The Indian equity markets are trading upbeat with big gains on the back of consistent buying in all major heavyweights. Sensex rallied by 250 points and benchmark Nifty moved over the 5,600-mark led by further buying in all major sectors post strong global cues. All 30 members of the Sensex pack firmed up in late morning session apart from DLF. On the sectoral front, all sectors were performing well with buying support except consumer durable. Several stocks from TECk, IT, oil & gas, banking sectors too posted strong gains. On the global front, most of the Asian markets were trading in positive territory on approval of $157 billion bailout package (second) for Greece by European Union yesterday and reports of likely debt deal from White House and Republicans. The key benchmark indices in China, Hong Kong, Japan, South Korea and Taiwan rose between 0.45% and 1.70%. Back home, the market breadth is also positive; there were 1,662 shares on the gaining side against 803 shares on the losing side while 110 shares remained unchanged.
The BSE Sensex is currently trading at 18,714.33, up by 278.14 points or 1.51%. The index has touched a high and low of 18,724.71 and 18,533.43 respectively. There were 29 stocks advancing against just 1 decline on the index.
The broader indices also trading positive; the BSE Mid cap and Small cap indices were up by 1.05% and 0.80% respectively.
The top gaining sectoral indices on the BSE were, TECk up by 1.66%, IT up by 1.62%, Oil & Gas up by 1.46%, Bankex up by 1.38% and CG up by 1.38%. While, CD down by 0.53% was the lone loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 2.67%, Tata Power up by 2.56%, Tata Motors up by 2.28%, HDFC up by 2.06% and Infosys up by 2.01%. On the flip side, DLF down by 0.31% was the lone loser on the Sensex.
Meanwhile, Iran issued a new warning that it will halt crude oil supplies to India from August unless a mechanism is found to clear past dues. Since December, India and Iran have struggled to find ways for New Delhi to pay for imports of 400,000 barrels per day or 12 percent of its oil demand after the Reserve Bank of India halted a clearing mechanism under US pressure.
Petroleum Minister S Jaipal Reddy on July 21 said, India is ready with backup plan to cope with a halt to supplies of crude Iran by adding further, he said, there will not be any oil shortage due to Iran halting supplies in August.
The S&P CNX Nifty is currently trading at 5,623.20, up by 81.60 points or 1.47%. The index has touched a high and low of 5,628.45 and 5,567.10 respectively. There were 49 stocks advancing against just 1 decline on the index.
The top gainers of the Nifty were Ambuja Cement up by 2.97%, Tata Power up by 2.92%, Bharti Airtel up by 2.76%, IDFC up by 2.22% and Tata Motors up by 2.14%. While Sesa Goa down by 0.07% was the lone loser on the index.
All the Asian equity indices barring KLSE Composite, which was down by 0.17%, were trading in the green; Shanghai Composite gained 0.42%, Hang Seng surged 1.76%, Jakarta Composite added 0.50%, Nikkei 225 spurted by 1.14%, Straits Times rose 0.96%, Seoul Composite jumped up by 1.11% and Taiwan Weighted was up by 0.55%
The BSE Sensex is currently trading at 18,714.33, up by 278.14 points or 1.51%. The index has touched a high and low of 18,724.71 and 18,533.43 respectively. There were 29 stocks advancing against just 1 decline on the index.
The broader indices also trading positive; the BSE Mid cap and Small cap indices were up by 1.05% and 0.80% respectively.
The top gaining sectoral indices on the BSE were, TECk up by 1.66%, IT up by 1.62%, Oil & Gas up by 1.46%, Bankex up by 1.38% and CG up by 1.38%. While, CD down by 0.53% was the lone loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 2.67%, Tata Power up by 2.56%, Tata Motors up by 2.28%, HDFC up by 2.06% and Infosys up by 2.01%. On the flip side, DLF down by 0.31% was the lone loser on the Sensex.
Meanwhile, Iran issued a new warning that it will halt crude oil supplies to India from August unless a mechanism is found to clear past dues. Since December, India and Iran have struggled to find ways for New Delhi to pay for imports of 400,000 barrels per day or 12 percent of its oil demand after the Reserve Bank of India halted a clearing mechanism under US pressure.
Petroleum Minister S Jaipal Reddy on July 21 said, India is ready with backup plan to cope with a halt to supplies of crude Iran by adding further, he said, there will not be any oil shortage due to Iran halting supplies in August.
However, petroleum minister did not share the details over the backup plans to increase the supply from alternate source to fill the gap arising because of Iranian halt. The halt from Iran can have significant impact on Asia's third largest economy's energy supply, as Iran supplies around 4 lakh barrels a day or 12 percent of India's total crude oil supply.
As an alternate solution India is looking to increase its supply of crude oil from other suppliers such as Saudi Arabia and United Arab Emirates. Earlier this month, Iran had warned India, it will stop its oil supply to India if there is no solution on the payment problem. However, to protect its market share Iran had maintained its oil supply to India for seven months without payment, as India is the second largest buyer of Iranian crude oil price after China. The S&P CNX Nifty is currently trading at 5,623.20, up by 81.60 points or 1.47%. The index has touched a high and low of 5,628.45 and 5,567.10 respectively. There were 49 stocks advancing against just 1 decline on the index.
The top gainers of the Nifty were Ambuja Cement up by 2.97%, Tata Power up by 2.92%, Bharti Airtel up by 2.76%, IDFC up by 2.22% and Tata Motors up by 2.14%. While Sesa Goa down by 0.07% was the lone loser on the index.
All the Asian equity indices barring KLSE Composite, which was down by 0.17%, were trading in the green; Shanghai Composite gained 0.42%, Hang Seng surged 1.76%, Jakarta Composite added 0.50%, Nikkei 225 spurted by 1.14%, Straits Times rose 0.96%, Seoul Composite jumped up by 1.11% and Taiwan Weighted was up by 0.55%
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