Markets close in red on expiry day; PC Jeweller up 10% in debut
Bharti Infratel slumps 13% in debut trading

Money Dec 28, 2012

Markets up in thin volumes; oil cos rise on fuel price hike news

By Firstbiz Staff

The Indian equity markets rose in thin volumes on account of general bullish sentiment even as global equities were downbeat on US fiscal cliff concerns.

The Sensex opened at 19414, up 0.47 percent and the Nifty opened at 5899, up 0.49 percent.

Globally, the yen hit its lowest level in more than two years on Friday as expectations of drastic monetary easing intensified, underpinning Japanese equities, while Asian shares were capped by worries the United States may run out of time to avoid a fiscal crunch.

Montek Singh Ahluwalia also said 8 percent growth is not possible if India keeps fuel subsidies. Reuters

European shares were nearly flat overnight, and US stocks marked a fourth straight session of losses. US Pesident Barack Obama will host a meeting on Friday with the four top congressional leaders, a White House aide said on Thursday, as the president and lawmakers rush to break a deadlock over the so-called fiscal cliff days before a year-end deadline.

On the domestic front, finance minister P Chidambaram said that growing infrastructure and improved agriculture productivity will boost India's economic growth.

Planning Commission Deputy Chairman Montek Singh Ahluwalia also said 8 percent growth is not possible if India keeps fuel subsidies.

Stocks in news

Oil marketers HPCL, BPCL and IOC rose 2-4 percent reacting to news that the government is planning to increase diesel prices by Rs 10 over 10 months.

L&T opened up 0.52 percent after the company bagged a Rs 781 crore order from ONGC for construction of three well-head platforms in oilfields off the Mumbai coast.

Fortis Healthcare opened up 0.56 percent after the company has sought shareholders' approval to raise up to Rs 2,000 crore through equity-linked financial instruments.

Bharti Airtel opened down 1.15 percent. According to a report in the Economic Times, the Law Ministry has asked Telecommunications Consultants (TCIL) to not seek listing of Bharti Hexacom, a Bharti arm in which the latter has 30 percentstake. The ministry wants TCIL to instead take 20 percent dividend from Bharti Hexacom.

Suzlon Energycontinued its rise and spiked 4 percent on value buying.

by Firstbiz Staff

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