FM-speak, US data lift Sensex 520 pts.
Finance Minister Pranab Mukherjee’s statement that he would get bankers committed to a "more benign plan of action", and improving consumer confidence in the US lifted market sentiments today.The Bombay Stock Exchange (BSE) Sensitive Index, or Sensex, rose sharply, led by realty and banking stocks.The Nifty closed near the day’s high on short covering in the futures & options (F&O) segment on account of favourable news from the domestic as well as global front. Realty, metals, banks, infra surge.The Nifty May and June futures ended with a premium to spot, indicating short covering by bear operators. However, these index futures changed hands at the 4,227-4,240 level compared to the closing level of 4,284-4,294, indicating that there has been no fresh buying or short covering at higher level.
Money Market;
Bond yields up on borrowing worries.
Rupee edges up as bullish stocks boost inflow hopes.
Commodity Market.
Oil breaches $63 on demand recovery talk.
Gold lower on overseas cues, strong rupee.
Reports:
FIIs net bought Rs 1,159cr in F&O on Wednesday.
RIL finds two more gas reserves in K-G basin.
ONGC to start appraisal drilling in Mahanadi block.
Corp Bank to raise Rs 1,000 cr in FY10.
MTN's minority shareholders oppose deal with Bharti.
Tata Realty eyes Rs 10k-cr revenue.
MRF lifts lockout at TN factory.
Uco Bank puts follow-on issue on hold.
Pyramid Saimira suffers Rs 100-cr loss.
Maytas Infra approaches government for help.
Asian markets in red.
SIngapore Nifty is trading at 4259 down by 19 points.Markets are expected to open flat and volaility is expected ahead of expiry of derivative contracts today.
