Sensex crosses 27,800 but comes off highs; metals, oil lead gains; Bharti up 2%

The Indian benchmark Sensex breached the 27,800 mark in early Tuesday trade but came off highs on mild profit booking by investors. The market, however, maintained its upward bias on the back of positive close in the overnight US markets and subsequent gains in other key Asian indices today, as worries of Greece debt default receded after the country offered a fresh proposal to the lenders to stave off the crisis. With domestic monsoon showing positive signs of an even spread across the country in the current month so far after a delayed start, traders and market experts are hoping that a stable rainfall could provide scope for a further rate cut which would help further bolster growth. [caption id=“attachment_2306492” align=“alignleft” width=“380”]  Reuters[/caption] At 11.15 am, the 30-share BSE S&P Sensex was at 27,774.88, up 44.67 points or 0.2 percent from its previous close, after touching a high of 27,882.66 earlier. The broader 50-stock CNX Nifty was at 8,362.15, up 9 points or 0.1 percent. Market breadth, however, remained positive with 1,219 stocks advancing against 891 declines on the BSE. Shares of metal, oil & gas, capital goods and banking sectors were the star performers, as the sharp fall in previous two weeks made the valuations attractive for investors, said dealers. Coal India was the biggest gainer in the Sensex space, rising 2.6 percent to Rs 410.30. Shares of Hindalco gained 1.4 percent to Rs 122.70, Bharti Airtel 1.7 percent to Rs 431.60 and SBI 0.6 percent at Rs 267.50. Other metal stocks such as Jindal Steel jumped 2.4 percent to Rs 93.90, Tata Steel 0.7 percent to Rs 312.65 and SAIL 0.7 percent to Rs 63. Oil PSU majors IOC rose 3.1 percent to Rs 394, BPCL 1.6 percent Rs 869.50 and HPCL 0.6 percent at Rs 738.90. Index heavyweight Reliance Industries was up 0.3 percent at Rs 994.25, after ending marginally lower a day before. The company has informed the exchanges that its subsidiary Reliance Jio Media has been granted provisional registration by Ministry of Information and Broadcasting for operating as Multi Service Operator (MSO) in Digital Addressable System (DAS) in pan India. (Disclosure: Firstpost is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited.)