Sensex ends 323 points up; Oil & Gas, IT, pharma soar
Economists had expected first-quarter GDP growth would be left unrevised at 2.4 per cent.
Mumbai: 3:40 pm Winners and losers: ONGC (up 4.1 per cent), TCS (up 3.8 per cent), HDFC Bank (up 3.6 per cent), Sun Pharma ( 3.5 per cent) and Reliance (up 3.5 per cent) are major gainers. Maruti Suzuki, Tata Motors, NTPC, Coal India and BHEL are top losers in the Sensex.
3:35 pm Alert: Gujarat Fluorochemicals plans to list wind subsidiary, Inox Wind by FY14. Inox Wind is likely to raise more than Rs 800 crore via IPO. Inox Wind has appointed Axis Cap and Bank of America as lead advisors. Inox Wind contributes 30 per cent revenue for Gujarat Fluorochemicals.
3:30 pm Market closing: The Sensex ends up 316.03 points at 18868.15, and the Nifty closes at 5682.35, up 93.65 points (provisional). About 1218 shares have advanced, 1087 shares declined, and 149 shares are unchanged.
3:25 pm Current affairs: The Commerce Ministry has sought meeting with PM on pharma FDI. The ministry wants to meet PM before the FIPB meet on July 5, reports CNBC-TV18. The meeting with PM is likely to determine FIPB stance on pharma FDI.
3:20 pm Expert view: Despite prevailing negative sentiment in the economy, Gaurav Mehta of Ambit Capital expects the Nifty to see 6350 if the market keeps its head above 5650-mark.
"The consolidation pattern itself is very mature now and hence a move out of this pattern sometime very soon looks very likely. We would think that sometime later in this calendar year is when one should make an attempt to break the previous high of 6350 and do that successfully," adds Mehta in an interview to CNBC-TV18.
The market soars on the expiry day as the Sensex is up 355.89 points at 18908.01 while the Nifty adds 103.55 points at 5692.25. The midcap index too is inching higher, up almost a per cent. Satyam, HDIL, Hexaware and Opto Circuits are some of the key gainers from the space.
Chris Wood of CLSA says India runs a high risk of sovereign downgrade.
Commercial vehicle maker Tata Motors is the top loser among largecaps, losing over 3 per cent. Engineering major Larsen & Toubro and Maruti slipped 0.6 per cent each.
Hanung Toys crashed 19 per cent to Rs 83.30 as its net profit declined 42.55 per cent year-on-year to Rs 66.04 crore on 27.69 per cent growth in net sales to Rs 1782.70 crore in the year ended 31st March 2013.