Sensex, Nifty open at 2012 high; aviation, retail rally
After a stunning 4% rally last week on the back of fuel price hike and global cues, the BSE Sensex added over 250 points in early trade on Monday and hit a 52-week high of 18,715.03 following the FDI approvals in retail, aviation and broadcast carriage services sectors announced post-market hours Friday.
But the market trimmed somewhat gains immediately due to profit booking in defensives like technology, FMCG and healthcare stocks.
The 30-share BSE benchmark rose 178 points to 18,642.05 and the 30-share NSE benchmark gained 54.70 points to 5,632.35.
JP Associates, JSPL, ICICI Bank, L&T, SBI, Bank of Baroda, Sterlite Industries, PNB, BHEL, DLF and Bharti Airtel were on buyers' radar.
Infosys, TCS, Cipla, Dr Reddy's Labs, Sun Pharma, ITC and HUL were under pressure.
The CNX Midcap Index spiked 83 points to 7,423 as about four shares advanced for every share declining on the National Stock Exchange.
In the second line shares, Pantaloon Retail shot up 20% after the government has approved 51% FDI in multi-brand sector. Shoppers Stop, Trent and CESC rallied 7-15%.
Aviation stocks too shot up after the government has allowed 49% FDI in the sector. Kingfisher Airlines jumped 20%. Jet Airways was up 3% and SpiceJet up 13%.
Dish TV, WWIL, Den Networks and Hathway Cable climbed 2.5-5% after the government has approved 74% FDI in broadcast carriage services.
Hindustan Copper, Oil India, NALCO and MMTC were up 1-2% after the divestment approval. Neyveli Lignite fell 3% as the government rejected divestment in the company.
GMR Infra, Indiabulls Real, NCC and Lanco Infratech were up 3.5-6%.
Deccan Chronicle (DCHL) tanked nearly 4% after reports that Deccan Chargers (a part of DCHL) have been terminated. The Board of Control for Cricket in India (BCCI) will float new a team.
Canara Bank shot up 6.5% and Yes Bank was up 4%.
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