Indian Markets rise on partial de-regulation of Diesel Price - Geojit BNP Paribas

The markets remained directionless in the upper half of the day but in the noon the markets rose and closed with a positive note on the back on positive cues from domestic markets.

Sensex closed at 19964 up around 146 points. The sectoral gainer for the day was the Oil& gas sector which closed up around 3.11% and the loser was the Consumer goods sector which was down around 0.62%. But the market breadth remained flat as there were seen 1043 stocks advancing against 1067 stocks declining. The volatility index closed at 14.01 up around 0.14%.

The PSU OMC's stocks were up on the news that the government has partially deregulates the diesel prices by giving the marketing companies authority to change diesel prices by a small margin from time to time. Telecom stocks were also trading higher after the Cabinet slashed the reserve price for CDMA spectrum by 50%.

HCL Technologies was the major which came out with its earnings yesterday; beat the market estimates by posting a 68.4% jump in the net profit. The consolidated net profit for its second quarter ending at 31, December 2012 rose to Rs 965 crore from Rs 573 crore on a yearly basis. Sales of the company also rose 19.6% to Rs 6274 crore.

The FIIs remained buyers in the capital market segment on Wednesday 16 January 2013, bought shares worth Rs 1029.50 crore as per the provisional data from the stock exchanges. On the other hand the DIIs remained sellers on 16 January 2013, sold shares worth RS 691.76 crore as per the provisional data from the stock exchanges.

In the global front, the European shares were trading lower ahead of US housing and jobless claims data. The US futures index were also little changed.

Reliance industries, WIPRO, HDFC Bank, ITC and IDBI are some of the major companies which may announce their quarterly earnings today.

Source : Equity Bulls

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