Deregulation buzz lifts Sensex 146 pts
Key benchmark indices of BSE and NSE bounced back on Thursday in a volatile trading session after government virtually deregulated diesel prices by authorising PSU oil marketing companies to change diesel prices periodically.
BSE Sensex rebounded by a gain of 146 points to settle at 19,964 points at close, while the 50-unit S&P CNX Nifty at National Stock Exchange was up 37 points and closed at 6,039 points. Shares of energy company Reliance Industries (RIL) and state-run ONGC were gainers in the day's rally.
RIL hit 52-week high ahead of its Q3 results to be declared on Friday, while cigarette maker ITC edged higher ahead of its Q3 results tomorrow.
Telecom stocks gained after the Union Cabinet this morning approved reduction in reserve price for the auction of spectrum in 800 MHz band for CDMA by 50 percent from the previous reserve price approved by the Union Cabinet at its meeting held on August 3, 2012. Expectations that RBI will shift attention to supporting growth by lowering interest rates also boosted markets on Thursday.