Sensex, Nifty Post Longest Winning Spree In Over Two Months
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Anil Agarwal Expects Aluminium Prices To Jump 50% After U.S. Sanctions On Rusal
Vedanta Ltd.’s Anil Agarwal said aluminium prices could rise around 50 percent after U.S. sanctions on Russia’s United Co. Rusal, the biggest producer of the base metal outside China.
Prices should vary between $2,500 and $3,000 a metric tonne if the situation (sanctions on Rusal) continues, Agarwal, chairman of metals-to-mining conglomerate Vedanta, told BloombergQuint in an interview. “India will have a great advantage due to the sanctions.”
Indian equity benchmarks rose for fourth day in a row posting their longest winning streak in over two months led by gains in Axis Bank, ICICI Bank and Hindalco.
The S&P BSE Sensex rose 0.27 percent or 91.71 points to 33,880.25 and the NSE Nifty 50 index gained 0.22 percent or 22.90 points to 10,402.25.
Fifteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Metal index's 2 percent gain. On the other hand, the S&P BSE Auto index was the top sectoral loser, down 0.65 percent.
The mid- and small-cap shares ended on a mixed note. The S&P BSE MidCap index rose 0.18 percent while the S&P BSE SmallCap index ended little changed.
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Fab Four Stocks Of The Day
- Thermax: The Pune-based electrical power equipment maker snapped its four-day losing streak after Deutsche Bank upgraded the rating on the stock to buy for target price of Rs 1,360 per share.
- Welspun Corp: The Gujarat-based pipe maker rose as much as 4.6 percent to Rs 148.60 after it won order for supply of 4.17 lakh million tonnes of large diameter pipes for a water project in MENA, the company said in an exchange filing.
- Future Supply Chain: The Mumbai-based logistics service provider rose as much as 3.8 percent to Rs 692.10 after the Reserve Bank of India allowed raising foreign portfolio investment (FPI) limit on the company to 49 percent from 24 percent.
- Balrampur Chini: The Kolkata-based sugar maker rose as much as 9.1 percent to Rs 82.75 after report suggested that government is likely to pay cane farmers Rs 55 a tonne to help sugar mills.