Indian Equities surge as Oil and Gas stocks zoom - ICICI Bank : Treasury Research

Indian equities ended higher on Friday, as a slew of reforms announced by the Government boosted sentiment. The Cabinet Committee on Economic Affairs (CCEA) approved the adoption of a new gas pricing mechanism in line with recommendations of the Rangarajan Committee, there by aiding gains in oil and gas stocks. The CCEA also approved setting up of a regulatory authority on coal and hiked the minimum support prices (MSPs) for most kharif crops moderately. Recovery in the Rupee also aided sentiment. Gains were led by power, metal and oil and gas shares. The Sensex ended higher at 19,395.81 (+2.75%) while Nifty ended at 5842.20 (+2.81%).

The BSE Bankex ended higher at 13,257.76 (+3.18%). SBI ended higher at INR 1953.60 (+2.08%) while ICICI Bank ended up at INR 1069.75 (+3.59%).

Most Asian stocks ended in the green today. Nikkei led the region's gains, ending higher by 3.51% after positive data on inflation and industrial production released earlier in the day boosted sentiment. Hang Seng and Shanghai Composite ended higher by 1.78% and 1.50% respectively, as concerns over the possible credit-crunch in China eased after China's central bank chief said that the bank will adjust market liquidity in an "appropriate" manner. Kospi also ended up by 1.56%, aided by value-buying by foreign investors. Australia's ASX however, ended down by 0.18%.

Source : Equity Bulls

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