May 28 2020
Sensex highest level since early August 2011
14 February 2012

The Sensex opened above the 18000 level for the first time since August 4, 2011, following positive Asian cues. Asian markets were trading 1-2% higher.

The BSE benchmark rose 210 points to 18,058.62 and the NSE benchmark gained 60.65 points at 5,478.60. All stocks were in green on NSE Nifty 50.

European finance ministers wanted Greece to submit its entire rescue package with written undertakings. EU finance ministers will host a conference call instead of the meet tonight.

Back home, in the largecap space, Tata Motors rallied 6% after better than expected numbers in Q3 on account of JLR performance. However, standalone performance continues to dissapoint the street due to raw material pressures and higher marketing spends. Tata Motors DVR climbed 10%.

L&T, DLF, BHEL, Reliance Infrastructure, JP Associates, Tata Power, Bharti Airtel, Bajaj Auto, Infosys, Axis Bank, SBI and Kotak Mahindra Bank gained 1-2.5% in early trade.

However, HUL, Reliance Industries and TCS were flat.

The broader markets too were trading higher. The CNX Midcap rose 87 points to 7,708. About five shares advanced for every share falling on the National Stock Exchange.

Results Reactions: Voltas shot up 7.5%. ITI and Cox & Kings were up 1% each while Alok Industries was down 2.5%. Kohinoor Foods fell 1%

Infrastructure stocks like Suzlon, Lanco Infra and GVK Power were up 2-3%. Taj GVK moved up 8%.

Max India rose 4% after the Economic Times reports that New York Life will exit Indian insurance JV and partner Max India will get 1/3rd proceeds.

However, Educomp Solutions fell 3% and Dhanlaxmi Bank lost 3.5%.



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