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Update: Sensex Gains Over 300 points, Bharti Airtel Jumps 7%

Sensex advances 300 pts as June F&O series kicks in

Updated
Business
3 min read
(Photo: Reuters)

Shares of state-owned oil explorer ONGC today fell 4.5 per cent after the company reported 19.5 per cent drop in net profit for the quarter ended March 2015. The stock slumped 4.51 per cent to Rs 313.30 on BSE and was the top Sensex loser. On NSE, the stock went down 4.48 per cent to Rs 313.20.

The net profit of Oil and Natural Gas Corporation (ONGC) in January-March came in at Rs 3,935 crore, lower than Rs 4,889 crore in the same period previous fiscal, ONGC Chairman and Managing Director Dinesh K Sarraf said yesterday.

This is mainly due to higher operating cost and write-off on dry wells drilled. The company wrote off Rs 291 crore of exploration expenses for drilling wells that did not result in any discovery. For the full 2014-15, the company wrote off about Rs 10,000 crore, of which Rs 2,700 crore was on account of dry wells, Sarraf said

11:00 am The BSE Sensex advanced 250 points in late morning trade on renewed buying, mainly in technology, healthcare, oil & gas, realty and capital goods sectors, following the beginning of June F&O series amid firm Asian cues.

The market breadth indicated that the overall health of the market was strong.

The 30-share Sensex resumed higher at 27,553.03 and hovered in a range of 27,779.93 and 27,467.23 before quoting at 27,802.65 at 1123 hours, a rise of 295.94 points, or 1.08 per cent, from its last close.

Source: BSE India
Source: BSE India

The NSE Nifty also quoted higher by 88.35 points, or 1.06 per cent, at 8,407.35 at 1123 hours.

Major gainers were Bharti Airtel (3.33 per cent), Coal India (2.32 per cent) and Cipla (2.02 per cent).

Meanwhile, foreign portfolio investors net sold shares worth Rs 792.54 crore and domestic institutional investors (DIIs) net bought shares worth Rs 683.29 crore yesterday, according to provisional exchange data.

Overseas, Asian stocks edged higher in early trade. Key indices in China, Japan, Hong Kong, Taiwan and South Korea were up 0.02-0.28 per cent. Indices in Singapore and Indonesia were down 0.19-0.57 per cent.

In New York, US stocks edged lower yesterday as the deadlocked Greece debt talks weighed on investor sentiment.

10:00 am The benchmark BSE Sensex recovered over 50 points at 27,556.84 in early trade on Friday on fresh buying by participants as the June series in the derivatives segment began amid firm Asian cues.

However, caution prevailed ahead of GDP numbers for the January-March quarter to be released in the day and disappointing earnings by more companies.

The 30-share index, which had lost 57.95 points in the previous volatile session, rose 50.13 points, or 0.18 per cent, to 27,556.84.

Buying in stocks of capital goods, healthcare, banking and realty sectors led the recovery.

On similar lines, the NSE Nifty was trading higher by 26.10 points, or 0.31 per cent, at 8,345.10.

Brokers said fresh positions built up by participants, following beginning of the June F&O series and value-buying at select counters helped trading sentiment improve.

Besides, a better trend at other Asian markets triggered buying on domestic bourses, they added.

Among other Asian markets, Japan’s Nikkei gained 0.26 per cent while Hong Kong’s Hang Seng was up 0.30 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.20 per cent lower in yesterday’s trade.

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

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