Erasing the weekly losses, local bourses have added some more points to their kitty after European leaders agreed on aid for Greece, thereby easing concerns the region's debt crisis may spread and threaten global growth. Buying across the board has sent the benchmark indices sparkling above their respective psychological level of 18600 (Sensex) and 5600 (Nifty). On the global front, U.S. stocks climbed on Thursday as signs of progress on the U.S. debt talks and concrete action from Europe on its own debt crisis heartened investors. Meanwhile, Asian shares rose on Friday after euro zone leaders finally struck a bailout deal for Greece. The US future indices are showing an uptick in the screen trade. Back home on the BSE Sectoral front, stocks from TECk, Information Technology and Oil & Gas counters were sparkling with gains, while stocks from Consumer Durable space remained the lone loser. The 30 scrip sensitive index - Sensex - gaining over 200 points was comfortably trading above its 18600 level, while the 50 share index - Nifty - was trading above its 5600 mark. The broader indices too enticed some more gains. The overall market breadth on BSE was in the favour of advances which thumped declines in the ratio of 1598:772, while 95 shares remained unchanged.
The BSE Sensex is currently trading at 18,678.58 up by 242.39 points or 1.31% from its previous close of 18,436.19.The index has touched a high and low of 18,708.70 and 18,533.43 respectively. All the 30 stock were on advancing on the index.
The broader indices too captured substantial gains; BSE Midcap and Small Indices were trading up by 0.99% and 0.67% respectively.
On the BSE sectoral space, TECk up 1.45% IT up by 1.38%, Oil & Gas up by 1.29%, Power up by 1.24% and Bankex up by 1.17% were the top gainers, while Consumer Durables down by 0.53% was the loner loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 2.53%, Tata Power up by 2.48%, Tata Motors up by 2.15%, HDFC Bank up by 1.76% and Infosys up by 1.69%
Meanwhile, the Shipping Ministry is planning to raise around Rs 2,100 crore by September from the capital market by way of issuing tax free bonds. The country's only corporate port, Ennore Port will raise Rs 1,100 crore whereas JNPT has been given the nod to raise about Rs 1,000 crore. The coupon rate will be decided after receiving approval from the finance ministry.
'A letter has been sent to the finance ministry and we expect the notification to come from Central Board of Direct Taxes shortly,' a senior official from the shipping ministry said. By adding further he said, the two ports have been given a go ahead first as they have a credit rating in place. A better credit rating facilitates in raising funds from the market at a lower borrowing cost.
The pricing of bonds would depend on the rating of ports, a good rating indicates less risk and therefore making it attractive for the investors. Experts are of the view that tax free bonds are good option for financing the infrastructure projects
In the Union budget for current financial, government had allowed issue of Rs 30,000 crore tax free bonds for infrastructure development, out of which Rs 5,000 crore has been allocated for port sector. This will be the first time when Indian ports would be raising funds from tax free bonds.
The balance Rs 3,000 crore will be raised by the end of the calendar year through Indian Ports Global , a state-owned company which will be set up on the lines of Dubai's DP World and Singapore's PSA International Pte to invest in overseas ports and terminals. The money raised will be used to finance the dredging operations and infrastructure requirements of various major ports.
The S&P CNX Nifty is currently trading at 5,619.75, higher by 78.15 points or 1.41%. The index has touched a high and low of 5,620.90 and 5,567.10 respectively. All the 50 stocks were advancing on the index.
The top gainers of the Nifty were IDFC up by 2.59%, Ambuja Cement up by 2.57%, Tata Power up by 2.39%, Bharti Airtel up by 2.15% and Tata Motors up by 1.98%.
All the Asian equity indices barring KLSE Composite, which was down by 0.17%, were trading in the green; Shanghai Composite gained 0.51%, Hang Seng surged 1.69%, Jakarta Composite added 0.50%, Nikkei 225 spurted by 1.27%, Straits Times rose 0.99%, Seoul Composite jumped up by 1.04% and Taiwan Weighted was up by 0.59%
The BSE Sensex is currently trading at 18,678.58 up by 242.39 points or 1.31% from its previous close of 18,436.19.The index has touched a high and low of 18,708.70 and 18,533.43 respectively. All the 30 stock were on advancing on the index.
The broader indices too captured substantial gains; BSE Midcap and Small Indices were trading up by 0.99% and 0.67% respectively.
On the BSE sectoral space, TECk up 1.45% IT up by 1.38%, Oil & Gas up by 1.29%, Power up by 1.24% and Bankex up by 1.17% were the top gainers, while Consumer Durables down by 0.53% was the loner loser on the index.
The top gainers on the Sensex were Bharti Airtel up by 2.53%, Tata Power up by 2.48%, Tata Motors up by 2.15%, HDFC Bank up by 1.76% and Infosys up by 1.69%
Meanwhile, the Shipping Ministry is planning to raise around Rs 2,100 crore by September from the capital market by way of issuing tax free bonds. The country's only corporate port, Ennore Port will raise Rs 1,100 crore whereas JNPT has been given the nod to raise about Rs 1,000 crore. The coupon rate will be decided after receiving approval from the finance ministry.
'A letter has been sent to the finance ministry and we expect the notification to come from Central Board of Direct Taxes shortly,' a senior official from the shipping ministry said. By adding further he said, the two ports have been given a go ahead first as they have a credit rating in place. A better credit rating facilitates in raising funds from the market at a lower borrowing cost.
The pricing of bonds would depend on the rating of ports, a good rating indicates less risk and therefore making it attractive for the investors. Experts are of the view that tax free bonds are good option for financing the infrastructure projects
In the Union budget for current financial, government had allowed issue of Rs 30,000 crore tax free bonds for infrastructure development, out of which Rs 5,000 crore has been allocated for port sector. This will be the first time when Indian ports would be raising funds from tax free bonds.
The balance Rs 3,000 crore will be raised by the end of the calendar year through Indian Ports Global , a state-owned company which will be set up on the lines of Dubai's DP World and Singapore's PSA International Pte to invest in overseas ports and terminals. The money raised will be used to finance the dredging operations and infrastructure requirements of various major ports.
The S&P CNX Nifty is currently trading at 5,619.75, higher by 78.15 points or 1.41%. The index has touched a high and low of 5,620.90 and 5,567.10 respectively. All the 50 stocks were advancing on the index.
The NSE CNX Midcap and CNX Nifty Junior indices were up by 1.18% and 0.93% respectively.
The top gaining sectoral indices on the NSE were, CNX Infra up by 1.62%, CNX Service up by 1.55%, CNX IT up by 1.47%, CNX Energy up by 1.44% and Bank Nifty up by 1.39%. The top gainers of the Nifty were IDFC up by 2.59%, Ambuja Cement up by 2.57%, Tata Power up by 2.39%, Bharti Airtel up by 2.15% and Tata Motors up by 1.98%.
All the Asian equity indices barring KLSE Composite, which was down by 0.17%, were trading in the green; Shanghai Composite gained 0.51%, Hang Seng surged 1.69%, Jakarta Composite added 0.50%, Nikkei 225 spurted by 1.27%, Straits Times rose 0.99%, Seoul Composite jumped up by 1.04% and Taiwan Weighted was up by 0.59%
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