Sensex in India Jumps 1.4%, Rupee Advances

Mukesh Buch
10 Jun, 2015
New York City

Active value buyers lifted market indexes in Mumbai and 10-year government bond yield jumped to a six-month high 7.99%. DLF plans to sell its multiplex DT cinemas worth ₹500 crore to PVR. L&T Finance plans to sell a minority stake to the U.S.-based Bain Capital.

[R]6:00 PM Mumbai – Active value buyers lifted market indexes in Mumbai and 10-year government bond yield jumped to a six-month high 7.99%. DLF plans to sell its multiplex DT cinemas worth ₹500 crore to PVR. L&T Finance plans to sell a minority stake to the U.S.-based Bain Capital.

Market indexes on Dalal Street surged after domestic mutual funds looked for value and snapped up consumer goods makers, pharmaceuticals and export sensitive stocks.

Sugar mills jump after the Cabinet approved interest-free loans of ₹6,000 crore to sugar companies. Bajaj Hindusthan Sugar, Balrampur Chini Mills and Shree Renuka Sugars advanced between 3% and 10%.

Rupee strengthened 9 paisa to 63.84 against one U.S. dollar.

The Sensex Index advanced 359.25 or 1.4% to close at 26,840.50. The CNX Nifty increased 102.05 or 1.3% to 8,124.45.

Indian government bond yield rose to a 6-month high and 10-year bond yield rose 2 basis points to 7.99%. The yields have been rising for the last two weeks on the inflation worries.

Gainers & Losers

DLF Limited jumped 3% to ₹113.90 after the real estate developer’s subsidiary DLF Utilities plans to sell multiplex DT cinemas worth ₹500 crore to Gurgaon-based PVR Limited.

DB Realty Limited climbed 3.4% to ₹63.95 on speculation that Piramal Realty is in talks with DB Group to acquire 2.2 acre land plot at Marine Lines for about ₹1,000 crore in South Mumbai.

Indian Oil Corporation Limited fell 0.6% to ₹346.70 after the oil and gas explorer plans to acquire Tamil Nadu Petrochemical plant.

L&T Finance Holdings Limited increased 1.7% to ₹61.30 after the financial services provider plans to sell a minority stake to the U.S.-based Bain Capital for as much as $350 million.

PNC Infratech, Ltd. rose 0.8% to ₹381.40 after the infrastructure developer won airport runway project for ₹125 crore in Kanpur.

Tata Consultancy Services Limited gained 1.7% to ₹2,602.05 after the information technology services provider plans to launch of TCS BaNCS Digital, a solution designed for financial institutions in North America.