ONGC closes at 9 month high on stake sale, Sensex up 21 pts

3.30 p.m: Markets lost most of the gains made in the opening session with Sensex closing the day at 17,753 up 21 points while Nifty closed the day at 5385 up 9 points.

ONGC was in news today after government fixed the floor price at Rs 290. The stock closed the day at Rs 293.35 up 3.5 percent.

Oil marketing companies closed the day higher in anticipation of a petrol and diesel price hike. HPCL closed the day 4.6 percent higher at Rs 313.50 while BPCL closed the day at Rs 662.45 up 1.5 percent and IOC closed 3.2 percent higher at Rs 284.60.

BGR Energy closed the day 9 .7 percent higher at Rs 369.20 after the company bagged lion’s share of the Rs 16,000 crore NTPC order.

PSU oil marketing companies gain on likely fuel price hike

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3.00 p.m: PSU oil marketing companies are trading higher in anticipation of a fuel hike. HPCL trades nearly 4.78 percent higher at Rs 314.55 while BPCL is up 1.7 percent at Rs 664.

Reliance has shot up and trades nearly 3.5 percent higher at Rs 823.35.

Sensex trades 31 points higher at 17,761 while Nifty is up 9 points at 5384.

BGR Energy gains 6% ahead of NTPC tender

1.30 p.m: NTPC is expected to announce outcome of its bulk tender worth Rs 16,000 crore. Capital goods stocks especially BGR Energy which is the lowest bidder through its joint venture with Hitachi trades 5.3 percent higher at Rs 354. Bhel which is the second lowest bidder for the tender trades 1.6 percent higher at Rs 313.

News on CNBC says that Reliance Communication’s tower unit sale has been delayed till June. The stock trades 2.5 percent lower at Rs 91.90.

Markets have slipped and trades near the day’s low. Sensex trades at 17,710 down 16 points while Nifty is 13 points at 5362.

European markets have opened marginally higher ahead of the second round of liquidity easing expected to be announced during the day.

Market discounts dismal GDP numbers, Sensex up 190 pts

11.45 a.m: Markets have moved higher even as the country posted a poor set of GDP numbers for the third quarter ending December 2011.

India’s economy has grown at its slowest pace in two years, with the gross domestic product growing at only 6.1 percent in the third quarter of the current fiscal against 8.3 percent in the year ago.

Manufacturing and the farm sector have taken the economy lower. Manufacturing grew at an annual 0.4 percent during the December quarter, while farm output rose only 2.7 percent. This is the slowest growth in 11 quarters, slowest since the financial crisis of 2008.This is a significant slowdown from 6.9 percent in the previous quarter.

The ball in now in the central bank’s court which is what the market seems to be discounting. An interest rate reduction?

Sensex meanwhile trades 165 points higher at 17,896 while Nifty is up 48 points at 5428.

Q3 GDP at two year low of 6.1%

10.30 a.m: Markets have slipped from the day’s high with Sensex trading at 17,904 up 173 points while Nifty is up 50 points at 5425.

ONGC has gained nearly 4.5 percent on news of government finalising the floor price of Rs 290 for its divestment.

GDP numbers have just been declared, its the lowest in the last 10 quarters at 6.1%, below market expectation of 6.25%.

Sensex nears 18,000; Hexaware gains on stake sale news

9.30 a.m: Global markets trade higher ahead of a Eurozone meeting to decide on the second round of liquidity easing.

BSE Sensex trades 210 points higher at 17,940 while NSE Nifty is up 61 points at 5496.

[caption id=“attachment_228838” align=“alignleft” width=“380” caption=“Dhanlaxmi Bank trades 1 percent higher at Rs 74.60 as its board seeks to cut staff and change its business model. Reuters”]  [/caption]

Banking stocks continue to trade higher on expectation of liquidity easing by the central bank through a CRR cut. SBI trades 1.5 percent higher at Rs 2265 while Axis Bank is up 2.6 percent at Rs 1200.

Dhanlaxmi Bank trades 1 percent higher at Rs 74.60 as its board seeks to cut staff and change its business model.

GMR Infra gains 3.5 percent at Rs 28.70 after the company said that it will be selling road assets worth $200 million.

Hexaware Technologies trades 2.9 percent higher at 117.55 on news of Japan’s NEC acquiring a stake in the company at a valuation of $800 million.

Kingfisher trades 2.25 percent higher at Rs 25 on news of the promoters planning an equity infusion of $500-$600 million.

Reliance Capital is up 3 percent Rs 418.35 on news that ts life insurance arm will be making profit for the first time.