ONGC topped the buying list, rising over 2 percent after Bank of America Merrill Lynch upgraded the stock to buy from neutral as it now expects more gains from oil reforms than earlier.
The News International Team
Equity benchmarks climbed to a new record high with the Sensex rising 200.64 points to 27227.34 and the Nifty gaining 54.60 points to 8141.45 supported by banks, oil & gas, technology and FMCG stocks.
The BSE Midcap and Smallcap indices advanced 0.5 percent and 1 percent, respectively. About three shares advanced for every share declining on the Bombay Stock Exchange.
ONGC topped the buying list, rising over 2 percent after Bank of America Merrill Lynch upgraded the stock to buy from neutral as it now expects more gains from oil reforms than earlier. “Main reason for our optimism is recent press reports which suggest equal subsidy sharing by ONGC-Oil India and the government. ONGC is better off under equal subsidy sharing than under the Parikh formula, which we were earlier assuming,” the brokerage explains.
Shares of ITC, ICICI Bank, HDFC Bank, L&T, Reliance Industries, TCS, Infosys, HUL, Tata Motors, Sun Pharma and SBI gained 0.7-1.4 percent whereas Maruti, BHEL and Tata Power down 0.3-0.5 percent.
The Sensex is up 203.78 points or 0.75 percent at 27230.48, and the Nifty is up 54.00 points or 0.07 percent at 8140.85. About 1318 shares have advanced, 446 shares declined, and 58 shares are unchanged.
Read More »