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Post Session-'Fantastic Friday" for D-Street as Sensex soars by 520 points Analysis for Jun 28, 2013

By Religare
|

Rallying for a second straight day, the key domestic benchmarks were in bullish mood today as the Sensex, which regained the 19,000 mark advanced nearly 520 points driven by a spate of fresh reforms and a firm trend across Asian markets. In what Morgan Stanley termed as a path breaking reform in the oil and gas sector, the government hiked gas prices to US$8.4/mmbtu, effective April 2014 while the cabinet also approved the Coal Regulatory Authority Bill. Investors are pinning hopes on the latest set of reforms to help accelerate growth in Asia"s third biggest economy.

 

Asian markets ended on a bullish note as robust US and Japanese data signaled an upbeat outlook for the health of the global economy. China"s Shanghai Composite snapped a seven-day losing streak as investors looked ahead to the June manufacturing PMI to be released next week. Hang Seng ended on a bullish note after data showed that US jobless claims fell last week while household spending rebounded last month as incomes increased, signaling a pickup in the world"s biggest economy. Japan"s Nikkei 225 rose as a weaker yen lifted the outlook for exporters while industrial output rose for a fourth straight month, up 2 per cent in May 2013 over the previous month, signaling a pickup in the nation"s economic recovery.

The BSE SENSEX closed at 19,395.81, up by 519.86 points or by 2.75 per cent and the NSE Nifty ended at 5,842.2, up by 159.85 points or by 2.81 per cent.

The BSE Sensex touched intraday high of 19,432.94 and intraday low of 19,093.18. The NSE Nifty touched intraday high of 5,852.95 and intraday low of 5,749.5.

Meanwhile, the BSE MIDCAP closed at 5,964.5, up by 131.92 points or by 2.26 per cent, while the BSE SMLCAP ended at 5,643.52, up by 76.27 points or by 1.37 per cent.

On the Sectoral front, Metal and Power advanced 4.7 per cent and 4.15 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 2578, shares advanced were 1574 while 878 shares declined and 126 were unchanged.

The top gainers of the BSE Sensex pack were Jindal Steel & Power Ltd. (Rs. 217.30,+7.89%), Bharat Heavy Electricals Ltd. (Rs. 174.30,+6.90%), Tata Power Company Ltd. (Rs. 86.05,+5.71%), Coal India Ltd. (Rs. 302.95,+5.58%), Sterlite Industries (India) Ltd. (Rs. 83.50,+5.23%), among others.

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Story first published: Friday, June 28, 2013, 17:36 [IST]
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