Total investor wealth in domestic stock markets today soared by Rs 1.53 lakh crore as investors cheered energy reforms, including hike in natural gas prices.
Overall, 1538 stocks ended as winners among the 2,500-odd trade on the BSE today. The Sensex ended 519.86 points or 2.75 per cent higher at 19,395.81, the biggest single day gain since August 29, 2011. The NSE Nifty shot up by 159.85 points or 2.81 per cent to close at 5,842.20.
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"Market sentiment was boosted by positive global cues and a hike in natural gas by CCEA on Thursday. Also, many stocks were in oversold region, which attracted buying from lower levels," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.
Among the Sensex blue-chips, 29 ended higher with Jindal Steel & Power emerging as the biggest gainer. All the BSE 13 sectoral indices also ended the day higher, where the metal sector hogged the limelight.
The rupee recovered against the dollar, staging a comeback from an all-time low of 60.76 to 59.19 today.
Oil and gas stocks today settled with as much as 4 per cent gains after the government approved near doubling of natural gas prices, a move seen positive for upstream companies. Shares of RIL were up 3.78 per cent to Rs 861.85, while ONGC rose by 2.98 per cent to Rs 330.10 on the BSE.
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The Cabinet Committee on Economic Affairs (CCEA) last evening approved pricing of all domestically produced natural gas at an average of the cost of imported liquid gas (LNG) on long-term contract and international gas benchmarks.
Biting the bullet, the government had yesterday approved near doubling of natural gas prices to USD 8.4 from April 1 next year, a move which will result in rise in power tariff, urea cost and CNG prices.