Capital goods, oil gas lead; Sensex hovers around 22800

14:00

Moneycontrol Bureau
Live Market Commentary 02:10pm Kosamattam Finance bond issue

Gold loan provider Kosamattam Finance's public issue of secured, redeemable, non-convertible debentures will open for subscription during April 23-May 22, 2014. The company aims to raise upto Rs 75 crore, with an option to retain over-subscription upto Rs 25 crore aggregating to a total of upto Rs 100 crore.

The non deposit taking NBFC is primarily engaged in the gold loan business, lending money against the pledge of household Jewellery in the state of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Delhi and in the Union Territory of Puducherry.

The funds raised through this issue will be utilised for repayment of existing loans and towards its business operations including for capital expenditure and working capital requirements and general corporate purposes.

02:00pm Equity benchmarks maintained positive momentum with marginal gains, heading to close higher for the third consecutive session. The Sensex rose 35.87 points to 22800.70 and the Nifty advanced 10.35 points to 6828. Advancers beat decliners by a ratio of 1403 to 1182 on the BSE.

The market may be eyeing sixth phase of Lok Sabha elections that will be held on April 24 (Thursday) for 117 seats across 11 states and one Union Territory.

According to Gautam Shah of JM Financial, the market can absorb 5-7 percent correction if poll outcome disappoints. He foresees the current rally continuing for one-two years.

Capital goods, oil & gas, private banks and two-wheeler majors advanced while metals, FMCG and select technology stocks declined.

Engineering and construction major Larsen & Toubro rallied 2 percent followed by Reliance Industries, HDFC Bank, ICICI Bank, ONGC, GAIL and Coal India with 1-1.7 percent.

However, Sesa Sterlite fell 3 percent on profit-taking. Shares of ITC, Infosys, HDFC, State Bank of India, Hindustan Unilever, M&M, Tata Motors, NTPC and Maruti declined 0.3-0.9 percent.

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