Sensex surges over 200 points as UPA
notifies FDI in retail and aviation
DATE: 21/09/2012
MUMBAI: The Sensex extended gains
after a positive start and was near day's high led by capital goods, power,
banks and realty as institutional investors turned bullish after the UPA
government stood firm and notified its decision to allow FDI in the multi-brand
retail sector. Positive cues from Asian peers also provided support.
The government also notified the relaxed conditions for single-brand retail as well as the norms for allowing 49 per cent investment by foreign airlines in Indian carriers and permitting greater foreign investment in some sections of the broadcasting sector.
At 09:50 a.m.; the 50-share index was at 5,633.20, up 78.95 points or 1.42 per cent. The broader index touched a high of 5,633.90 and a low of 5,575.45 in early trade.
The Sensex was at 18,597.94, up 248.69 points or 1.36 per cent. It touched an intraday high of 18,604.46 and a low of 18,411.20 in trade so far.
"On the Daily chart, for the past three consecutive sessions we have been observing a narrow range body formation which indicates that markets are cautious at current level. The current price action on the daily chart suggests indecisiveness prevailing at current level. If Nifty slips below 5,530 level in first hour of trade then it is likely to test 5,500 - 5,450 levels. On the upside, 5,600 - 5,650 levels may act as resistance for the day," said Arihant Capital Market report.
The BSE Midcap Index was up 1.27 per cent and the BSE Smallcap Index gained 1.10 per cent.
Among the sectoral indices, the BSE Capital Goods Index gained 2.54 per cent, the BSE Power Index rallied 2.24 per cent, the BSE Bankex moved 1.92 per cent higher and the BSE Realty Index rallied 1.62 per cent.
Reliance Infrastructure (4.50%), BHELBSE 4.20 % (3.70%), Axis Bank (3.09%), Larsen & Toubro (2.97%) and ICICI Bank (2.78%) were the major Nifty gainers.
BPCL (0.74%) was the only index loser.
The market breadth was positive on the NSE with 1,066 gainers against 302 losers.
The foreign institutional investors sold shares worth Rs 73.67 crore on Thursday as per the provisional data from the National Stock Exchange.
The Asian markets gained momentum after profit booking in previous session. The Nikkei 225 was up 0.68 per cent, the Shanghai Composite gained 0.52 per cent and the Hang Seng rallied 0.76 per cent.
The government also notified the relaxed conditions for single-brand retail as well as the norms for allowing 49 per cent investment by foreign airlines in Indian carriers and permitting greater foreign investment in some sections of the broadcasting sector.
At 09:50 a.m.; the 50-share index was at 5,633.20, up 78.95 points or 1.42 per cent. The broader index touched a high of 5,633.90 and a low of 5,575.45 in early trade.
The Sensex was at 18,597.94, up 248.69 points or 1.36 per cent. It touched an intraday high of 18,604.46 and a low of 18,411.20 in trade so far.
"On the Daily chart, for the past three consecutive sessions we have been observing a narrow range body formation which indicates that markets are cautious at current level. The current price action on the daily chart suggests indecisiveness prevailing at current level. If Nifty slips below 5,530 level in first hour of trade then it is likely to test 5,500 - 5,450 levels. On the upside, 5,600 - 5,650 levels may act as resistance for the day," said Arihant Capital Market report.
The BSE Midcap Index was up 1.27 per cent and the BSE Smallcap Index gained 1.10 per cent.
Among the sectoral indices, the BSE Capital Goods Index gained 2.54 per cent, the BSE Power Index rallied 2.24 per cent, the BSE Bankex moved 1.92 per cent higher and the BSE Realty Index rallied 1.62 per cent.
Reliance Infrastructure (4.50%), BHELBSE 4.20 % (3.70%), Axis Bank (3.09%), Larsen & Toubro (2.97%) and ICICI Bank (2.78%) were the major Nifty gainers.
BPCL (0.74%) was the only index loser.
The market breadth was positive on the NSE with 1,066 gainers against 302 losers.
The foreign institutional investors sold shares worth Rs 73.67 crore on Thursday as per the provisional data from the National Stock Exchange.
The Asian markets gained momentum after profit booking in previous session. The Nikkei 225 was up 0.68 per cent, the Shanghai Composite gained 0.52 per cent and the Hang Seng rallied 0.76 per cent.
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