Sensex gains further; oil& gas stocks hit

Indian equities opened in the positive Tuesday, tracking gains in Asia after US Federal Reserve Chairman Bernanke said the economic recovery is intact.

Japan’s Nikkei was up 0.70 per cent, Topix was higher by 0.42 per cent, Hang Seng gained 0.32 per cent and Singapore’s Strait Times inched up 0.18 per cent.

At 9:40 am, the Sensex was up 81.11 points or 0.48 per cent at 16,862.18. The Bombay Stock Exchange sensitive index opened marginally lower at 16,760.60 against previous close of 16,781.07. The 30-share index moved between a high of 16,872.88 versus a low of 16,757.23.

Nifty was trading at 5059.50, higher by 25.5 points or 0.51 per cent. The National Stock Exchange benchmark opened the day flattish at 5036.70 versus Monday’s close of 5034. The 50-share index moved between 5064.40 and 5028.30.

“In line with mixed global markets, today we may see flat opening. Nifty support has shifted to psychological 5000 levels and if it sustains below these levels then we may see selling pressure till 4950 or even lower. On the upside if Nifty has sustains above 5050 levels then we may see recovery towards 5080-5100 levels,” said brokerage Anand Rathi.

Oil and gas stocks were lower after the government postponed a decision on raising fuel prices on Monday. However, a panel of ministers led by Finance Minister Pranab Mukherjee is set to meet again to take a final decision.

The BSE Oil & Gas Index was down 0.49 per cent, weighed down by losses in HPCL (-3.42%), BPCL (-3.19%), Indian Oil (-3.16%), ONGC (-1.61%), Essar Oil (-1.22%).

All other sector indices were in the positive, with the BSE FMCG Index gaining the most by 1.39 per cent.

Top Sensex gainers were Hindustan Unilever (1.89%), State Bank of India (1.65%), Maruti Suzuki (1.36%), Sterlite Industries, DLF, ACC, Hindalco Industries, ITC, Jaiprakash Associates, Tata Motors, HDFC, BHEL, Reliance Infra, among others.

The only losers among the 30 Sensex stocks, besides ONGC, were Reliance Communications (-0.68%), Bharti Airtel (-0.50%), Infosys Technologies (-0.40%) and ICICI Bank (-0.11%).

Source http://economictimes.indiatimes.com/markets/stocks/market-news/Sensex-gains-further-oil-gas-stocks-hit/articleshow/6022407.cms