BSE Sensex regains 19K level, jumps 293 points in early trade

Jun 28 2013, 09:55 IST
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The 30-share barometer surged by 292.94 points, or 1.55 per cent, to 19,168.89. (Reuters) The 30-share barometer surged by 292.94 points, or 1.55 per cent, to 19,168.89. (Reuters)
SummaryThe 30-share barometer surged by 292.94 points, or 1.55 per cent, to 19,168.89

BSE Sensex today regained 19,000 level by spurting 293 points in early trade, led by rally in oil and gas sector stocks after the government approved near doubling of natural gas prices to USD 8.4 from April 1, 2014.

The 30-share barometer surged by 292.94 points, or 1.55 per cent, to 19,168.89 with oil and gas, auto and metal sectoral indices leading the rally. The index had gained

323.83 points in the previous session.

Similarly, the wide-based National Stock Exchange index Nifty regained 5,70 points by rising 88.65 points, or 1.56 per cent, to 5,773.45.

Brokers said sentiments turned better after the government yesterday approved nearly doubling of natural gas prices to USD 8.4, triggering buying in oil gas sector stocks.

Besides a firming trend in the Asian region following overnight gains at the US markets too fuelled the rally on the domestic bourses here.

The Oil and gas sector index rose the most by gaining 4.12 per cent to 8,965.63 as stocks of ONGC up by 5.62 per cent to Rs 338.55, Reliance Industries by 3.74 per cent to Rs 861.55 and Oil India by 2.79 per cent to Rs 589 and Cairn India by 2.33 per cent to Rs 294.70.

Meanwhile in Asia, Hong Kong's Hang Seng index rose by 0.77 per cent, while Japan's Nikkei gained 3.29 per cent in the early trade. The US Dow Jones Industrial Average ended 0.77 per cent higher in yesterday's trade.

Indian stocks to watch - June 28

(Reuters) GLOBAL MARKETS ROUNDUP

* Nifty futures on the Singapore Exchange are 1.83 percent up and the MSCI-Asia Pacific index excluding Japan is 1.05 percent higher.

* Asian shares edged higher to extend gains for a third day on Friday, tracking an overnight rise in global equities on easing fears of an early end to US monetary stimulus, but caution remained about the recently volatile Chinese markets.

* US stocks climbed for a third straight day on Thursday after comments from several Federal Reserve officials soothed concerns that the central bank would begin to reduce its stimulus efforts in the near future.

FACTORS TO WATCH

* India's oil minister M. Veerappa Moily, Junior Oil Minister Panabaka Lakshmi and Oil Secretary Vivek Rao to preside over the PetroFed awards. (1130 GMT)

* Tata Consultancy Services Ltd, India's No.1 software services provider will hold its annual shareholder meeting in Mumbai. (1100 GMT)

* Reserve Bank of India Deputy Governor Urjit Patel will attend a workshop on India's direct cash

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