Markets end higher on Thursday supported by OMCs - LuvKush Finserve

Markets ended higher on Thursday supported by buying in oil marketing companies amid hopes of growth recovery in Asia's third-biggest economy after government partially deregulated diesel prices. Indian oil marketing companies can now raise diesel prices in line with increases in global crude oil prices, Oil Minister Veerappa Moily said on Thursday.

The Sensex of the Bombay Stock Exchange rose 146.40 points and ended at 19,964.03 while the Nifty gained 37.35 points to end at 6,039.20. Meanwhile, IT pack also notched up significant gains after slew of upbeat quarterly results by sector heavy-weights raised hopes of growth recovery in the beleaguered technology sector.

HCL Technologies, Wipro gained 2-5% on BSE. Oil &gas, real-estate, technology, IT, PSUs gained while capital goods, FMCG, banks, consumer durables and healthcare indexes dropped on BSE. Oil Marketing Companies (OMCs) rallied after Government partially deregulated diesel prices. India's three-biggest OMCs namely Bharat Petroleum Corporation, Hindustan Petroleum Corp and Indian Oil Corp gained between 2-4% on BSE.

Among key Sensex stocks, Cipla and SunPharma dropped 2% and 0.4%, Bajaj Auto & Hero MotoCorp fell 1%, ICICI Bank fell 1.4% , Hindalco was down 1% on BSE. The broader markets ended flat with mid-caps gaining 0.2% while smallcaps ended tad down by 0.02% on BSE.

Source : Equity Bulls

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