Sensex up 127 points as blue chips move up; Jet Airways zooms on

Sensex up 127 points as blue chips move up; Jet Airways zooms on Etihad deal

Last Updated: Thu, Apr 25, 2013 04:35 hrs
Traffic travels past the Bombay Stock Exchange (BSE) building in Mumbai

​Trading got off to a bright start on the Indian bourses this morning, with investors shrugging off somewhat mixed cues from global markets and picking up stocks from across various sectors.

Automobile, oil, metal and bank stocks are among the prominent gainers. Power, FMCG, capital goods, healthcare and realty stocks are also finding fairly good support, while informtion technology stocks are trading weak.

The BSE benchmark Sensex, which rose to 19,338.78, gaining nearly 160 points, is now up with a gain of 126.66 points or 0.66% at 19,306.02. The Nifty index of the National Stock Exchange is up 50.50 points or 0.87% at 5887.40.

With the mood fairly bullish, only Tata Consultancy Services (down 1.6%), Wipro (down 1.3%), Infosys (down 0.8%), HDFC Bank (down 0.6%) and Sun Pharmaceutical Industries (down marginally), among the Sensex stocks, are trading in negative territory at present.

Among automobile stocks, Tata Motors is up nearly 3% at Rs 290. Maruti Suzuki is trading 1.6% up and Bajaj Auto is up with a gain of 1.5%, while Hero Motocorp and Mahindra & Mahindra are trading higher by 0.7% and 0.3%, respectively.

Dr Reddy's Laboratories is trading 2.5% up at Rs 1950. GAIL India, ICICI Bank, ONGC, HDFC, Bharti Airtel and NTPC are up 1.3% to 2%. Coal India, Tata Steel, Hindalco, Sterlite Industries, Reliance Industries, ITC, State Bank of India, Tata Power, Hindustan Unilever and Larsen & Toubro are also trading firm.

IndusInd Bank, up nearly 3.5% at Rs 477, is the top gainer in the Nifty index. Grasim Industries, IDFC, Ultratech Cement, Cairn India, Ambuja Cements, Axis Bank, ACC, Power Grid Corporation, Jaiprakash Associates and Reliance Infrastructure are also up with strong gains.

Jet Airways vaulted to Rs 687 at the open, and despite coming off that high, is trading with a hefty gain of 13.5% at Rs 650 at present. On the National Stock Exchange, it tops the chart, clocking a turnover of over Rs 208 crore, on a volume of around 3.16 million shares. The stock is up following the company forming a strategic alliance with UAE-based Etihad Airways. As per the deal, Etihad Airways has agreed to subscribe for 2.72 crore new shares in Jet Airways at a price of Rs 754.74 per share. The value of this equity investment is $379 million and will result in Etihad Airways holding 24% of the enlarged share capital of Jet Airways.

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