RIL extends recent gains

Key benchmark indices extended gains in afternoon trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex was currently up 76.49 points or 0.27% at 28,784.24.

Index heavyweight Reliance Industries (RIL) extended recent gains after the company's KG-D6 partner Niko Resources had on 6 April 2015 said that it has received an independent resources evaluation report for the MJ Discovery in the D6 block in India. Cement stocks declined.

Global rating agency, Moody's Investors Service today, 9 April 2015, changed India's outlook to positive from stable, saying there was an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 479.18 crore yesterday, 8 April 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 382.54 crore yesterday, 8 April 2015, as per provisional data.

In the foreign exchange market, the rupee edged lower against the dollar.

Brent crude oil futures edged higher after yesterday's sharp losses, that was triggered by a shock jump in US crude inventories and record Saudi output.

In overseas markets, European markets were higher today, 9 April 2015. Asian markets declined. US stocks posted modest gains yesterday, 8 April 2015, after a volatile session following the minutes of Federal Reserve's last meeting.

At 13:15 IST, the S&P BSE Sensex was up 76.49 points or 0.27% at 28,784.24. The index gained 167.33 points at the day's high of 28,875.08 in early trade, its highest level since 19 March 2015. The index fell 85.31 points at the day's low of 28,622.44 in morning trade.

The CNX Nifty was up 28.10 points or 0.32% at 8,742.50. The index hit a high of 8,759.90 in intraday trade, its highest level since 19 March 2015.. The index hit a low of 8,682.45 in intraday trade.

The BSE Mid-Cap index was up 53.21 points or 0.48% at 11,075.38. The BSE Small-Cap index was up 89.50 points or 0.77% at 11,724.88. Both these indices outperformed the Sensex.

The market breadth indicating the overall health of the market was positive. On BSE, 1,480 shares gained and 1,123 shares fell. A total of 105 shares were unchanged.

Reliance Industries (RIL) extended recent gains after the company's KG-D6 partner Niko Resources had on 6 April 2015 said that it has received an independent resources evaluation report for the MJ Discovery in the D6 block in India. The stock was up 2.87% at Rs 890.30. Niko Resources chief operating officer William T. Hornaday said, The discovery and successful appraisal of MJ adds a new and exciting chapter to the D6 block. Going forward, the contractor group in the block will be working on plans to develop MJ, which may lead to potentially significant additions to reserves and production levels in the coming years.

RIL is the operator of the KG-D6 block with a 60% stake. BP Plc holds 30% and Niko the rest.

Cement stocks edged lower. ACC (down 0.94%), Ambuja Cements (down 0.68%), and UltraTech Cement (down 0.67%) declined. Shree Cement (up 1.42%) gained.

Grasim Industries was down 0.46% at Rs 3,778.60. Grasim Industries has exposure to cement sector through its subsidiary UltraTech Cement.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.255, compared with closing of 62.24 during the previous trading session.

Brent crude oil futures edged higher after yesterday's sharp losses, that was triggered by a shock jump in US crude inventories and record Saudi output. Brent for May settlement was up 86 cents at $56.41 a barrel. Brent for May settlement was down $3.55 a barrel or 6% at $55.55 a barrel during previous trading session.

A 10.95 million-barrel surge in US crude stockpiles to 482.4 million last week, the biggest gain in 14 years, and Saudi oil production of 10.3 million barrels a day in March had battered crude futures yesterday, 8 April 2015.

Moody's Investors Service today, 9 April 2015, changed India's outlook to positive, saying there was an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years.

Moody's said it expected structural advantages, supported by relatively benign global commodity prices and liquidity conditions, will keep India's growth higher than that of its peers over the rating horizon. The ratings agency affirmed India's Baa3 rating.

In overseas markets, European markets were higher today, 9 April 2015. Key indices in Germany, UK, and France were up 0.47% to 0.54%.

Meanwhile, German industrial production was up by 0.2% in February from the previous month on a price, seasonally and working day adjusted basis, compared to the expectation of a 0.1% gain, latest data released by the Federal Statistical Office (Destatis) today 9 April 2015 showed. The output had contracted 0.4% in January.

Asian markets declined today, 9 April 2015. Key indices in China, Indonesia, South Korea, Taiwan, and Singapore fell by 0.02% to 0.91%. Key indices in Hong Kong and Japan rose by 0.75% to 2.99%.

Trading in US index futures indicates that the Dow Jones industrial average could fall 34 points at the opening bell today, 9 April 2015. US stocks posted modest gains yesterday, 8 April 2015, after a volatile session following the minutes of Federal Reserve's last meeting.

Minutes of the Federal Reserve's last meeting showed the Fed was still on course to hike interest rates this year. Fed officials acknowledged risks from overseas and a weak start to the year at their March meeting but remained confident enough in the strength of the recovery to continue laying the groundwork for an interest rate hike later this year, the minutes showed.

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