Sensex surges 156 points in late morning trade
Mumbai: The S&P BSE benchmark Sensex surged by 156 points in late morning trade on fresh buying, mainly in banking, consumer durable, capital goods, realty and auto sectors, despite weakness in the global market.
Shares of public sector oil refining-cum-marketing companies (PSU OMCs) rose after the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas said that the under-recovery on High Speed Diesel (HSD) applicable for first fortnight of January 2014 fell to Rs 9.74 per litre from Rs 10.48 per litre during the second fortnight of December 2013.
HPCL was up 1.09 percent, BPCL (1.09 percent) and Indian Oil Corporation (0.96 percent).
The Sensex resumed higher at 21,179.91 and hovered in a range of 21,332.32 and 21,140.58 before quoting at 21,296.17 at 1030 hrs, showing a gain of 155.69 points, or 0.74 percent, from its last close.
The NSE 50-share Nifty also firmed up by 45.30 points or 0.72 percent to 6,346.95 at 1030 hrs.
Major gainers were Axis Bank (2.19 percent), HDFC (1.65 percent), ICICI Bank (1.53 percent), Gail India (1.25 percent), HDFC Bank (1.20 percent), Maruti (1.15 percent) and SBI (1.00 percent).
Asian stocks edged lower in their early trade after gauges of manufacturing in China declined. Key benchmark indices in China, Hong Kong, Taiwan and South Korea were off 0.12 percent to 1.42 percent while Singapore's Strait Times was quoted higher by 0.17 percent. Japanese stock markets remained closed for a holiday.