ami Shah; Editing by Ranjit Gangadharan)(For more business news on Reuters Money visit http://www.reutersmoney.in)News posted by www.newsinfoline.com
Click here to read more news from www.newsinfoline.com
Please follow our blogs
newsinfolinephotogallery
prabugallery
newsinfolinephotogallery1
photogallery1
No comments:
Post a Comment