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Market rally extends further
Wed, 29 Jun Closing

With positive momentum being maintained right till the end, indices in the Indian stock market witnessed yet another strong closing today. The BSE-Sensex closed higher by around 201 points (up 1.1%) whereas gains on the NSE-Nifty stood at around 55 points (up 1%). BSE Midcap and BSE Small cap indices also edged higher and were seen closing higher by 0.8% and 0.9% respectively. More than three stocks ended positively on the Sensex for every one that closed in the negative. With today's gains markets have inched up for five days in a row now.

Most Asian indices also closed positively today. Europe, too, is trading in the green currently. The rupee was trading at Rs 44.9 to the dollar at the time of writing.

State run oil major ONGC's board has approved a follow-on share sale plan. However, the papers will be filed by the company only after it gets a go-ahead from the Government. It should be noted that the offer has been delayed by a few months as higher oil prices and the consequent higher subsidy burden kept the oil exploration and production behemoth from entering the markets. The company is hoping to raise a total of US$ 2.8 bn. The company has huge capex plans up its sleeve whereby it is planning to pump in nearly US$ 8 bn in developing a gas field in an east coast block and produce up to 30 m cubic meters a day in five years. The stock closed lower by 2% on the bourses today.

Steel stocks witnessed strong buying today with leading gainers being Adhunik Metaliks, Jindal Saw Ltd and Tata Steel. As reported by a leading business daily, the steel sector in India may not react negatively to the spike in interest rates and instead, grow as much as 11% on the back of infrastructure spending. This view was given by Tata Steel, country's largest steel producer. The company also argued that while there is some concern on the inflation front, it is not as serious as a crisis. Steel demand in India grew by 9.9% in FY11 to reach over 65 m tonnes.

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