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Banking stocks lead the rally
Tue, 16 Apr 01:30 pm

On the back of strong buying, Indian share markets continued to climb higher in the post-noon trading session. Majority of the sectoral indices are trading positive with banking, realty and auto stocks being the major gainers. Only IT and metal stocks are trading in the red.

BSE-Sensex is up 222 points and NSE-Nifty is trading up 70 points. While BSE Mid Cap is up 0.6%,BSE Small Cap index is trading up by 0.4%. The rupee is trading at 54.3 to the US dollar.

Majority of the energy stocks are trading in the green with Oil and Natural Gas Corporation Ltd. (ONGC) and Bharat Petroleum Corporation Ltd. (BPCL) being the biggest gainers and Chennai Petroleum and Cairn India leading in losses. As per a leading financial daily, Gas Authority of India Ltd (GAIL) wants to increase the size of its trading operations in Liquified Natural Gas (LNG). For this purpose, the company wants to scale up its LNG portfolio to 20 m tonnes per annum over the next seven years. Currently, the company sells 6.5 m tonnes per annum of LNG locally, sourced under long-term contract with Qatar's Rasgas and other small deals. Reportedly, the company has already tied up supplies for nearly 15 m tonnes per annum. But some of the supply agreements are set to expire in the next few years and thus the company will have to enter new deals. GAIL wants 50% of LNG in its portfolioto be based on US (Henry Hub) prices and the remaining linked to JCC (Japan Customs Cleared Crude) by 2017. GAIL stock is currently up 0.4%.

Most of the Telecom stocks are trading in green with Reliance Communications and Idea Cellular being the leading gainers. As per a financial daily, Sunil Mittal the promoter of Bharti Airtel (BTVL), was directed to provide personal bonds in the special CBI court. This order was passed by Supreme Court in connection with the 2G spectrum allocation scam during in 2002. Even, Ravikant Ruia of Essar group was given similar orders. The Supreme Court will decide on their pleas against charges placed against them on Thursday. Both the parties have submitted their bonds. Special CBI judge O.P. Saini accepted their bonds till the next date of hearing and posted the matter for further proceedings on April 22. During December 2012, the CBI had charged Bharti Airtel and two companies which are now part of Vodafone's Indian unit with alleged misdeed in obtaining mobile phone airwaves in 2002. Bharti Airtel was trading up by 1.72%.

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