Sensex Regains 19,000 Level, Jumps 293 Points in Early Trade
Mumbai: The BSE benchmark sensex regained 19,000 level by spurting 293 points in early trade, led by rally in oil and gas sector stocks after the government approved near doubling of natural gas prices to $8.4 from April 1, 2014.
The 30-share barometer surged by 292.94 points, or 1.55 percent, to 19,168.89 with oil and gas, auto and metal sectoral indices leading the rally. The index had gained 323.83 points in the previous session.
Similarly, the wide-based National Stock Exchange index Nifty regained 5,70 points by rising 88.65 points, or 1.56 percent, to 5,773.45.
Brokers said sentiments turned better after the government approved nearly doubling of natural gas prices to $8.4, triggering buying in oil gas sector stocks.
Besides a firming trend in the Asian region following overnight gains at the U.S. markets too fuelled the rally on the domestic bourses.
The oil and gas sector index rose the most by gaining 4.12 percent to 8,965.63 as stocks of ONGC up by 5.62 percent to 338.55, Reliance Industries by 3.74 percent to 861.55 and Oil India by 2.79 percent to 589 and Cairn India by 2.33 percent to 294.70.
Meanwhile in Asia, Hong Kong's Hang Seng index rose by 0.77 percent, while Japan's Nikkei gained 3.29 percent in the early trade. The U.S. Dow Jones Industrial Average ended 0.77 percent higher in yesterday's trade.