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05-25-2010, 02:29 AM #1
Nifty hits 5K on Ambani brothers patch-up news
The benchmark Nifty began the day with a strong and hit the 5000 mark on the Ambani brotherís patch-up news. Both brothers finally compete. Short cover was a reason behind this add to. Global cues being positive.
Mukesh Ambani and Anil agreed to cancel all non-compete agreement. Heavyweight Reliance Industries rose by 5%.
Anil Ambani Dhirbhai Group - Reliance Power rose 11.5%. Reliance Power, Reliance Capital, Reliance Infrastructure and Reliance Communications was up 5.7%. RNRL rose 30%.
At 9:02 hours IST Nifty was trading at 5001, up 70.55 points, Sensex was at 16,680, up 234 points.
The CNX MidCap rose 118 points to 7700 and BSE Smallcap rose 119 points to 8534th About 667 shares advanced, while 79 shares declined on NSE.
In the middle of other front-liners be Tata Motors, Tata Steel, Jaiprakash Associates, Unitech and Ster Lite Industries.
ICICI Bank rose 1.8% and Bank of Rajasthan was 9%. Both banks' boards accepted the merger and fixed swap ratio of 1:4.72.
There was, though, Sun Pharma, Bharti and blow downward.
Godrej Consumer shot up to 10%. The company bought the Hair Company in LATAM.
Gujarat nourish Coke were up 5.4% and Aban Offshore up 3.55%.
Hindu Balrampur Chini Bajaj than, and were up 2.4% each.
Asian markets were trading higher. Shanghai shot up 3%. Straits Times, Taiwan Weighted, Jakarta and the Hang Seng rose 0.7 to 1.7%. Kospi rose 0.3% while the Nikkei fell 0.3%.
Adani Enterprises but fell 7%.
05-25-2010, 02:30 AM #2