Wednesday 15 July 2015

Nifty extends rally, Sensex up 1%; HDFC, Wipro, TCS lead-- 15 July 2015

Shares of HDFC, Infosys, Reliance Industries, TCS, L&T, Wipro, Tata Motors, ONGC, Bajaj Auto, Coal India and Hindalco Industries climbed 1-2 percent.


Oil prices rose in Asia today on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the country's historic nuclear deal. US benchmark West Texas Intermediate for August delivery rose 26 cents to USD 53.29 and Brent crude for August climbed 10 cents to USD 58.61 a barrel. Oil prices initially tumbled yesterday after negotiators from Iran and major world powers announced they had reached a deal to monitor Tehran's nuclear programme, which the West says will curb its efforts to build a nuclear bomb. Iran's compliance with the terms of the agreement will lead to a lifting of crippling western economic sanctions which have restricted its key oil exports. But prices eventually settled higher yesterday as investors were confident it would take time for Iran to start exporting more crude to a market already awash with supplies.
The market extended its rally in noon trade with the Sensex rising 265.26 points or 0.95 percent to 28198.16 and the Nifty climbing 71.90 points or 0.85 percent to 8526, led by autos, IT and metal stocks. The broader markets performed largely in-line with benchmark indices, rising 0.4-0.8 percent. About 1631 shares have advanced, 849 shares declined, and 154 shares are unchanged on the BSE. Maruti Suzuki touched a new high of Rs 4,171, up 3 percent after Credit Suisse raised target price to Rs 5,100 on hopes of strong volume growth going ahead. Zee Entertainment gained 1 percent after profit beat estimates aided by higher topline & other income. Advertising revenue growth stood at 25 percent, a big surprise. Shares of HDFC, Infosys, Reliance Industries, TCS, L&T, Wipro, Tata Motors, ONGC, Bajaj Auto, Coal India and Hindalco Industries climbed 1-2 percent.
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