Markets ignore price rise & Re fall, push Sensex up 138 pts to 2-wk high
Advancing for the fourth day, the S&P BSE benchmark Sensex on Wednesday spurted by 138 points to a two-week high of 19,367.59 supported by auto, oil & gas, metal and realty stocks despite an uptick in wholesale inflation.
While Tata Motors surged 9.67 per cent to Rs 319.30 after its unit Jaguar Land Rover reported 21 per cent higher sales in July globally, Bajaj Auto shares logged nearly 3 per cent gain after the 50-day long strike at its Chakan plant was called off Tuesday.
The Sensex, which had gained 565 points in the past three sessions, rose further by 137.75 points, or 0.72 per cent, to 19,367.59, a level last seen on 29 July.
Brokers said the upswing in market was supported by quarterly earnings by Tata Steel whose shares jumped 3.59 per cent. The company reported better-than-expected first quarter results with consolidated net profit surging 90.51 per cent.
Oil & gas shares saw heavy buying on buzz that the government may give a go-ahead to a one-time hike of Rs 2-3 per litre in diesel prices to offset the impact of fall in rupee value.
Rising prices of onions and other vegetables pushed inflation to a five-month high of 5.79 per cent in July even as the government and Reserve Bank of India, India’s central banking institution, battled to stabilise the rupee.
A mixed trend in the Asian region and better opening in European markets amid reports that France has emerged from recession further positively influenced investor sentiment.
While Tata Motors surged 9.67 per cent to Rs 319.30 after its unit Jaguar Land Rover reported 21 per cent higher sales in July globally, Bajaj Auto shares logged nearly 3 per cent gain after the 50-day long strike at its Chakan plant was called off Tuesday.
The Sensex, which had gained 565 points in the past three sessions, rose further by 137.75 points, or 0.72 per cent, to 19,367.59, a level last seen on 29 July.
Brokers said the upswing in market was supported by quarterly earnings by Tata Steel whose shares jumped 3.59 per cent. The company reported better-than-expected first quarter results with consolidated net profit surging 90.51 per cent.
Oil & gas shares saw heavy buying on buzz that the government may give a go-ahead to a one-time hike of Rs 2-3 per litre in diesel prices to offset the impact of fall in rupee value.
Rising prices of onions and other vegetables pushed inflation to a five-month high of 5.79 per cent in July even as the government and Reserve Bank of India, India’s central banking institution, battled to stabilise the rupee.
A mixed trend in the Asian region and better opening in European markets amid reports that France has emerged from recession further positively influenced investor sentiment.