Monday, 4 May 2015

Sensex, Nifty up 1%; banks lead, ONGC & Oil India rally



10:50am Market Update: The Sensex jumped 320.59 points or 1.19 percent to 27331.90, and the Nifty rallied 94.90 points or 1.16 percent to 8276.40.

About 1642 shares have advanced, 486 shares declined, and 113 shares are unchanged on the BSE. 
10:20am FII View: Chris Wood, CLSA said Greed & Fear is going to make some small adjustments in the Asia Pacific (ex-Japan) relative-return portfolio this week.

The weightings in India and Vietnam will be increased by 1 percentage point each, with the money being raised by shaving 1 percent point each from Hong Kong and Indonesia, he added.

10:00am Market Check

The market remained strong in morning trade, rising over a percent led by short covering in banking & financials, FMCG, healthcare, select auto and oil stocks.

The Sensex climbed 284.54 points to 27295.85 and the Nifty jumped 79.45 points to 8260.95. Nearly four shares advanced for every share declining on the Bombay Stock Exchange. The BSE Midcap and Smallcap indices gained 0.5 percent and 1.2 percent, respectively.

ONGC and Oil India gained 3.5-4 percent after finance ministry official said the government will bear entire fuel subsidy from now and upstream oil companies will not have to share fuel subsidies anymore. They see fuel subsidy for entire fiscal at Rs 40,000 crore. For more information please visit this site www.bigprofitbuzz.com

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