Jet Airways gains 7% on Kingfisher's woes, Nifty closes above 5600

3.30 p.m: Nifty finally closed above the 5600 mark after a period of nearly 7 month. Nifty closed the day at 5,607 a gain of 42 points while Sensex closed the day 139 points higher at 18,429.

Kingfisher moved higher in the final few minutes on news of a possibility of a Rs 1000 crore fresh bank loans to the company. The stock had taken a beating during early hours of trade on news of the company cancelling a series of flights. The stock closed the day at Rs 26.80 a gain of 0.2 percent over the previous day’s close, after hitting a low of Rs 21.35 percent.

Jet Airways benefited from the turmoil in Kingfisher, closing the day nearly 7.13 percent higher at Rs 352.30 while Spice Jet closed the day 10 percent higher at Rs 27.

Bhel gained 4.55 percent at Rs 317.35 on news of government imposing an import duty of 15 percent on power generation equipments.

Titan closed at an all time high level of Rs 244.20 a gain of 5 percent on rising gold prices.

Among the frontline stocks Reliance closed the day at Rs 840.25 a gain of 2.69 percent, SBI closed 1.28 percent higher at Rs 2448 while ONGC closed 4.43 percent higher at Rs 293.7 on news of FII’s picking up governement’s stake in their divestment plan.

Titan hits all-time high as gold prices surge

2.30 p.m: Titan has hit an all time high as gold prices move higher. The stock trades 7.5 percent higher at Rs 249.30. It touched an intra-day and all time high level of Rs 255.

Kingfisher continues to trades lower, presently trading at Rs 24.65 down 7.50 percent. United Breweries on the other hand is at Rs 92.85, down 9.33 percent as SBI has asked to company to repay the guarantee amount.

Sterlite has slipped by 3.34 percent at Rs 128.60 after the company announced a restructuring of group companies.

Sterlite falls 3% on Vedanta group restructuring news

1.15 p.m: Sterlite shares are witnessing selling pressure on news of the Vedanta group undergoing a restructuring. The shares trade 3 percent lower at Rs 129.

As per the proposal Sterlite and Sesa Goa will be merged in Vedanta. Sesa Goa trades 1.6 percent higher at Rs 248.20. Cairn India the third listed company of the group, trades at Rs 392, a gain of 1.5 percent.

Reliance has started moving higher and presently trades 2.8 percent higher at Rs 840.80.

Sensex meanwhile trades 134 points higher at 18,420 while Nifty is up 41 points at 5605 as European markets open flat after the Greek bailout was approved.

Bhel gains 5% on import duty hike, Nifty crosses 5600

12.00 p.m: Indian markets continued to move higher buoyed by the Greek bailout. Sensex trades 141 points higher at 18,430 while Nifty is up 48 points at 5612.

Bhel trades nearly 5 percent higher at Rs 317.90 on news of an import duty hike.

Private Power Generator’s trade higher on hopes of availability of coal after the government dictat asking Coal India to ensure supply. Adani Power trades 8.25 percent higher at Rs 92 while Lanco Infra trades 4.2 percent higher at Rs 23.55. Coal India on the other hand is trading at the same level as on Friday at Rs 324.

Jet Airways gains 6% on Kingfisher’s loss

10.15 a.m: Kingfisher loss is other airlines gain. Not only do other airlines gain from the space created by cancellation of flights, but they also benefit from the rate hikes. Jet Airways is trading 6 percent higher at Rs 348.50 while Spicejet is up 8 percent at Rs 26.60. Kingfisher on the other hand has lost 10 percent of its value and trades at Rs 23.85.

Among the other stocks that are in limelight are BHEL which is up nearly 3.9 percent at Rs 315.35 on the possibility of an import duty in power generating equipment.

ONGC trades 4 percent higher on news that FII’s will pickup government’s stake in the company which is coming up for divestment. The stock trades at Rs 293.

Markets edge higher on Greece bailout, Kingfisher plunges 12% after flight cuts

9.30 a.m: Greece has finally got the 130 billion euro bailout after the finance ministers cleared the deal, with bondholders taking a 53 percent haircut. Asian markets have started moving higher after the news.

Indian markets which opened flat have moved higher with BSE Sensex trading 120 points while Nifty is up 32 points at 5597.

Kingfisher Airlines, which is on the verge of a bankruptcy trades sharply lower at Rs 23.40 down 12 percent. Jet Airways on the other hand is up at Rs 338, a gain of 2.65 percent. The company benefits along with other airlines from the drop in market share of Kingfisher.

Bhel trades 3 percent higher on news of a 30 percent import duty on power generating equipments. The stock trades at Rs 315 up 3.7 percent. The company is also considering an interim dividend.

Essar Oil trades 3.7 percent lower at Rs 65.50, down 3.6 percent after the company announced its results with its loss widening to Rs 3,986 crore.

Lanco Infra trades 1.2 percent higher at Rs 22.90 after the company said its 5000 MW power plants would benefit from the Coal India’s imports.