Indian shares rose almost 5% on Wednesday, posting its biggest percentage gain in three weeks, as worries over US credit-related losses eased boosting world markets. Banking, oil & gas, IT and metal stocks were star performers. The 30-share BSE Sensex ended up 893.58 points or 4.69% to 19,929.06. This was its biggest ever single day rise. The broader Nifty gained 242.5 points or 4.26% to 5,937.90. Reliance Industries surged 7.11% to Rs 2,887.50. Essar Oil surged 36.50% to Rs 120.80. Punjab National Bank soared 9.46% to Rs 601.35, Oriental Bank jumped 7.60% to Rs 256.20 and Axis Bank gained 4.20% to Rs 989.15. State Bank of India rose 2.20% to Rs 2,346.15. Hindalco Industries jumped 6.95% to Rs 217.65 on reports the company had raised prices of primary aluminium by Rs 2,000 a tonne. Neyveli Lignite rose 5.41% to Rs 214.15, Tata Power gained 4.13% to Rs 1309.95 and Reliance Energy rose 3.59% to Rs 1920.35. Fertiliser stocks soared on reports that the government will issue bonds worth Rs 7500 crore to fertiliser firms by end-November 2007 to compensate them for selling the commodity at discounted prices. Rashtriya Chemicals and Fertilisers soared 20% to Rs 72.10, Fertilisers and Chemicals Travancore spurted 10% to Rs 35.85, National Fertilizers soared 10% to Rs 76.10 and Mangalore Chemicals & Fertilisers jumped 8.59% to Rs 41.10. DLF rose 2.38% to Rs 926.70 on reports that the real estate firm is buying Singapore-based luxury chain Amanresorts for around $250 million. KEC International moved up 4.24% to Rs 855.90 on reports it had secured orders worth Rs 637 crore for transmission line projects in Abu Dhabi and Algeria.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment