Sensex Closes up 359 pts, Nifty Tops 8,100-Mark
Sensex zooms 359.25 pts to close at 26,840.50; Nifty surges 102.05 pts to 8,124.45
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The benchmark BSE Sensex surged 423 points and NSE Nifty reclaimed the 8,100-mark during late trade on across-the-board buying after MSCI deferred inclusion of China A stocks to its benchmark index.
Besides, strength in rupee against the American currency too influenced trading sentiments.
The rupee was trading 14 paise higher at Rs 63.78 against the dollar (intra-session).
The 30-share index after opening on a strong footing, gathered momentum on the back of value-buying in recently bettered blue-chip stocks to quote 423 points or 1.59 per cent at 26,904.25 points.
The gauge had lost 1,367.74 points in the last six days.
Pull-back was so strong that all 12 sectoral indices were in the positive zone.
The 50-share NSE Nifty recaptured the 8,100-level by soaring 118.70 points or 1.48 per cent to 8,141.10.
Brokers said apart from value buying, MSCI deferring inclusion of China stocks to its benchmark indices, rather opting to sort out regulatory issues, bolstered trading sentiments.
All the 30 Sensex shares were in the green in late session.
1:30 pm Shares of Cairn India bounced back nearly 6 per cent, a day after it saw selling pressure in the wake of Vedanta merger reports. The stock, which lost 4.5 per cent in the previous session, rose 5.67 per cent to Rs 182.40 on BSE.
On NSE, Cairn India went up 5.43 per cent to Rs 182.40.
Shares of Vedanta were up 1.23 per cent in early trade, but later surrendered the gains, trading flat at Rs 181.60, down 0.52 per cent, on BSE.
Billionaire Anil Agarwal-led group plans to merge its cash-rich oil and gas explorer Cairn India with its flagship metals and mining company Vedanta Ltd in an all-share deal, which would cut down the group’s huge debt.
PVR surges 5.5% on DT Cinemas buy
Shares of multiplex operator PVR rallied 5.5 per cent today, a day after it acquired real estate major DLF’s DT Cinemas for Rs 500 crore. The stock jumped 5.53 per cent to Rs 703.30 on BSE. On NSE, it gained 5.14 per cent to Rs 701.
PVR yesterday closed a deal acquiring DLF’s DT Cinemas for Rs 500 crore, which marked yet another consolidation in the movie exhibition space in India.
Ajay Bijli-controlled PVR Cinemas, which had aborted a similar deal with DLF in February 2010, yesterday signed a definitive agreement with the realty major to acquire 39 screens of DT Cinemas with a total capacity of around 9,000 seats.
The deal is PVR’s second major buyout after Cinemax deal for Rs 395 crore in 2012.
Post-acquisition, PVR will have presence in 44 cities with 115 multiplexes and 506 screens, it said in a statement.
Recovering from nearly 8-month lows, the benchmark BSE Sensex gained over 236 points in early trade on Wednesday, snapping its 6-session losing streak, on the back of a rebound in blue-chip stocks following value buying and positive cues from other Asian markets.
The mood also brightened after MSCI deferred inclusion of China A stocks to its benchmark indices, rather choosing to sort out regulatory issues, which triggered buying by foreign funds.
The 30-share index, which had lost 1,367.74 points in the previous six straight sessions due to RBI’s cautious stance on inflation and revival, and the spectre of drought, recouped 236.54 points, or 0.89 per cent, at 26,717.79.
Buying in stocks of realty, consumer durables, capital goods, healthcare and banking boosted trading sentiment.
Also, the NSE Nifty pulled back 71 points, or 0.89 per cent, at 8,093.40.
Brokers said value-based buying in blue-chips after recent losses amid a firming trend in other Asian markets helped.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.23 per cent while Japan’s Nikkei gained 0.38 per cent in early trade.
The US Dow Jones Industrial Average, however, ended 0.01 per cent lower in Tuesday’s trade.
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