The market have seen a sharp upward movement as they are trading at their intraday high. The BSE Sensex is up 221 points to 16,170 while the Nifty has crossed the 4,900 level. ONGC has surged almost 6 percent while Bharti Airtel is up 4 percent. ONGC galloped on hopes that government may hike diesel price as sources indicated that oil ministry has been pushing for Rs 5/litre rise in diesel.
Among the sectoral indices, 5 indexes have gained more than 5 percent. Bankex, Oil&Gas, Teck, Psu and metals are the top gainers. Of the 'A' group companies, Tech Mahindra is up 9.2 percent followed by Pantaloon Retail (7.5 percent) and Aurobindo Pharma (7.2 percent).
2:00pm: The markets are off their day's high as the BSE Sensex is trading at 16,039, off 145 points from the day's high and up 105 points from the day's low. Nifty has also pared gains and is trading at 4,864, up 28 points. The market breath continues to remain in the positive territory. On the NSE, 780 stocks advanced while 595 declined.
In Europe, Germany's composite PMI came in at 49.6 for May as against 50.5 in previous month. Eurozone composite PMI too declined at 45.9 for May as against 46.7 MoM, which was lowest since June 2009. The gains made by European stocks quickly evaporated on Thursday as data showed continued difficult economic straits for the euro zone and an informal summit of leaders failed to present any new strategy to combat the euro-zone crisis.
Among the 13 sectoral indices, six are in the green led by gains in the oil and gas index, bankex and PSU. Autos continue to be the drag. In the 30-share Sensex pack, 16 are in positive territory led by gains in ONGC (4 percent) and HDFC (2.75 percent).
Tata Power Company continued its fall for the second day in a row after announcing net loss in Q4 March 2012 while Maruti Suzuki India declined on worries the latest steep hike in petrol prices may hit car sales.
ONGC surged around 4 percent, as concerns about their subsidy sharing burden of upstream oil firms eased on reports an Empowered Group of Ministers (EGoM) will discuss raising diesel, liquified petroleum gas and kerosene prices review at a meeting on Friday.
Stocks in news:
Max India is up 1.6 percent. The company informed BSE that it has reported a net loss of Rs 1.4 Cr Vs Loss Of Rs 13 Cr.
Reliance Power is up 2.8 percent to Rs 92.55 per share after net profit came in at Rs 231 crore.