14:04
Moneycontrol BureauLive Market Commentary 02:22pm Market Update
The Sensex surged 202.92 points to 25008.75 and the Nifty rose 68.60 points to 7470.85. About 2086 shares have advanced, 835 shares declined, and 105 shares are unchanged.
02:18pm Oil marketing companies in focus
Sources told CNBC-TV18 that oil ministry will consult prime minister's office and finance ministry on hiking LPG and kerosene prices. It will consult on one-time LPG price hike, say sources.
The current under-recovery on LPG stands at Rs 432.71 per cylinder and in case of Kerosene, it is at Rs 32.87 per litre.
It is learnt that PMO and finance ministry want more market-aligned prices and better targetted subsidies. Oil ministry says FY15 under-recovery bill is expected to be at Rs 98,000 crore, say sources.
BPCL touched a record high of Rs 605.55, up 5 percent now while IOC and HPCL gained 3-3.7 percent.
02:10pm Market Update
The Sensex inched towards the 25000-mark, up 178.01 points to 24983.84 and the Nifty rose 61.10 points to 7463.35. About 2056 shares have advanced, 829 shares declined, and 102 shares are unchanged.
02:05pm FII View
Sanjay Shah, Co-Country head and Co-head Indian Equity Business, Morgan Stanley, said the "realms of a strong policy framework in the making", has made India an attractive destination for foreign investors. He said the investor interest has returned after election results.
In an exclusive interview to CNBC-TV18, on the sidelines of Morgan Stanley Annual India Summit 2014 which was attended by over 70 corporates and 370 investors, Shah said the investors here are not just India-dedicated or confined to emerging markets, but they are the large global funds from North America and Europe who are looking at emerging markets as an asset class and within that finding India much more interesting. However, international investors are closely monitoring the Budget, he added.
02:00pm Equity benchmarks gained strength post consolidation. The Sensex rose 129.36 points to 24935.19 while the Nifty touched 7450 level (for the first time since May 26), up 48.10 points to 7450.35. The BSE Midcap and Smallcap indices climbed 1.2 percent and 1.6 percent, respectively.
About 2039 shares have advanced, 846 shares declined, and 87 shares are unchanged.
Sesa Sterlite remained top gainer in the Sensex, gaining over 6 percent followed by Tata Motors, Hindustan Unilever, Tata Steel and Hindalco Industries with around 3 percent.
Index heavyweights Reliance Industries, HDFC and ITC recouped losses in afternoon trade, rising 0.5 percent, 1.2 percent and 0.2 percent, respectively. Top lender State Bank of India and its rival Axis Bank advanced 0.9 percent each while ICICI Bank and HDFC Bank declined 0.6-1 percent.
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