Stock market updates: Nifty breaches 5,900-level; Jet rallies 20%
Zee Media Bureau
New Delhi: The BSE benchmark Sensex gained 200 points in mid session trade Thursday on sustained buying by funds and retail investors amid a firming Asian trend.
Rising for the fourth straight session, the 30-share barometer rose 195 points to 19,375. In the past three sessions, Sensex had gone up by nearly 449 points.
The wide-based National Stock Exchange index Nifty moved higher by 71 points to 5,907.9.
Shares of Jet Airways surged 20 percent to touch a one-year high level in early trade after the company announced plans to sell 24 percent equity to Etihad Airways for about Rs 2,058 crore.
Cheering the news, which came on a non-trading day yesterday, shares of the company today opened on a robust note and further jumped 20 percent to Rs 688.60 -- its 52 week high on the BSE.
At NSE, the scrip skyrocketed by 19.86 percent to touch a one-year high of Rs 687. The market value of the carrier climbed Rs 628 crore to Rs 5,582 crore.
Brokers said the sentiment remained firm on sustained buying on expectation that easing inflation and weak commodity prices might prompt the Reserve Bank of India to cut interest rate in its monetary policy meeting on May 3.
Besides, covering-up of short positions ahead of monthly expiry in the derivatives segment today, also supported the upside in select stocks, they said.
In the Asian region, Japan's Nikkei stock average also opened up 0.3 percent, after hitting its highest since June 2008 on Wednesday, as a weakening yen bolstered expectations for improved corporate earnings.
However, the US Dow Jones Industrial Average ended 0.29 per cent lower in yesterday's trade.
With Agency Inputs