Sensex regains 27,000

Key benchmark indices extended gains and hit fresh intraday high in morning trade as firmness in Asian stocks boosted sentiment. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 94.99 points or 0.35% at 27,027.87. The 50-unit CNX Nifty was up 21.20 points or 0.26% at 8,174.10. The Sensex regained psychological 27,000 mark.

In overseas markets, Asian stocks held firm today, 7 October 2015 as oil prices showed some signs of life, supporting battered resource shares and emerging economy currencies and after the Bank of Japan stood pat on policy.. US stocks paused yesterday, 6 October 2015, closing moderately lower after five straight days of gains weighed down by health-care stocks, especially biotechnology companies.

Closer home, the market breadth indicating the overall health of the market was strong with more than two gainers for every loser. On BSE, 1,351 shares rose and 598 shares declined. A total of 70 shares were unchanged. The BSE Mid-Cap index was up 0.31%. The index underperformed the Sensex. The BSE Small-Cap index was up 0.7%. The index outperformed the Sensex.

Oil exploration firms gained along with rise in crude oil prices. ONGC (up 2.62%), Cairn India (up 4.47%), and Oil India (up 1.64%) gained. Reliance Industries (RIL) dropped 0.05%. Higher crude oil prices would result in higher realizations from crude sales for oil exploration firms.

Shares of public sector oil marketing companies fell on higher crude oil prices. Indian Oil Corporation (down 0.05%) and HPCL (down 0.87%) declined. BPCL rose 0.41%. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

In the global commodities markets, Brent for November settlement was currently up 46 cents at $52.38 a barrel. The contract had surged $2.67 a barrel or 5.42% to settle at $51.92 a barrel during the previous trading session.

Alphageo (India) rose 2.47% after the company said its board of directors will meet on 13 October 2015, to consider issue of shares or warrants to promoter group and others on preferential allotment basis. The company made the announcement after market hours yesterday, 6 October 2015.

Phoenix Mills rose 2.19% after the company said it has acquired entire 19.38% equity stake held by MTX Hotels, Amitabh Tayal and Priyank Tayal in Gangetic Hotels. The company made the announcement after market hours yesterday, 6 October 2015. Post acquisition, Gangetic Hotels (GHPL) has become a subsidiary of Phoenix Mills.

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