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How to Find One Stock with Crorepati Potential? >> READ MORE

Sensex Zooms 1,000 Points; ONGC, Coal India & ITC Surge
Tue, 17 May 01:30 pm

Sensex Zooms 1,000 Points; ONGC, Coal India & ITC Surge

Share markets in India have extended early gains and are presently trading on a strong note.

Benchmark indices firmed up in afternoon deals as global cues turned supportive. Asian markets are mostly up as hopes grew for an easing of China's unprecedented regulatory crackdown on its once-freewheeling tech sector.

Meanwhile, a soft dollar, and buying in index heavyweight stocks supported sentiment.

Reliance Industries, ICICI Bank, ITC and Infosys rose over 3%.

Currently, the BSE Sensex is trading up by 992 points, up 1.9%, at 53,900 levels.

Meanwhile, the NSE Nifty rose above the 16,000-mark and is presently trading up by 304 points.

Shares of Tata Steel, ITC and Maruti soared around 4% while Reliance and ICICI Bank added to the gains.

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Tech Mahindra and Sun Pharma, on the other hand, remain the only losers from Sensex.

Metal stocks are upbeat today with the Nifty Metal index gaining over 4% amid hopes of China demand revival and value buying.

Among individual stocks, Aurobindo Pharma share price fell in a strong market and neared its two-year low. In the past one week, the company received six observations from the United States Food and Drug Administration (USFDA) for its Unit VII.

Coming to developments from the IPO space, Life Insurance Corporation of India (LIC) shares made a tepid debut, listing at a discount to the IPO price.

LIC started trading at Rs 865 apiece, down 8.7% from its IPO price of Rs 949 on the BSE.

The muted listing for the state-owned life insurer was on the cards as its grey market premium (GMP) in the unlisted market vanished over the past couple of days.

The weak listing could also be due to the market conditions and relatively lower investor participation during the book building process.

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Read the latest Market Commentary


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