Sensex jumps 103 pts in early trade, oil cos shares rally

Jan 10 2013, 09:50 IST
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The BSE benchmark Sensex recovered by 102.53 points, or 0.52 per cent, to 19,769.12. (Reuters) The BSE benchmark Sensex recovered by 102.53 points, or 0.52 per cent, to 19,769.12. (Reuters)
SummaryThe BSE benchmark Sensex recovered by 102.53 points, or 0.52 per cent, to 19,769.12.

The BSE benchmark Sensex today gained nearly 103 points in early trade, mainly led by a rally in stocks of oil companies on hopes of a hike in fuel prices amid firm global cues.

The 30-share barometer, which had lost 75.93 points yesterday, recovered by 102.53 points, or 0.52 per cent, to 19,769.12 with all sector indices, led by oil and gas and PSUs, rising up to 1.24 per cent.

On the similar lines, the wide-based National Stock Exchange index Nifty gained 29.75 points, or 0.50 per cent, to 6,001.25.

Brokers said fresh buying by funds amid a firming Asian trend after a overnight rally on Wall Street mainly influenced the sentiment here.

Stocks of oil companies were in good demand on hopes of a hike in fuel prices that might reduce subsidy burden and improve revenues, they said.

The oil and gas sector index was up by 1.24 per cent with stocks of state-run HPCL rising 1.99 per cent, BPCL by 2.47 per cent, while Indian Oil Corp by 1.69 per cent.

Meanwhile, in Asia, Japan's Nikkei was up by 0.94 per cent, while Hong Kong's Hang Seng gained 0.91 per cent.The US Dow Jones Industrial Average ended 0.46 per cent higher yesterday.

Stocks to watch-Jan 10

GLOBAL MARKETS ROUND UP

Nifty futures on the Singapore Exchange rose 0.5 percent. The MSCI-Asia Pacific index, excluding Japan gained 0.6 percent.

Asian shares rose on Thursday as much stronger-than-expected Chinese trade data magnified positive momentum overnight from global markets and kept alive hopes for a recovery in the world's second-largest economy.

U.S. stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season.

EVENTS TO WATCH

India's Supreme Court will hear an appeal by Russian conglomerate Sistema's Indian mobile phone unit challenging the court's order last year to revoke cellular permits awarded to the company in a scandal-tainted 2008 sale.

INDIAN STOCKS TO WATCH

FINANCIAL/REGULATORY

The Indian government hiked railway passenger fares after a gap of nine years and later in the day sources in his government said it had proposed an increase in heavily subsidised fuel prices to rein in a swollen fiscal deficit.

The

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