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Indian equity markets gain
Thu, 29 Aug Closing

The Indian equity markets closed today on a firm note after the carnage experienced in the past two days. Stocks across the board ended on a firm note with those from the realty, IT, consumer durables and PSU space leading the gains. The stock of Reliance Industries zoomed with the company winning the approval to invest in the gas field in the flagging KG-D6 block. The BSE-Sensex closed in green and was up by about 405 points while the NSE-Nifty closed up by 124 points. The BSE Mid Cap and the BSE Small Cap indices also closed on a firm note and were up by 1.5% and 0.7% respectively.

As regards global markets, most of the Asian indices also closed on a positive note. Most of the European indices have opened on a firm note as well. The rupee was trading at Rs 68.83 to the dollar at the time of writing.

Except Indraprastha Gas, Chennai Petroleum and Castrol, all Energy stocks have ended the day in green with Guj State Petronet and Essar Oil leading the gains. It has been a good day for the energy stocks with the positive development coming from the Reserve Bank of India (RBI). The Central bank has opened a special window to help three oil marketing firms; namely; Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd. (BPCL), to meet their foreign exchange requirements with the pressures from rupee fall. The three companies would require almost USD 8.5 bn every month to curb rupee pressure and volatility. Apparently, these PSU oil companies have been the biggest buyers of dollars and require the foreign currency for importing an average 7.5 mn tones of crude oil. This facility for the oil marketing companies has operationalised with immediate effect and will remain in place until further notice from the Central Bank.

Except City Union Bank, Development Credit Bank and Lakshmi Vilas Bank, all the Private Bank shares have closed in green today with J&K Bank and Kotak Mahindra Bank leading the gains. In its expansion programme, HDFC Bank has planned to open over 300 new branches across the country and hire 1000-2000 people in the current fiscal. The bank management is pretty confident of its expansion plans remaining least affected from the bleak economic environment. As at the end of June 30, 2013, HDFC bank has a national distribution network of 3119 branches across the country. Furthermore, the bank has already announced opening of 18 rural branches in Haryana which will take its total branch count to 200 branches in this state.

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