Sensex, Nifty Resume Rally After One-Day Blip
Indian equity benchmarks resumed rally after a one-day blip led by strong gains in metal stocks which rose after aluminium prices rose to multi-year highs in international markets.
The S&P BSE Sensex rose 95.61 points or 0.28 percent to 34,427.29 and the NSE Nifty 50 index advanced 0.37 percent or 39.10 points to 10,565.30.
Fourteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Metal index's 4.46 percent surge. On the other hand, the S&P BSE Oil & Gas index was the top sectoral loser, down 1.3 percent as oil retailers slumped after Brent Crude topped $74 a barrel mark for the first time since May 2015.
The mid- and small-cap shares outperformed their large-cap counterparts as the S&P BSE MidCap and S&P BSE SmallCap indices rose 0.6 percent each.
Bombay Burmah Trading Company Rallies For Second Straight Day
Shares of the Mumbai-based owner of coffee, cardamom, tea and rubber plantation rose as much as 10.4 percent to Rs 1,511.70, on top of yesterday's 7.77 percent rally.
VIP Industries Surges To Record High
Shares of the luggage bag maker rose 2.92 percent to record high of Rs 426.25.
The luggage industry is likely to grow 15-20 percent as rising incomes means Indians are travelling a lot more.
With a significant pick-up in sectors such as aviation, and rail and road transport, the demand for travel bags has risen, Dilip Piramal, chairman of VIP Industries Ltd., India’s largest homemade luggage company, told BloombergQuint in an interview.
Liquor Stocks Surge In Trade
Shares of liquor makers staged an up move led by sharp surge in Radico Khaitan.
- Radico Khaitan up 8 percent
- GM Breweries up 1.4 percent
- Som Distilleries up 2.72 percent
- Globus Spirits up 3.47 percent
- Pincon Spirit up 5 percent
- Pioneer Distilleries up 1.90 percent