Sensex and Nifty opened higher on Thursday tracking the Wall Street gains as major US indices closed at record highs on Wednesday. BSE Sensex gained 102 points to open at 32,289.26 points while NSE Nifty added 28 points to start at 10,107.4 points. Shares of the oil marketing companies which fell on TV news reports that government may intervene in daily price revision recovered losses after Oil Minister Dharmendra Pradhan yesterday ruled out government intervention to disrupt the daily revision in petrol and diesel prices.
The stocks of Sun Pharma (up 3.5%), Dr Reddy’s (up 1.07%), Reliance Industries (up 1.05%), Axis Bank (0.85%), and Tata Motors (up 0.73%) were the major gainers while Wipro shares tank over 4% on benchmark Sensex. Shares of the major oil marketing companies — IOC, BPCL, HPCL which fell up to 8% yesterday, recovered the losses and are trading higher. Indian Oil Corporation rose 4.26% to the day’s high of Rs 433.65; Bharat Petroleum Corporation gained 4.94% to the day’s high of Rs 524.9; Hindustan Petroleum Corporation jumped 4.47% to the day’s high of Rs 477.95.
Oil Minister Pradhan categorically said that the government has “no business to interfere in the day-to-day functioning of the oil marketing companies”. Further, the minister also said that an analysis of the global trends indicates that the retail fuel prices will likely ease out in the days to come.
Shares of heavyweight companies such as Sun Pharma, Reliance Industries, Axis Bank, Tata Motors, and Hindustan Unilever contributed the most to the Sensex gains. Collectively these five stocks alone added over 55 points out of the 83 points rise in the index, BSE Sensex was trading 0.26% higher at 32,269.79 points. The 30-share barometer Sensex rose as much as 121 points to hit day’s high of 32307.03 points.
All three major Wall Street indexes ended with record closes on Wednesday as gains in consumer discretionary and energy stocks offset losses in Apple. The Dow Jones Industrial Average rose 0.17 % to 22,156.66 points, the S&P 500 gained 0.07% to 2,498.31 points and the Nasdaq Composite added 0.09% to 6,460.19 points.