Sensex up 144 pts, crosses 17k level

Jun 25 2012, 12:59 IST
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Markets were talked up by Pranab, who said govt will announce steps to to improve mkt. (Agencies) Markets were talked up by Pranab, who said govt will announce steps to to improve mkt. (Agencies)
SummaryMarkets were talked up by Pranab, who said govt will announce steps to to improve mkt.

The BSE benchmark Sensex gained over 144 points in early trade today to cross the 17,000 level on buying by funds and retailers after Finance Minister Pranab Mukherjee on Saturday said the government will announce measures to improve market conditions.

The 30-share barometer, which had gained lost 60.05 points in the previous session, recovered by 144.16 points, or 0.84 per cent, to trade at 17,116.67 with all sectoral indices, led by realty and metal, trading in positive zone.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 34.20 points, or 0.67 per cent, to 5,180.25.

Brokers said trading sentiments turned better on expectations that the government will announce measures to revive economy and check free-fall in the rupee, triggering buying by funds as well as retail investors.

The Finance Minister on Saturday had said the government will announce today measures to improve the market conditions.

Meanwhile, rupee recovered sharply by 65 paise to 56.50 against the US dollar in early trade today, which also influenced the trading sentiment.

The local unit had closed at record low of 57.15 after touching an intra-session low of 57.37 in the previous session on Friday.

In the Asian region, Hong Kong's Hang Seng index gained 0.35 per cent, while Japan's Nikkei shed 0.51 per cent in early trade.

STOCKS (PRE-OPEN): Indian stocks to watch-June 25

FACTORS TO WATCH

* India will likely unveil measures to arrest the slide of its currency, Finance Minister Pranab Mukherjee said on Saturday.

* Sterlite Industries holds an annual shareholder meeting to discuss the proposed merger with Sesa Goa.

* Alphageo India board meet to consider, decide and approve issue of shares or warrants on preferential basis to promoters.

INDIAN STOCKS TO WATCH

RETAIL

* Swedish retailer IKEA, the world's largest furniture maker, is opening up in India, marking a crucial step for the Indian government whose policy flip flops related to foreign investment have damaged market confidence.

* Hindustan Unilever is test marketing an after-wash laundry brand known as Magic that the company claims reduces water usage by two-thirds.

ENERGY/COMMODITIES

* Suzlon Group, which controls wind-turbine maker Suzlon Energy, said on Saturday it will sell a stake in its China manufacturing unit to China Power New Energy Development Co. Ltd. for 3.4 billion rupees.

* State-run oil companies' -- Indian Oil, Bharat Petroleum and Hindustan Petroleum -- retail margin on petrol has increased to nearly 5 rupees per litre, as global prices continued to fall.

The next price cut, expected later this

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