Nifty jumps 87 points; oil stocks move up

Reversing the four-day losing streak, Sensex gained 338 points as crude oil prices in the international markets dipped, relieving concern over high crude prices upsetting the turnaround in the Indian economy.

The benchmark index opened higher at 25,116 against the previous close of 25,031. It made a high of 25,415 and low of 25,116 before closing at 25,369. Almost all the sectoral indices closed in the green. The turnover on BSE was higher at Rs 3,603 crore against Rs 3,023 crore.

On the NSE, the Nifty was up 87 points at 7,580.

There was unconfirmed news that the government may soon consider hiking natural gas prices. Shares of all companies which produce gas such as ONGC and Reliance Industries moved up. Oil market PSU companies also gained as crude oil prices declined.

Major gainers for the day include Jubliant Food (7%), Gujarat State Pet (7%), HPCL(7%), Jet Air India (7%), Petronet LNG (7%), National Alum (6%), Ashok Leyland (6%), JSW Energy (6%), Bharti Infratel (6%), Power Finance (5%), Prestige Estates (5%), IRB Infra (5%), DLF (5%), BPCL (5%), Indian Oil Corp (5%) and Gail India (5%).

MCX (-3%), Piramal Ent (-3%), Marico (-2%), Zee Entert (-2%), Kotak Mah Bank (-2%), Berger Paints (-2%) and Bajaj Finance (-2%).

European stocks dropped to a one-week low in morning trade as German business confidence fell to the lowest level this year.

Asian shares swung between gains and losses as improved manufacturing data from China, Japan and the United States augured well for global growth, despite a disappointing result from the euro zone.

The purchasing managers' index of US, China and Japan rose strongly during the month. The US PMI climbed to a four-year peak of 57.5. That helped offset an unexpected dip in Markit's euro zone PMI to 52.8 in June from 53.5 in May.

(This article was published on June 24, 2014)
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